In today’s article, I am going to tell you about How to Send Money Internationally, so if you want to know about it, then keep reading this article. Because I am going to give you complete information about it, so let’s start.
As you all know, In this day and age, it’s becoming increasingly common to have friends and family living in different parts of the world. While it’s easier than ever to keep in touch via social media and video chat, if you want to send money abroad, it can still be a bit of a hassle. Keep reading to learn how to send and receive money from abroad without any headaches.
With the growth of online payments, UPI, and net banking systems, transferring money from one place to another has been made as simple and hassle-free as taking a sip of tea or coffee, which hardly takes five seconds.
The recent advancements in UPI systems and the signing of MoUs (Memorandum of Understanding) among different countries have made international transactions possible within seconds. Though a charge is levied, the transaction is done by sitting in the comfort of home and within seconds rather than standing for several hours in a bank queue.

Besides these UPI systems, there exist several methods with which one can easily send money internationally. However, many individuals are unaware of it when the UPI’s servers are down and beat their heads against the wall for sending money. Before getting into different methods to “send money internationally,” let’s understand a few aspects related to the same.
Table of Contents
What is an International Money Transfer?
In simple words, IMT, or International Money Transfer, refers to the transfer of funds from one’s own country to individuals, whether a friend or relative or any business personnel residing in a foreign land. Let’s understand it in detail :
An international money transfer is accomplished or successful when some funds are transferred to a person’s bank account residing abroad. These transfers can be made with the help of numerous existing online platforms and methods or simply with the help of a bank.
When you transfer money internationally, it can mostly be carried out quickly, in a variety of currencies, and using both offline and online digital banking tools. It is simple to conduct an international money transfer from the comfort of your home. All thanks to the growth of technology, which has led to several types of international money transfer services that are easily accessible.
Points to keep in mind before making an IMT (international money transfer)
Making an IMT is easy, but there are a few aspects that one should definitely consider before making an international transaction. This ensures that the funds are transferred properly and within the stipulated time. Some important ones I have mentioned below:
- Transfer Rate: The best timescale to expect is between 48 and 72 hours for money sent from India. This is evaluated or presumed when a transaction is done using the proper online channels. However, if you’re transferring through checks and demand drafts, it may take up to a day or two.
- Exchange Rates: The value of one currency in relation to another is known as the foreign exchange rate. When sending some amount of money, a tiny shift in the exchange rate might make a huge difference. Therefore, it’s necessary to look for exchange rates before making a transaction.
- Extra Charges/fees: You may frequently be charged a transfer fee when sending money, which may be fixed or a percentage of the amount being sent. It may also include an international conversion tax and service taxes in a few cases, depending upon the method used and the country, though. Note that this is applicable to both the sender and receiver.
How to Send Money Internationally:
You can choose from a number of platforms and methods if you want to send money abroad from India. The taxes levied will be variable from platform to platform.
Moreover, the preferred method will be heavily influenced by the reason you are transferring the money. Note that if you’re in urgent need of transferring, you are transferring the money. Note that if you’re in urgent need of transferring funds, you can do it for sure, but you have to look for several alternatives and charges will be levied accordingly.
However, there exist certain methods with which you can transfer the funds at ease by paying a certain amount, which is fair. Here are a few of them:
1. Consider using a digital bank.
A digital bank account is an account that can be accessed online. This type of account can be used to send and receive money from abroad. A digital bank is a bank that offers banking services through the internet.
One of the benefits of a digital bank is that you can access your account from any computer with internet access. This means that you can check your account balance and make transactions no matter where you are in the world. Additionally, most digital banks offer mobile apps that allow you to access your account on the go. This is a great option for people who are always on the go.
Another benefit of a digital bank is that you can often send and receive money faster than you can with a traditional bank. This is because many digital banks do not have the same restrictions on transfers that traditional banks do. With a digital bank, you have the option of opening a multi-currency account which makes transferring money internationally much easier for you.
Furthermore, many digital banks offer 24-hour customer service, which is great for people who need assistance with their accounts at odd hours.
A digital bank account is a great way to manage your finances when you’re living or traveling abroad. You can use a digital bank to send and receive money from other countries, and to take advantage of lower foreign exchange rates.
2. Bank Drafts and Cashier’s Cheques
Several banks draft and cashier’s cheques. So you can easily acquire it and making a transfer after that isn’t a big thing.
Bank draughts and cashier’s cheques can be purchased physically in the currency where you want to transfer your funds from your existing location. These are widely used and are treated as a great option for transferring funds internationally because they are relatively inexpensive. However, they take longer to reach the receiver. So if you want to have an immediate or urgent transfer, I wouldn’t suggest you prefer bank draughts or cashier’s cheques.
Transferring money through bank drafts and cashier’s cheques involves a bit of hassle, but at the same time, it provides you with the facility to track your checks and drafts. So if the receiver is unknown and says that the check hasn’t been delivered yet, at once you can trace the location of your draft or check.
3. International Money Order/Offline Money Transfer
Money orders were the popular and widely preferred go-to method for sending money abroad before these online methods, UPIs or net banking, came into great demand. Transferring through this is really easy, even for those who had no idea how to do it.
Money orders can be cashed at any cashing location or even deposited into your bank account. It still serves as an “affordable and secure method” and holds a place for international fund transfers.
4. Online Money Transfer
The easiest way of sending money internationally. It is the preferred method by most individuals, including freelancers, students, and business personnel mainly.
What Online Money Transfer requires for the transfer of funds is the IBAN or SWIFT number of the receiving bank, the destination bank account data, and information about the account holder.
Note that these transfers may be subjected to hefty taxes and exchange rate, as they usually don’t involve intermediary banks.
5. Online Wire Transfer
This is the most recent method to enter the money transfer industry, and it offers inexpensive fees as well as assessed charges for sending money abroad from India.
You can send money through a wire transfer through a number of financial organizations, including banks and authorized money changers.
However, online wire transfers take more time than online money transfers, but the charges levied on these are less compared to online money transfers. The reason is that it involves intermediary banks to send money overseas.
With the vast growth of digitization, there are many different businesses and internet platforms available. So you are no longer constrained by the possibilities available to you when you need to transfer money abroad.
Note that regardless of which option you choose, be sure to cross-check the information provided to ensure the transfer of funds to the right beneficiary.
Conclusion:)
To conclude, this wasn’t the end of the methods for sending funds internationally. The growth of technology and increasing digitalization have introduced several new methods and platforms with which you can transfer your funds overseas. Enlisted above were a few of them. Note that before transferring the fund be assured to check the information.
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