The World Bank estimates that recorded annual remittance flows to low- and middle-income countries touched $529 billion in 2018. India is at the top of the list because expatriates send money to India in the highest digits. Here is such a significant amount is transferring worldwide. What are the ways that migrants use to send money? Do they cost much? In this article, you will have the methods used by migrants to send money with some details.
Methods for money transfer
Do you prefer bank transfer over online money transfer to India or another country? As technology improved, transferring money by cash, money order, cheques, bank drafts seemed old-fashioned. People think not to use it when faster and newer technology services are there online to help you. All of them are applicable to send money over countries and states and overseas for money transfer. So, get digital and try online money transfer through your mobile application from your place of comfort. Let’s walk you through a comparison of all the money transfer methods to make things clear.
Your bank can help you with many kinds of funds transfers overseas. If you are directly transferring money from one account to another within the same financial institution or banking network, you can easily do it at your bank for free.
A bank worker or staff can assist you set up several other transfer services, including wire transfers to another bank in another state or country.
If you are attending to transfer funds to an account at a different financial institution, you will need the account number, the bank’s routing number and branch name.
Overseas money transfers are welcome through your bank as well. You will often need a lot more information, including the name and address of the account holder, information about the financial institution or bank to send money and IBAN of the recipient bank.
How to avoid issues with bank transfers
- Double-check the information. If you have chosen your bank for money transfer to India, check every piece of information, even if your bank load them before you write. It can be challenging to get your money back if you send it to an altered account.
- Get the person on the end of the line to repeat numbers and names to you. If you’re making a transfer by your telephone banking service, invite the person taking your call to happen every number and letter to you for the information you give.
- Beware of overdrawn. Except you’ve specified a future payment date, the money will leave your account right away. It is a tip to make sure you have enough funds available to bypass expensive fees.
Online payment services
Sending money online is simple, quick, and often cheap or free. There’s no requirement to take cash or fret about it getting lost. There are various methods to send funds electronically, and the best option depends on your demands.
Sending money abroad wants you to choose from some service providers. You don’t need to wait for cheques to move through the mail. The main advantage is, you can send or receive funds from anywhere in the world.
Some financial institutions or online money transfer services allow you to transfer money online to another individual. It is similar to the way you would if you were paying a bill online. These services need the account numbers and bank routing number, a SWIFT or IBAN. You’ll also require the account holder’s name as it appears on their account and official account. It can be a very beneficial method for transferring funds constantly. Online transfers are often less expensive than money transfers done through a bank.
Do you want to send money to India online without visiting a bank or money transfer agency? Digital wallets are recommended for transferring money between countries with not many citizens have smartphones and internet technology. A digital wallet safely collects your fund information, including passwords, enabling you to send cash digitally to receivers utilising the same digital wallets.
It all depends on which app or service your recipient uses. You may require to acknowledge only their email address or username to send them funds. Digital wallets are becoming a continuously recommended method to send and receive money across the globe.
What is required to send money abroad?
The following is what you require to send money. You may need to provide additional information depending on the location you are sending and which service you are using. These measures somehow are part of the global anti-money laundering and financial crime protection.
- A government-issued identity. You may be required to show a driving licence, passport, or a social security card.
- The money you would like to send
- The recipient’s name, mobile number and physical address as it appears on their official documents.
- If you are sending to a bank account, you should give the SWIFT code, bank name, branch name, and the recipient’s account number.
How can you avoid issues with online money transfers?
If you ever did remittance through an online money transfer, you came to know that every money transfer service is not providing the same quality of features. So, to avoid any unpleasant surprise or any mishap to you or your recipient, have a look at those features in advance.
Check the service fee:
Whatever service, i.e. cash pick up or bank transfer you are using, make sure to check the price in advance before initiating a transaction. The cost is the primary thing a customer consider. Keep in mind that you think it too.
Check the exchange rate:
The exchange rate ensures how much money your recipient will get, either low or high. Select one providing exchange rate as the standard exchange rate in the market.
Check the payment methods:
If the service you will decide for you is the best money transfer service, then, of course, it will provide different payment methods for the customer’s ease. Payment methods must include online bank transfer, credit card and debit cards.
Check the transfer methods:
If you check the money transfer methods, it is suitable for your recipient. Money transfer methods mean how your recipient will get to pick the money, i.e. bank or cash in hand.
Never make an intenational transaction, if!
Consider never making a transaction through an online money transfer service if you find something ambiguous in it or unclear. Stay away from the scam by selecting a reputable online money transfer service.