Sending money abroad is a growing necessity despite the risk and overdue, since there is a higher outflow of people from their home countries, chasing better standards of living. A peak in this has resulted in a hike of international money transfer for ‘n’ number of purposes. Get to knwo international money transfer procedures to make smarter transactions with ease.
Well, what are these ‘n’ number of purposes that necessitated international money transfer?
Among the many, the superior ones holding the major slice of the graph are;
- Sending money for education/travel/health purposes
- Transfer/ gifting of money to friends and family
- Navigating money between own accounts
- Purchase of goods and services from global markets
Past decades have witnessed a tremendous upsurge in international money transfer, and it became more generous among the people.
Considering the present scenario, it is obvious that many will be curious enough to know, how does this entire process of international money transfers work.
Do you also have a gusto to know about the procedures? If yes, here is a brief for you…
International money transfer works differently depending on the service provider you choose; however, the procedure includes some common steps;
- First, you must register an account with the international money transfer company
- They will connect with you and let you know about the fees, exchange rates, and other necessary information’s
- If you are okay with exchange rates, fees, etc, you can proceed with the transaction, giving details of the beneficiary account and pay the fees, either online or offline
Which is the frequently used option for a fund transfer? How does it work?
The most common and easier mode of international fund transfer is ‘Swift Transfer’ (Society of Worldwide Interbank Financial Telecommunications)
A SWIFT transfer allows the information, including financial transactions, to be transported between banks securely. It is a messaging system used by most financial institutions.
How does it work?
SWIFT works exactly as a domestic transfer works.
Your money will be moved from one country to another, between financial institutes. The transfer entails an intermediary since it is international and requires extra info and specific authorization.
It’s vital to note that a SWIFT transfer does not include funds, it sends information in a safe way.
How much time does this fund transfer take?
Though this depends on the currency, the whole procedure takes not more than one or two days to complete. However, strong currencies like US dollars, etc take less time than less stable currencies.
