International Money Transfer

Globalization has wiped out boundaries and bought the whole world together. The process of globalization, furthered by easier and cheaper transport options. The face of travel or the movement of people internationally and its purpose has changed completely. Insomuch as international travel today has the motives of education, tourism, to build social relationships, commercial aspects, to celebrate, work etc. The number of Indians travelling internationally has gone up 3.5 times in a decade. Every international traveler requires money changing and or international money transfer. An International Money Transfer is an electronic transfer of funds in a specific currency and amount, to a friend, relative, colleague or company overseas.

There are a number of ways to transfer money internationally, but to find the best way, it’s important to understand the fees, exchange rates and speed of different transfer options.

At present scenario, sending money abroad can be done in a few seconds. With the development of online money transfers and digital banking, you can transfer money internationally and exchange multiple currencies at a time without leaving your home.

But if you don’t pay attention to the fee and exchange rates you may end up paying more than you should. Fees charged for international transfers can be high and the unreal exchange rates can gulp down a lot of your money, which is why it’s worth investigating various providers to make sure you get the best deal when sending money internationally.

Ways to transfer money abroad:

1. Bank money transfers 

2. Wire transfer 

3. Money operators 

4. Online transfer providers 

5. Foreign exchange brokers

Bank transfers are an easy option, but not always the most cost effective and convenient method. Banks have less competitive exchange rates with high transfer fees; they mostly offer better deals with a high volume of transfers only and their exchange rates are not transparent.

Sending money via wire transfers or money operators such as Money Gram or Western Union are particularly useful when a recipient doesn’t have access to bank account. They can be convenient with the online transfer via the phone or in store in a matter of a few minutes or hours. However, fees for fast and worldwide delivery can be high and may increase with the more money you send and their exchange rates are not transparent.

Sending money through online transfer providers like PayPal or Transfer Wise is very quick online and easy transfer as they take funds directly from your bank account. Fees Vary between the providers. But it is not the cheapest option when it comes to larger transactions.

The traditional ways of transferring money abroad via banks, wire transfer and money operators are today being challenged by specialized foreign exchange companies that offer online international money transfers, Myforexeye holds the upper hand in this category. It is a one stop shop for all Foreign exchange products. It is a full fledged money changer licensed by RBI.

Read more detail: Multi Currency Cards