Moving funds across countries has always being a concern for travellers and non-native residents. Traditionally, banks and cheques were the only available means at hand that were used to translocate funds across countries. Owing to the rapid development in technology, this scenario is changing soon.
Travellers no longer cling to bank cheques or third-party remitting services and are found using some of these below mentioned money transfer techniques. These methods are low-cost, time efficient, secure, and are ideal for initiating overseas transfers.
- Bank Transfers
Wire transfers initiated through banks have always been the first choice of people whenever it came to fund transfer. Such service is provided by most of the banks to their customers for a small transaction fee.
- Wire transfers are convenient, speedy, and you can avail the best foreign exchange rates on transferred amounts.
- Banks may charge a flat transaction fee, or may deduct certain percentage of transaction amount as commission.
- Personal Cheques
Unlike bank wire transfers, this is a conventional method of relegating funds. Personal cheques are widely used for domestic exchanges such as bill payments, debt repayment, etc. At international level, they can be used to move cash from one account to another.
- You only need the recipient name to write a cheque.
- You will avail the best Forex rate as it is a bank-based transaction.
- Fees are nominal or negligible as certain number of cheques are provided at complimentary level by banks.
- Bank Remit
The first two methods mentioned above require you to have a bank account. However, remittance services like Axis Remit do not carry any compulsion of holding a bank account.
- You can approach a bank’s branch, fill up the necessary documents, and quickly initiate a transfer.
- You will get the best concurrent exchange rate, and banks will charge a flat fee for the service.
- ACH Transfer
ACH or Automated Clearing House is a form of electronic fund transfer system in USA that is used at local as well as global level.
- ACH is governed by National Automated Clearing House (NACH), a federal agency that regulates inter-banking clearance of electronic payments and fund transfers among the participating banks.
- Money is received by the recipient within four days of initiation of transaction.
- Banks do not charge anything extra for this service.
- Online Transfer
This is the easiest way of transferring funds from one bank account to another.
You are not required to visit the bank to initiate such kind of transfer.
You can log into the bank’s website and translocate the desired amount to the designated recipient within minutes.
You only require the complete name and address of the recipient along with the receiving bank’s or financial body’s IBAN or SWIFT number.