Money Transferring Methods
December 13, 2017
4 minutes, 44 seconds Read

What Are The Money Transferring Methods Which Work for Indians?

Money Transferring Methods

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What are the money transferring methods that work for Indians?

We live in a globalized world. Technological advancements have brought us all closer. It is like living in a small village. If something happens in the South Pole, it takes literally a fraction of a second for those living in the North Pole to get that news or information. Yet, in this day and age, the time frame for a money transfer abroad takes more time than it would take you to personally go over and hand that money over yourself. So it is important for you to be aware of the money transferring methods that work for you and for everyone. These money transferring methods should be fast, cheap, transparent and reliable.

What are the Money Transferring Methods that don’t Work?

—Foreign Currency Demand Draft/Cheque- A secure and hassle-free way of transferring money. Foreign currency demand drafts are physical paper drafts that can be carried physically internationally or couriered/mailed to a beneficiary abroad. Demand drafts are perfect for things such as applications to colleges, tenders, school fees among other things to send money abroad via a cheque/Demand Draft is the slowest method for sending money abroad or even within a country. The Demand Draft or Cheque will travel for days and even weeks before the recipient is able to receive it or cash it. You can try this method if you have unlimited time in your hand. Though this is one of the safest money transferring methods.

—Money exchangers: They are fast but very expensive and not entirely reliable or secure.

—The Western Union or Moneygram: They don’t transfer money out of India.

Money Transferring Methods that Work:

Wire Transfer– Wire transfers are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary’s bank account abroad. Wire transfers from India are the best and most convenient way to transfer money abroad.

—Online Forex Companies like BookMyForex- Fast, safe, reliable, and secure. Zero charges, no hidden costs, and better rates than anyone else.

What is the cost to Transfer Money Abroad?

The costs are in three parts:

Foreign exchange rates:

What the company will charge you for sending money abroad.

The receiving Bank’s charges.

Companies like BookMyForex give you guaranteed best rates. If you find a better rate quote, we promise to beat that rate.

Should You Use your bank to Transfer Money Abroad?

Your bank is always able to transfer money and is a safe and convenient way to send money overseas.

Pros and cons

Easy to arrange – your bank will guide you through the process and you might even be able to make transfers from your mobile phone.

Convenient – Banks have their branches in every city and town.

Safe and secure.

You may not get the desired foreign exchange rate.

Banks charge a fee which can be up to 5% at times.

Not the fastest option, takes 4-6 business days.

What you’ll need

Recipient’s International Bank Account Number (IBAN) and Bank Identifier Code (BIC)

IBAN and BIC from your own bank account.

Should You Be Using a money exchanger to Transfer Money Abroad?

Some have high street branches, many offer online services

Pros and cons

The range of services – some offer instant cash for your recipient, others can transfer money directly into a bank account.

Easy set-up – you don’t usually need an account. For smaller amounts, you might not even need identification.

Fees: these services can be fast, but expensive especially high for smaller amounts

The exchange rates can vary daily and according to currency, so make sure you compare costs on the day you plan to send the money. You can often do this online.

They are not as safe as Banks.

Should You be Using an online money transfer service to Transfer Money Abroad like BookMyForex?

BookMyForex.com allows you to book an international money transfer order online. A quick 5-minute order booking process is all it takes to book an order to transfer money from India to another country. Whether you need to send money from India for educational expenses abroad, maintenance of loved ones, medical treatment of family members, foreign investments or as a gift or donation, BookMyForex will fit your need.

Pros & Cons

Extremely competitive rates – If you can find a better rate, we promise to beat it

There are no hidden charges.

Using an Online Service like BookMyForex is 100% safe, secure and reliable.

Fast- It takes 12-48 business hours for the funds to reflect in beneficiary’s account

Visit online from anywhere, anytime

What are the Alternative ways to Transfer Money Abroad?

For many purchases and payments, Forex Card is a convenient alternative to money transfers. You get:

→Best rates (If you can find a better rate, BookMyForex promises to beat that rate)

→Best customer support, available 24×7 on every medium (FB/Twitter/Call/Email)

→There are no foreign transaction fees,

→There are no charges or  fees

→In a case of an emergency, BookMyForex will arrange for an emergency cash.

USPs of a Forex Card purchased from BookMyForex:

—You carry forex at fixed rates – no need to worry about exchange rate fluctuation or from heavy charges of 3-6% levied by the banks.
—Zero Issuance or reload charge.
—Safe and convenient to use.
—Can be reloaded at any time and from anywhere.
—Cash assistance in case of the loss/theft of the card.
—Add on card facility available which makes it absolutely safe as the lost card can be blocked and balance transferred to the new card.
—You get foreign currency cash at a discount when bought with Forex Cards.

 

 

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