Money is an essential factor for living. We need money for various aspects in our lives. Sometimes, we may have to send money to our kids studying abroad to meet their day-to-day expenses, where some deposit funds in their native account while working abroad.
In the past, we hugely depended on money orders to send money. With the arrival of online banking facility, fund transferring has become much easier and faster. You can transfer funds from your bank account to another on the very same day through online banking facilities.
Fund transferring between banks is done via three means: cash transfer, international money order, and wire transfer. When it comes to fund transferring between your bank account and a foreign bank account, wire transfer is recommended the most. Through wire transfer, you can transfer funds to the account of your kid studying abroad or your business partner, no matter whether they use a different banking partner than yours. All you need to know is the intermediary bank name and some additional details. See the instructions provided below to learn how you can transfer fund to an overseas bank account.
- Collect essential details regarding the recipient and his banking partner. Make sure that you have details like his full name, address (as given in the bank), bank account information, bank address, zip code and IFSC code (for identification purpose). If you do not have any of this information, seek help from your bank representative.
- Once you have all the details at hand, fill out the form for money transfer provided at your bank. Request your bank representative to provide you with the specific form for foreign money transfer. Make sure that you have filled in all fields with accurate information. Crosscheck the details one or two times to ensure that no mistakes have been committed.
- Mention the amount of money you wish to send to the recipient’s account. Likewise, specify the currency type. You can choose either U.S. dollars or the currency of the country where the recipient account is.
- You will be charged a fee for the fund transferring service, often in the $40 range. Ensure that the fee is remitted before the fund is being transferred or else it will be deducted from your account.
Hope you have an overall idea about transferring fund to an overseas bank account. As there are numerous intermediary banks today, make sure that you are not mistaken for the wrong intermediary bank name. Collect the transfer receipt to track that the funds are deposited in due time.
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