All You Need to Know About International Money Transfer

In today’s age and time, international money transfer has evolved in many ways. International money transfer means the electronic transfer of funds requested by a sender to a designated recipient that is sent by an international money transfer provider. Making an international transfer is something anyone who has relatives living abroad is used to. Though sending money abroad can be scary nowadays it is possible to make a reliable, transparent, and fast transfer, so you don’t have to keep worrying about where your money is. Today, you can send money abroad through the internet, using an online platform built exclusively for this. There are many ways to do an international money transfer such as Bank-to-Bank transfers, Wire transfers, Automated Clearing House Transactions, Cash-to-Cash transfers, and Prepaid Debit Cards. However, in this article, we are going to take a closer look at a form of international money transfer which is Remittance, also known as a wire transfer.

Foremost, in this segment, we take a look at everything there is to know about sending money internationally and also the transfer fees incurred. As mentioned above, there are a few ways to transfer money overseas. Remittance means sending money from one party to another, usually overseas. Remittance is a vital source of revenue for a country and plays an integral role in its economic growth and development. There are two types of remittance, inwards and outwards. Inward remittances mean receipt of funds acquired either locally or from offshore locations, while outward remittances refer to funds that are transferred to recipients located within the country or internationally. Wire transfer is one of the most popular ways to send remittances (Digibank). There are a few pieces of information needed to send a wire transfer. Firstly, the recipient’s full name and address are needed. Then the amount of wire transfer. Followed by the name and address of the recipient’s bank, the recipient’s bank account number, and account type. The recipient’s bank routing number, their bank SWIFT or BIC code. Finally, the reason for transfer (Tipalti-What is international Wire Transfer). These are the steps required for one to wire transfer their money.

Furthermore, there are three main payment methods for remittance. Firstly, there is a wire transfer as mentioned above. It’s the most popular method used for remittances. International money transfers can easily take anywhere from 3 to 5 business days or longer. Secondly, we have a bank transfer. A International bank transfer is used for sending money between your bank accounts. This can be done locally or internationally. A local bank transfer is a cross-border payment where a deposit is made into a foreign bank account. Then, there are also money transfer apps. It facilitates faster remittances. Paying through money transfer apps is easy, secure, and convenient. As for the fees, remittance charges are usually zero. But the remitting or intermediary bank may charge a fee. You will also have to pay a foreign currency conversion charge, which is a flat fee. Service tax is also levied (Digibank).

That is why the best way to send money is through remittances. Typically, this method can help the sender avoid steep fees and bank routing delays, especially when fast delivery is not a priority. Remittance companies are great for someone who wants to send cash quickly to relatives in another country. It might surprise you to know that sending cash can be the fastest way to transfer money online internationally. The reason is that cash transfers don’t have to clear through the banking system. The person receiving the money does not even need to have a bank account. They need to show some identification. However, cash remittance companies have limits on how much money you can send (Key Currency UK-Mike Smith). Domestic money transfers are typically completed in 24 hours while international money transfers are completed in one to five business days. Of course, this is depending on perspective currencies (Western Union).

In conclusion, thereare many ways to carry out an international money transfer, and a lot to know about the process as well. However, in this article, our focus is on remittance, wire transfer, and everything there is to know about that. As mentioned above,the information needed to send money overseas is straight forward and simple. Additionally, here at Lotus Remit, we provide a very simple and straight forward process for sending money overseas from Malaysia. It is easy, and secure and saves our clients from any hassle. With transparent charges and minimal fees, our services are at very competitive rates here in Malaysia. This makes international money transfer an easy and efficient process for our clients with the help of financial technology. Money transfers can easily be done online with a click. International money transfer has been a big taboo to many people, but with the help of remittance companies, banks and etc, there is an increasing awareness of this topic and how to go about it in an efficient and safe manner.