The world has gone global and there can be plenty of reasons why you would need to send money overseas. Whether you want to send money to your child studying abroad or loved ones settled in a different country, or you just need to send money for a business transaction, you need to know how to send money overseas.
Based on the route you take to send money overseas, you will need to pay charges for carrying out the transaction. This is the main reason why you need to know the different options you have to send money and the charges you will have to bear to send money. Here are 3 foolproof ways to send money overseas:
Wire Transfer: You can go to a company dealing with a currency exchange in Toronto or visit a company that offers wire transfer services to avail this option. Hand over the money you want to transfer in cash or send it from your bank account. This is one of the oldest, but still relevant, ways of sending money abroad. However, when compared with other money transfer options available, it is quite expensive. You will have to bear a considerable amount of money for the transaction, currency exchange, etc. Use this option only if there is an emergency and you cannot avail any other money transfer service.
Online Transfer: If you have availed net banking facility on your bank account, you can see if your bank offers international funds transfer facilities. You might have to add the payee as a beneficiary in your account first and then initiate the transfer. This is a convenient option since you can transfer money online without stepping out of your house. The transaction charges levied are considerably lower than those levied by companies for wire transfers. However, this transaction takes a few days to get completed.
Third-party Services: You can choose to avail an online payment service company to send money overseas. Since you are not dealing directly with traditional paper methods, you can initiate these transactions online. You only have to register for this service and create an account. Once you have set up your bank details for payment, you can initiate the transaction. This service usually has the lowest transaction charges and get completed faster than other modes of transfer.