Everything You Need to Know About International Money Transfer
Author : Divya Sharma | Published On : 09 Sep 2021
Sending money to a foreign country from a money transfer services Punjab can be an intimidating ordeal if you have never done it before and is not familiar with the procedures or the terms. For people who are working abroad, the process is equally challenging. It is easy to connect with friends, family, and loved ones over video calls from anywhere in the world. But sending money to them is a completely different thing.
Everyone has some question or the other related to international money transfers. The subject is a relatively uncommon one, especially for those who find themselves in a position to send money to another country all of a sudden. Everyone who finds themselves at such a juncture needs proper guidance. Therefore, here is just about everything that you need to know about international money transfers.
International Money Transfer - What Is It?
An international money transfer is referred to the transaction through which money is transferred from one person to another, or one business to another, or a person to a business, and vice-versa, across international borders. International money transfers can be done through the help of banks or companies that offer the best foreign currency exchange in Punjab.
Remittance - Another Name For International Money Transfer?
There is a common misconception among people who do international money transfers that, remittance is another name for the process of transferring money across international borders. On the contrary, the reality is different. Money remittance is a different process, and although it seems similar to international money transfers, they are not the same.
Money remittance is a process of transferring money in low value. This process is generally used by people who work in foreign countries, to send money to their families in their home countries. International money transfers, on the other hand, is a broad term that incorporates all transactions which involve money being transferred from one country to another.
Since money remittance is also a form of sending money from one country to another, it can be considered to be a type of international money transfer.
Money remittance is an important process on which many lives depend. People who are working abroad can send funds to their families because of money remittances. The money is used for food, living, education, medical expenses, and much more.
International Money Transfer - How Does It Work?
For international money transfers to take place, there has to be a total of three parties involved.
- The sender
- The recipient
- The company that provides the money transfer service
The chain of events starts with the sender. The sender first initiates a transaction request for transferring money. This request is lodged with the preferred money transfer company of the sender. Most people are choosing companies that provide online money transfer services as it is much more convenient, quicker, and more secure. The money transfer company asks for all the details of the sender and more importantly, of the recipient. The money to be sent is subsequently transferred from the sender’s bank account to that of the recipient when doing an online money transfer. The best foreign currency exchanges in Punjab provide online transfers as it is the most preferred method nowadays.
Sending Money Overseas - What Are The Best Ways?
With the help of banks: Banks are the most common ways to transfer money across countries. However, one major drawback is that banks have very poor forex rates when compared to other methods. This is why people are preferring alternatives.
With the help of money transfer companies: The best money transfer services in Punjab offer competitive rates and a quick transfer. Transaction happens through secure online channels like wire transfers.