Safe International Money Transfer, Anywhere, Anytime

Carrying so much of cash is never recommended for those travelling overseas. But what is the alternative? So here the international money transfer app directly from the bank comes into the light. With this you can directly send money overseas into your international bank account and ensure safety.

What Is an International Money Transfer?

An international money transfer means sending money directly to the bank account of a person or a business overseas. This can take place when you send money abroad with the help of a bank, an online platform, an individual agent, or an international money transfer service. Moreover, there are some features of these money transfers that are enlisted:

• Forex Transfer can be completed within a few days
• Can be exchanged in multiple currencies
• Can be made through offline & online modes
• Various types of international money transfer services are available.

Why International Money Transfer Is Crucial?

International bank transfers are crucial in many fields for several reasons. Some of these are:

•  Economic growth: They are vital for global economy, as it allows the flow of capital overseas. Besides, they are taken as the lifelines of international businesses, investments and expansions of business.
•  Remittances: These are transfers from one individual to another, from one family to another, which also lowers poverty.
•  Student: It helps students studying overseas to manage their expenses, fees accommodation and other costs they have to bear abroad.
•  Business Operations: International fund transfer helps in business transitions such as buying and selling of goods, paying dividends or interests and more.

Guidelines to Transfer Money from Abroad to India

International money transfer from abroad to India requires you to follow a few steps and understand the guidelines. Here are some of them to make this process secure and cost-effective:

•  Choose the right money transfer method, which includes bank transfers, money transfer services, and online remittance services.
•  Then, check the fees and rates, as these might vary from one provider to another. Thus, look for transparent fee structures and services that offer mid-market exchange rates with low fees.
•  After that, confirm RBI guidelines as they are specific ones under the Foreign Exchange Management Act (FEMA).
•  Then, provide accurate details to ensure a smooth transition. You should also track the confirmed transfer.

Guidelines for Inward Remittance –transfer Money from Abroad to India

Inward remittance to India refers to receiving money from a foreign source and putting it into an Indian account. The process requires you to follow the RBI regulations. Here are detailed guidelines to ensure legal inward remittance:

•  Select an inward remittance process that includes bank wire transfers, money transfer operators, online remittance platforms, and foreign currency demand draft.
•  Take care of the RBI guidelines and verify the requirements and information needed.
•  Ensure you are aware of the tax implications or consult an expert about them.

Banks for International Money Transfers

There are many banks that provide you the facility to send money overseas, however, we have enlisted the top ones with their fees and additional charges to ease your research process:

•  PNB: 500 to 1,000 INR transfer fee + 500 INR SWIFT fee + exchange rate markup + agent or intermediary bank charges
•  HDFC: 500 to 1,000 INR + exchange rate markup + correspondent bank fees
•  Axis: 1,000 INR + exchange rate markup + 500 INR SWIFT charges
•  ICICI: 750 INR + exchange rate markup + agent or intermediary bank charges
•  SBI: variable fees based on account type and payment details

Why Foreign Money Transfer Failed?

There are several reasons for which the Forex money transfer fails. Some of the most prominent ones are:

•  Insufficient Funds

When the sender's account does not have the minimum required amount to cover the transfer, the transition may fail.

•  Exchange Rate

If the exchange rate is used which was valid at the time when transfer was authorized, but it is no longer valid.

•  Incorrect Information

If the information or any paperwork is incorrect or missing, then the process of transfer money abroad will be failed.

•  Transfer Limit

The transfer will fail when the sender has reached their maximum number of transfers or the transfer amount is too high than the limit.

• Currency

If the currency you have to transfer or you are using to transfer is not accepted, then also the process will not execute.

• Global Events

There can be delays in the process when natural disasters or global events like the COVID-19 pandemic occurs.

• Compliance or Security

There may be chances when the transfer may have been flagged for compliance or security reasons.

Tips to Manage Money Wisely When Studying Abroad

Money management is crucial, and managing it overseas adds more to the responsibility. This is so because studying overseas is already so expensive, and if you do not spend wisely, you might get stuck in a debt trap. So here are a few tips using which you can ensure do not burning a hole in your pocket:

•  Plan a budget beforehand and stick to it for the entire month.
•  Use a local bank account for daily transactions to save on the additional fees on currency exchange.
•  Learn to cook by yourself so you do not spend time in restaurants and ensure that you eat healthy.
•  Get a part-time job to earn extra pennies and manage your expenses.
•  Use student discounts to travel, shop, and more.
•  Share accommodation to divide the rent and make it more affordable.
•  Keep emergency funds separate to avoid any stress in any unforeseen situation.

This was all about the international money transfer from your home country to host country. With this, you have an idea of the necessity, process, guidelines and more about the foreign money transfer to manage the fiances in a different nation. However, if you still have an issue, consulting us can be the wisest decision. With the expertise we can tailor the solutions to meet your specific requirements.