New Delhi : Sending a child to study abroad is the dream of many parents. But, what worries them is how the child will cover the expenses? Will they be able to send money smoothly? When your loved one lives abroad, sending money isn’t as simple as opening the wallet and handing them a banknote. But international money transfer, also known as outward remittance, has made it very easy to send money abroad.
Understanding overseas remittances
Remittances abroad or remittances abroad is the transfer of money from a domestic bank account to a bank account in another country. Money received abroad is called an overseas remittance.
Benefits of Outward Money Transfers
One of the main advantages of remittances abroad is that you can immediately send the money to your family and friends living abroad. As the foreign money transfer is carried out over a secure banking network, there is almost no possibility that the transaction will go wrong and affect both: the sender and the receiver. An outward remittance acts as a financial safety net for your loved ones who live miles away and depend on you for their finances.
An outdoor shed can be used for:
● Medical treatment
● travel trips
● School expenses
● Cover living expenses
● Buying property abroad
● Purpose of gift or donation
How to send money abroad?
Transferring funds out is easy. Technology has made it easier for financial institutions to send and receive money internationally. Let’s look at the three-step process of international money transfer.
Step 1: Pre-select the remittance service provider
When choosing a remittance service provider, you should check transaction fees and hidden costs. Always compare based on the exchange rate. In addition, the provider’s customer service plays an important role in ensuring that the bank transfer is safe, secure and hassle-free. Read the terms and conditions of the outbound funds transfer before deciding to accept it.
Step 2: Share recipient details
You will need to provide the following information to the transfer service provider:
● Recipient’s full name
● Account number
● Bank SWIFT code
● Bank address
Other details that should be shared include – your full name, address, PAN details, amount to be remitted, bank account details, remittance purpose, etc.
Remember that sharing incorrect details could result in the disbursement request being cancelled.
Step 3: Finalize the transaction
You can complete the transaction by visiting the bank or through the banking app or on the website browser. If you go to a bank, officials will help you with the transfer. For in-app or browser transfer, choose the “overseas transfer” option and fill in all the details. Make the transfer and the recipient will receive the amount within the specified time.
Transferring funds out is easy, provided you have shared accurate sender and receiver details. The next time you do an international money transfer, follow the step mentioned above and the whole process will go smoothly.