Sending Money Abroad is Easy with Outward Remittance
New Delhi : Sending a child abroad for education is a dream of many parents. But, what they are worried about is how the child will take care of expenses? Will they be able to send money smoothly? When your loved one is living abroad, sending money is not as easy as opening the wallet and giving them a currency note. But international money transfer, also called outward remittance, has made it very easy to send money abroad.
Understanding Foreign Remittance
Foreign remittance or outward remittance is transferring money from a domestic bank account to a bank account in another country. The money received at the foreign land is called foreign inward remittance.
Benefits of Outward Remittance
One of the biggest benefits of outward remittance is that you can send the money to your family and friends living abroad immediately. As the foreign money transfer is done on a secure bank network, there’s almost zero possibility of the transaction going wrong and affecting both: the sender and the recipient. An outward remittance acts as a financial safety net for your loved ones who are staying miles away and dependent on you for finances.
An outward remittance can be used for:
● Medical treatment
● Travel trips
● Educational expenses
● Covering living expenses
● Buying assets on foreign land
● Gifting or donation purpose
How to send money abroad?
Performing outward remittance is easy. Technology has made it simple for financial institutions to send and receive money internationally. Let’s look at the three-step process of international money transfer.
Step 1: Shortlist remittance service provider
When choosing an outward remittance service provider, you must check the transaction fee and hidden costs. Always compare based on the exchange rate. Also, the customer service of the provider plays an important role in ensuring that wire transfer is safe, secure, and hassle-free. Do read the terms and conditions of the outward remittance before you decide to go with it.
Step 2: Share recipient’s details
You will have to provide the following details to the remittance service provider:
● Recipient’s full name
● Account number
● Bank’s SWIFT code
● Bank’s address
Other details that need to be shared include - your full name, address, PAN details, amount to remit, bank account details, the purpose of remittance, et cetra.
Remember that sharing inaccurate details could lead to the cancellation of the remittance request.
Step 3: Complete the transaction
You can complete the transaction by visiting the bank or through the bank app or on the website browser. If you visit a bank, the officials will help out with the transfer. For transfer through app or browser, choose ‘overseas transfer’ as the option and fill out all the details. Make the transfer and the recipient will get the amount within the stipulated time frame.
Outward remittance is easy, provided you have shared accurate details of the sender and the recipient. Next time, when you go for an international money transfer, follow the above-mentioned step and the entire process will be smooth.