Sending Money Overseas from Your Home Country

Transfer Money from India to USA

There are several ways to send money overseas – banks, money transfer services and foreign exchange brokers – offering competitive transfer rates. Choosing the right service depends on how much money you are sending and how quickly it needs to get there.

 

Here is an overview of options available:

 

Online money transfer

Online money transfer is a secure and fast way of sending money overseas. PayPal is one of the most popular service providers out there for your help. However, it is mandatory for you and your recipient to have an account with the service provider to use their services. Even though instantaneous money transfer is an advantage, the fees for international transfers are higher than most other methods.

 

Banks

Today, most banks offer international money transfer facility, but you may need to hold an account with the bank to use the service. All you may do is to provide the money and the bank will guide you through the process. However, the fees and exchange rates can be higher than the standard rates. Another downside is that the process is slow and may take more than 4 days to complete.

 

Foreign exchange brokers

Foreign exchange (FX) brokers can give you better exchange rates than other service providers. However, the FX brokers set different minimum transfer amounts and is usually suitable for sending larger sums abroad. Low exchange rates, low fees, and quick transfer of money within the same or the following day are the greatest advantages of this service.

 

Transfer operators

There are numerous transfer operators that help you send money abroad. MoneyGram and Western Union are the most popular ones. With agents across the world, they are known for their ability to send money even to remote parts of the world. Also, their services are useful if the recipient of the money doesn’t have a bank account. They are convenient as you can transfer money online, via the phone or app, or in store. The fees for quick, convenient transfers are usually high and may not be the best option to send huge amounts of money.

 

How to save money while making transfers

 

Here are some tips to save some money during international money transfers:

  • Choose a facility that suits your purpose
  • Understand what you are paying for. Usually, the middleman charges you a fee. They may also take a cut in the form of the exchange rate. So, keep track of the standard exchange rates.
  • You can use a ‘forward contract’ with the FX brokers and lock in the exchange rate for a future transaction, if you know you will send a large amount of money in future and the exchange rates may shoot up by then.

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