Find out the best ways to transfer money internationally
Today, we live in a smaller, more globally connected world. With families and businesses in different parts of the world, transferring money internationally has become an integral part of our lives. Whether you wish to transfer funds for business or personal reasons, you can do so in many ways. Now you can send funds internationally and receive money into your account within days. Read on to find out the best way to transfer money internationally.
The best ways to send money internationally include:
You can opt to transfer money overseas from your bank directly to the bank of the recipient through an international wire transfer. In this method of fund transfer, your money gets transferred electronically. You can use this method to transfer money between accounts held in different banks or financial institutions. You simply have to provide the bank account details of both the parties – i.e. the sender and the beneficiary, to facilitate a bank to bank transfer. However, keep an eye on the transfer fees levied and the amount of money that you can transfer, as different banks have different limits on fund transfers.
Arguably the best way to send money abroad to an individual who does not have a bank account, cash transfers continue to be a popular fund transfer method. You can rely on money transfer service providers like Western Union, who serve as intermediaries in the international fund transfer process. You can hand over the cash at the nearest Western Union branch and send it to the recipient in another country, where they can pick it up from a Western Union branch near them.
Yet another way to transfer money internationally when there is a lack of traditional banking infrastructure is through digital wallets like PayPal. There are several digital wallet apps available for android and iOS. You must ensure that the other party has the same app and a connected bank account or debit card.
You can transfer funds across countries through prepaid debit cards as well. You can easily load funds onto the debit card of the recipients, who can then spend the transferred amount however they like. Although, you should keep in mind that prepaid debit cards do not work in every country. Also, in places where they work, you must consider the currency exchange rates and transaction fees.
digibank understands your need to transfer money overseas and provides services that primarily cater to your requirements. With digibank Remit, you can transfer money to Europe, the United States of America, Singapore. and over 40 countries worldwide. You can enjoy preferential currency exchange rates, quick-time transfer of funds, and zero handling fees. Plus, you can seamlessly initiate international fund transfers through the digibank website or app. Digibank Remit is undoubtedly the best way to transfer money internationally.
Get started with seamless money transfer with digibank. Download the app now and send money to your family from anywhere! Also open your savings account with us.
*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.