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5 Things To Know Before Transferring Money Internationally

January 08, 2018

Pursuing an education abroad can be rewarding and yield benefits for a lifetime. However, the cost incurred by an individual to acquire that education is rather steep sometimes. Nevertheless, tuition and other expenses have not stopped students who want to complete an overseas education. Universities at destinations such as Singapore, Canada, Australia and even conventional choices such as the UK and the US still remain at the top of the list for people chasing these international degrees.

With students going abroad, transferring money from their homelands is a task that needs to be performed almost quarterly, if not more frequently. Some people believe that international remittances can set them back further more and have various other misconceptions, but this is far from the truth. Read on to know five such things about international remittances, which you could have believed to be otherwise.

1. You don’t need a bank to transfer money abroad

Though banks were considered the primary financial institutions, this is not true anymore. Unlike common belief, transferring money abroad does not require a bank. Firstly, some banks charge a handsome fee for such transactions and also may require you to set-up a different account all together. Now that things have changed, there are other financial partners that offer a far better rate and a smoother process – like CentrumForex.

2. The exchange rates vary from organization to organisation

Forex rates are subject to several macroeconomic and microeconomic factors that cause them to fluctuate on a day-to-day basis. This may affect the amount you remit online to deductions as well. However, different organizations have varying forex rates. It is advisable to choose a partner that offers the most competitive forex rates.

3. The money transfer fee also varies from organization to organisation 

Transferring money abroad requires several change of hands – in other words there is more than one organization involved so that the money can reach the entity or person it was intended for. This kind of transaction therefore requires a fee. Depending upon the organization, the fee required to remit money internationally may be nominal or even pronounced. Financial institutions such as CentrumForex charge a nominal fee to transfer money.

4. Lost in paperwork

International money transfer can be a simple or complicated process, depending upon the organisation you choose. While some banks may require you to submit a fresh set of documents for every transaction, some might offer you the convenience of only submitting them once. To offer the most convenience, some financial institutions also offer the complete simplicity, with safety, to complete the entire paperwork and process online.

5. You can stay updated throughout the process of transfer

When you transfer your hard-earned money, there might be some doubts and inhibitions in your mind surrounding its safety and even its success. Much like in online shopping, you can track the entire process of whether your money has been transferred successfully or what is its current status!

If you are interested in knowing about international remittances across the globe from India, you can partner with CentrumForex. Request a call back by filling in your details, here.

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