What Are The Best Ways To Transfer Money Overseas From India?

Posted by Shashank Bhaskar on February 15th, 2022

Recently, a significant number of individuals have moved overseas. It could be someone you know who has also shifted abroad. It could also be that your immediate family member has made this move. You cannot rely on traditional transaction practices in such scenarios. You need a mode of transaction specially meant for international transfers.

This mode is known as International Money Transfer. It is the best way of transferring personal Remittances outside your homeland. You may conduct this transaction in various ways:

1. Bank drafts

A bank draft is the most common way to send money abroad. For this, the sender’s bank writes a cheque to the recipient. Then, the draft or cheque gets sent to the recipient. This gets done in exchange for a specific fee.  This mode of international transfer is more affordable than the others. It is also convenient. However, it does take some time to reach the recipient.

If you wish to send money from India to the USA, opt for a bank draft to make this transfer. It should reach the recipient in between four to seven days. It could take lesser days too.

1. Money orders

It is another popular way to transfer money overseas. It has been in practice way before online transfers came into existence. This method allows the recipient to encash the payment order on demand. So, in a way, it functions like a cheque. It works in cases where the recipient does not have hold a Savings Account. They may present the money order at any cheque cashing location. Once examined, they receive the said amount in the order.

1. Online money transfer

An online money transfer is the simplest way to money transfer from India. It only requires a few details:

• Recipient’s Account details
• International Bank Account Number code or Society for Worldwide Interbank Financial Telecommunications code of the recipient bank.
• Account holder information

In some cases, the International Money Transfer app asks for other details too.

1. Wire transfer

This is a fast way to make an International Money Transfer from India. It sends money overseas electronically. This transfer happens between two accounts. One is the domestic account of the sender, and the other is the account of the recipient.  Such transfers are available on any app as well. They are hassle-free and are cheaper than other transfer methods. But they take longer to process than other online transfer methods.