HIGHLIGHTS
- Introduction to international money transfer
- Best apps for international money transfer in India
- Advantages and disadvantages of international money transfer
These days international money transfer is very common across borders, but when you are a student studying abroad, having family and friends far away from you like in another nation and you want to invest money in international land. Now the process of sending international funds sounds very simple, but actually, it is very complicated or difficult to do all the formalities and approvals. Here international money transfer apps come in the picture.
These apps are faster and easier to handle. All the information regarding international money transactions is available in the app. In this article, we explore various international money transfer apps.
Table of Contents
International Money Transfer
An international money transfer takes place when money is sent directly to the bank account of a person or business abroad. International money transactions can be made with the help of a bank, an international money transfer service, online platforms or individual apps.
Money Transfer Service Scheme is a very convenient tool to transfer personally related funds to a successor in the Republic of India. The permissible transactions under the inward personal funds to India are the funds made towards the maintenance of the family member and the funds for favoring foreign tourists visiting India. MTSS has prescribed strict rules against any outward money or funds from India and prohibits it forcefully.
Best Apps For International Money Transfer
BookMyForex App
- Streamlined and User-Friendly: Holds the best conditions for international business.
- Swift and Affordable Funds Services: Moreover, being concerned with affordability and time, they are also pledged to provide health solutions.
- Competitive Exchange Rates: Coordinates the worth that is to be provided to the users with the amount of money they are willing to pay.
- Versatile Use: Suitable for sending money for Personal or education-related concerns.
- Intuitive Interface: It moreover has a user-friendly interface and design and quite a simple method of booking.
- Efficient Transactions: World’s partner for effortless and speedy transactions for business with international counterparts.
- Simple Order Flow: Comes with a simple layout on the order page so that a client is not confused and is able to order.
- Reliable Companion: Your friend for easy to call and who readily focuses on convenience anytime you are to cross borders and make transactions.
Axis Bank Mobile App
- Reputed Bank in India: Mortgage is a financial product offered by a reliable bank – Axis Bank operating in the banking industry.
- Extensive Range of Financial Services: Provides service that call for facilitation of several forms of financial enitities including international money transfer.
- Multiple Channels for Transfers: INTERNET BANKING: involved in cross border transfers by either using a mobile application, or by visiting the branches.
- Supports 100+ Currencies: Coaxially, it lets you transfer over 100+ currencies with ease, through the Axis Bank mobile application.
- Convenient Mobile App: The Axis Bank Application is one of the convenient platforms which can be used to for an international transfer.
- Markup on Exchange Rates: As for the information given, it is necessary to note that in the Axis Bank App, a relatively high markup to the exchange rates for such operations is used.
Unimoni App
- Quick and Secure Transactions: Whenever there is the need to engage in cross border transactions these money transfer services are the best to employ.
- Cost-Effective: Enables an individual to send money at a relatively cheaper way to the beneficiary in the foreign country.
- Convenient for Various Purposes: Which may involve payment of educational fares, and other expenses such as, living expenses or to maintain or extend relatives.
- User-Friendliness Concerns: Among the issues many users encounter and these are deemed to result from the use of the application are:
- Practical Solution: Thus, despite the mentioned shortcomings, one can assume that it can be a rather effective tool to achieve fast and secure money transfer to foreign countries.
ICICI iMobile Pay
- Seamless Overseas Transfers: Also has a simplicity of transferring cash to other countries from India.
- Versatile Use Cases: It is used for paying tuition fees, pocket money to a relation, and payment of bills of investments made in other countries among other uses.
- Country Limitation: This application only allows Money transfers to only twenty countries all over the world.
- Currency Limitation: Very little foreign exchange instruments that enable the exportation of such currency to other countries.
- KYC Process: When registering, the users also have to pass the KYC, and this may sometimes take some time though everything is done online.
HDFC Mobile Banking App
- Trusted Bank: HDFC bank is one of the well recognized brand in the private sector banking in India.
- Mobile App Transfers: Provides an ability to transfer money internationally, although there is an option for doing it through the mobile application of the company that has been launched.
- Reliable and Secure: This distils a more effective and safe means of practicing cross border transactions training phase.
- Exclusive to Account Holders: Service is available for the customers only who are having the account in HDFC Bank.
- Third Party Funds Transfer (TPT): TPT only work can be done only if one register for the same this is the key requirement of the software.
- Limited Purposes: Therefore, the ‘remittance facility’ is restricted from being utilized just for any purpose.
- Branch Visits Required: As regarding other categories of remittances, one has to go to the nearest branch of this bank.
Western Union
Provides various methods for sending and receiving money, including bank transfers, cash pickups, and mobile wallets.
- Exchange rate: Mid-market rate
- Transfer Charges: you are only allowed the INR currency equivalent of $2,500 USD per transfer. If you are an Indian national, you can only get a maximum cash payout of Rs. 50,000. If you are a tourist in India, there are certain cases where receiving more than Rs. 50,000 is allowed.
