An outline of the costs attached to making an international wire transfer.
Wire transfers are a popular way of sending money abroad. Many parents use it to quickly and securely transfer funds to their children studying overseas.
Wire transfer offers many benefits:
The fees charged by different financial institutions vary. It depends on several factors. Here are the variables that determine the final cost that you pay on your wire transfer:
The final cost you arrive at can be different for different financial institutions depending on their policy, terms and conditions.
As you may have guessed from the variables discussed above, domestic wire transfers cost less than their international counterpart. This is because there is no need for intermediary banks or foreign currency exchange. The sender doesn’t have to pay any fee to any intermediary bank or any markup on exchange rates.
it is essential to understand that not all financial institutions will charge you the same. If you were to send the same original amount of money from different banks, the amount that finally reaches your beneficiary would be different. For example, a parent who wants to send ₹25,000 to her son studying in New York, may have to pay a total of ₹26,000 as the final amount if she were to send it through Bank A. But with Bank B, she may need to send ₹27,000 to cover the various charges.
It’s best to check out the fees before you decide to make an international money transfer.
We understand that every bit of money counts. Thankfully, there are ways to reduce the wire transfer cost without compromising on the speed or safety of your money transfer. Let’s see what you can do to save a significant amount of money:
Wire transfer is one of the easiest ways to send money abroad. Now that you know the variables that determine the fees for wire transfer, you can make an informed decision while doing a wire transfer.
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