Fast and Cost Effective Ways to Transfer Money abroad
With globalization and digitalization reducing the world to a global village, accessing products and services from across the globe by transferring money to any country has become a frequent activity for many. Typically the transfer charges can be very high. Therefore, fast and cost effective ways to transfer money abroad are need of the hour
Whether you need to fund your family member’s education or travel, or buy a product from a different country, you need reliable and trustworthy channel to transfer payment to another country.
Statistics reveal that there has been a fourfold increase in monetary remittances to foreign countries in the year 2015 over the last year, 2014.
Sending money abroad from India is governed by Reserve Bank foreign exchange policies. An individual is allowed to transfer up to $250,000 for funding education, medical expenses, travel, business, leisure or any other activities abroad.
Different methods of Sending money abroad from India with their advantages and disadvantages
Some of the factors that need consideration is the time each of these channels take, the costs associated. Well, your choice of a channel to send money abroad depends on your requirement; if you have an emergency and need to transfer the money fast or you need an economical way to send the money abroad.
Banks: You can approach any reputed bank in India for transferring money to any country in the world. Banks usually transfer money to most countries using methods such as:
Wire Transfers: Using wire transfer method you can transfer any currency such as USD, EURO, GBP, CAD, AUD, SGD, and many such currencies. This is by far the fastest method to transfer money to any beneficiary account anywhere in the world. The time required for transfer depends on the bank and the time of the transaction. The only disadvantage with this method is that it is an expensive method.
Foreign Currency Demand Drafts: Most banks in India offer Demand Drafts in foreign currencies to help facilitate transfer of money to your loved ones anywhere in the world. You can send USD, AUD, SGD, CAD, GBP, EURO and in many such other currencies.
Now, banks can also help you transfer the money to any country using online transfer method.
Time Required- The time required for the transfer and the costs will vary from bank to bank. While some banks charge a flat fee, some other have a slab rate for transfer of amount. Some banks also charge a certain percentage on the amount that you transfer. While online transfers happen fast, sending claques, Demand drafts need days for the recipient to receive the money.
Money Changers: You can also approach money chargers to help you transfer money to your loved ones, or to business partners anywhere in the world, but it is better to approach reputed and reliable money chargers. Moneychangers also help you transfer the money online, but if you buy a demand draft, it is your responsibility to mail in the DD to the beneficiary. The costs and time associated will vary from changer to changer; they similar to banks charge a flat fee and require a few days for transfer.
NBFCs: Now, even the non-banking financial corporation shave started offering money transfer services, they can help you transfer the money to any country in the world, for a fee depending on the destination you need to send the money to, and require a few days.
Also Read- 5 ways for NRIs to get their old demonetized currency exchanged