- Transfer Speed : The time it takes to receive the money will depend on how the sender has requested delivery. The sender will be informed of the delivery time as they are doing the transfer or when it is approved.
- Customer Service Support: On-call and online chat assistance.
PayPal
Mobile sending options are through the PayPal application or from a computer through a web browser. Users can transfer cash through the selected payment options; however, the receiver has to be a PayPal account holder though one can open an account for free.
- Exchange rate: Mid market rate
- Transfer Charges: To transfer money internationally to friend and family through PayPal balance, linked bank account, credit/debit card, the charges involve will be 5% of the amount sent, with 99c as the minimum fee and maximum of $4. 99 as the maximum.
- Transfer Speed : PayPal is famous for such operations because the recipient gets the money as soon as instantly at his/her PayPal balance and the money is transferred to the bank account the next day.
- Customer Service Support: On-call and online chat assistance.
Wise
Wise has many unique added tools and services, also they do not add any extra fees for withdrawing currencies. However, its services may not be cheap since it offers higher transfer fees than some of the giant companies. Two other drawbacks: Money cannot be delivered home or business and there are less than one hundred countries to which money can be remitted.
- Exchange rate: Mid market rate
- Transfer Charges: Fixed fee typically ranges from 60 INR to 75 INR and variable fee approximately 1.78% of the transfer amount.
- Transfer Speed: Up to four days
- Customer Service Support: On call and online chat assistance.
WorldRemit
- Exchange rate: Mid-market rate
- Transfer Charges: With WorldRemit, transfer fees depend on the amount, currencies, and transfer mode, with senders charged a percentage fee, and recipients in India receiving the full amount minus WorldRemit’s fee, though mobile airtime top-ups incur an additional tax deduction, resulting in around 87% of the received amount.
- Transfer Speed: Up to four days
- Customer Service Support: On call and online chat assistance.
Advantages of International Money Transfer
- Service Fees are Reduced: When you remit or transfer money from one bank to another through remix forex overseas service the commission charged is very low. You only make a small payment of money when you are funds transfers over the internet.
- Paperwork Reduction: Due to the growth particularly in the utilization of the internet, this aspect of paperwork is slowly being done away with every other day. Money transfer by the use of the internet hence, is transport in this world for every basic necessity.
- Higher Foreign Exchange Rates: That is when the above strategy is implemented while doing remittance that is sending money from India to other countries there are challenges. In the case of international transactions, the sender employs a currency that is usually different from the one taken by the payment to the destination. Therefore, the best policy will be for clients to patronize the oldest remix forex overseas service provider who offers the best exchange in the foreign currency and services.
- Fast and Convenient: This aspect is very crucial to know the time that was taken in the transfer of the cash. To be sure, as most of us understand that money is highly essential when a person is in a foreign country.
- Payment received is safe, fast and reliable: Nowadays, transferring of money online has been not only convenient, but also secured more than before.
- Available 365 days Round the Clock :At Your Service Day and Night throughout The Year, Since the process of transferring money through the internet does not bound to a particular time it can be in the night also. Also, it shall accord you the funds at a fast rate hence satisfying the needs that you have in place. The money can also be easily transferred direct to a bank account through the online banking facility. It is relatively simple to obtain a passbook for money transfer services that facilitate the safe transfer of funds over the Internet.
Disadvantages of International Money Transfer
Exchange Rate Risks: International business involves exchange rates, which act as risks in the general business environment. Exchange rates can affect the final price that is somewhat like getting the swapped local currency, and decision-making towards a transaction in terms of the actual value.
The Central Banking Rules and Restrictions concerning Money Transfer: Intermediary institutions, especially banks, may have limits concerning the amount that can be transferred and such limitations may depend on the type of transfer, the destination and the client’s account status among other factors. Realizing these features, and specifically for operations, for example, wire transfers that are linked with higher prices, is vital.
A slow and time-consuming process: Sending international money transfers online, through banks in particular is mostly a very slow process. This is outrageous because banks you know only operate during the week sometimes they work five days a week. Transfer from banks from one country to another normally takes about 4-5 business days. The process takes even more time when holidays are included in between.
Documentation Requirements: In relation to the banks and other financial interests, reference is required with specifics about the origin or source, motive for credit, and interdependency between such transactors. Attending to these documentation needs it may take some time, but it is crucial in managing affairs in the current heavy thrown regulatory climate.
Conclusion
As the international money transfer is common in this generation because it becomes easy through the online apps 24hr availability. It is easier to use and handel with all transaction information. For nation growth it is very important to have applications like international money transfer which also help students study in abroad. But some time for big funds we have to go the banks which is very complicated with various types of approval and paper work.
FAQs
Do I have to worry about losing my money while transferring money internationally?
Money transfers are evolving every day. They are becoming more and more secure through the identity and verification advancements of money transfer companies. They give security of funds. Your funds are rarely interrupted by a hacker or scammer.
What is the best time for doing an international money transfer?
The best time for doing an international money transfer is when the sale and campaign deals are going. Online platforms usually have such schemes where they attract clients by offering bumper prizes on money transfers.
