What are the different ways to make an international money transfer?

 Unlike in the old days, you no longer need to stand in long queues or wait for the bank to open to make an international money transfer. Thanks to internet, you can send money abroad for education, business, immigration, or medical tourism from the comfort of your home. All you need is a smartphone and sufficient balance in your bank account.

There are several ways to international money transfer online, which are:

●     IndusForex

IndusForex is the IndusInd Bank’s online tool that allows you to seamlessly send money to your loved ones. It is one of the safest and reliable platforms to make an international money transfer online. Your money is transferred to the recipient’s bank account through a legal network of banks known as the Society Interbank Financial Telecommunication (SWIFT). 

The best part is that you do not necessarily have to have an account with the IndusInd Bank to transact on IndusForex.  But, you will need a bank account with a sufficient balance in it. The best part is that you can avail yourself of unbeatable foreign exchange rates while buying foreign currency.

●     Bank to bank transfer

To make an international money transfer, you will need to visit the bank and submit a request. The bank will charge a percentage of the transfer amount as a transfer fee, which can be higher at times. However, sending your hard-earned money through a bank ensures that your money is safe.  You can get a refund if the recipient does not get the money.

●     Cash transfer service

It works best when you do not have a bank account. To make an international money transfer, you will need to visit a service provider in your locality, such as MoneyGram, WesterUnioin, etc. You will need to pay the transfer fees and the transfer amount to send money abroad. The best part is that the recipient can receive the money within just minutes.

●     Foreign currency demand draft

Compared to other options, it is time-consuming but comes with lower transfer fees and better foreign exchange rates. To make an international money transfer, you will need to visit your bank, obtain a demand draft in foreign currency, and send it to your recipient. The recipient can receive the funds as soon as it arrives at their bank.

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