Nowadays, many Indians are moving overseas. Hence, the number of international money transfer has increased considerably. Of them, the most popular method is the Wire Transfer. It is an electronic means of transaction. For instance, say you have a relative living abroad. You wish to send them some money. You could do so through Wire Transfer.
It helps you make money transfer from India to wherever they are. Following are the steps to follow for the same:
Step 1: Choose a bank
To send money abroad, select a bank. Consider the place where you hold the Savings Account. Also, ensure that you have sufficient funds in the account. Most banks usually offer wire transfer services.
Step 2: Visit your bank’s website
Now, visit your bank’s website. You could also use their international money transfer app as well. Then, log in to your account. If you do not have access to a decent data, visit their nearest branch.
Step 3: Check the fee structure
Every wire transfer involves specific charges. The amount depends on various factors. This includes where the money gets sent, bank policies, etc. If you want to send money from India to the USA, these charges differ. It all boils down to where it gets sent. Hence, it is essential to go through the fee structure. It provides an idea of what to expect. You could also check if you have enough money in your account.
Step 4: Gather information
A wire transfer needs you to submit specific information. The following are some of them:
- The sender’s account number
- Name of the recipient
- Bank name and address of the recipient
- SWIFT code of the recipient’s bank
- The recipient’s Bank Account number
Ideally, this information is needed when doing Remittance. But your bank may need other details.
Step 5: Fill out the form
Once you have all the information, look for the application form. Follow the mentioned instructions carefully. Fill them and make sure you enter the correct information. Usually, the home currency gets selected automatically when entering the recipient’s details. So, select it manually if that does not happen.
If you opt for the offline way, read the boxes carefully. In case of any confusion, seek assistance. Be extra cautious when you send money abroad. You want the recipient to receive the money on time.
Step 6: Follow up
After submitting the application form, the bank initiates a wire transfer. During this time, keep your receipts close to you. Track the status of your transfer. Follow up if need be.
