Transferring money across borders has never been easier. Whether you need to support your family, pay tuition fees or cover international expenses, there are now multiple safe and convenient ways to send money internationally.
Read on to learn everything about what it is, what are the steps involved and how beneficial it is.
What is an International Money Transfer?
It allows you to send money from your bank account in one country to another person’s bank account in a different country. You can transfer money overseas through your bank, mobile banking app or online platforms, thanks to advancements in financial technology.
What are the Steps to Sending Money Abroad?
Step 1: Choose Your Transfer Method
You have many options for transferring money overseas:
- Bank Transfers – Directly send money from your savings account to the recipient’s bank account
- Online Platforms – Services like PayPal, Wise and Western Union allow you to send money internationally digitally
- Mobile Banking Apps – Many banks offer international money transfer options through their apps with ease
Step 2: Get Required Details
Before making a transfer, you’ll need some of the important details like:
- Recipient’s full name
- Recipient’s bank details (account number and bank name)
- SWIFT/BIC Code – Unique code that identifies the recipient’s bank
- Currency in which you want to send money abroad
- Purpose of the transfer (some banks may ask for this)
Step 3: Check Transfer Fees and Exchange Rates
International money transfer usually comes with additional costs, such as:
- Transfer Fees – A fixed fee is charged for the transaction.
- Exchange Rate Markups – Some providers offer exchange rates higher than the market rate, which increases costs.
- Receiving Fees – Some banks charge fees for receiving international transactions.
Step 4: Initiate the Transfer
Once you have all the details, you can complete the transfer through:
- Your bank’s website or mobile app.
- An online money transfer service.
- A physical visit to the bank branch.
Step 5: Track the Transfer
After initiating the transfer, you’ll receive a confirmation number or tracking ID. You can use it to monitor your transaction and ensure it reaches the recipient successfully.
Why International Money Transfers are Beneficial?
- Fast and Secure – Modern banking technology ensures quick and safe transfers, usually within minutes or hours.
- Convenience – You can send money internationally anytime, anywhere, using digital platforms.
- Supports Multiple Currencies – International money transfer services work with various currencies, making transactions hassle-free.
Best Ways to Transfer Funds Internationally
- Bank Transfers – Safe and reliable but may have higher fees
- Online Services (Wise, PayPal, Western Union) – Very fast and sometimes cheaper alternatives to banks
- Mobile Banking Apps – Convenient for users who prefer digital banking on the go
Tips for a Smooth International Money Transfer
- Compare Providers – You should check the fees and exchange rates before choosing a transfer service.
- Double-Check Details – You need to ensure the recipient’s details (name, account number, SWIFT/BIC code) are correct to avoid delays or wrong transfers.
- Plan Transfers in Advance – If your transfer isn’t urgent, wait for better exchange rates to save money.
- Know Transfer Limits – Some banks and platforms charge daily or monthly limits on international money transfers.
Sending money abroad has become simpler and more efficient. If you are wondering how to send money to overseas, following these steps will make the process easy and hassle-free.
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FAQs on International Money Transfers
Can I send money internationally using Google Pay?
Yes, Google Pay allows international transfers through services like Wise and Western Union.
How much tax is charged when sending money from India?
For transfers above ₹7 lakh, a 5% Tax Collected at Source (TCS) is applicable under the Liberalised Remittance Scheme (LRS).
Can I keep my Indian savings account if I move abroad?
Yes, you can maintain an Indian savings account while living overseas.
How can I use my Indian bank account abroad?
You can use it for online transactions, fund transfers and other banking services.
