Safest Way to Transfer Money From India to Overseas Location Towards Your Child’s Educational Needs
With the fall semester already begun, many students are flying abroad to pursue their education. The advanced education system with an immersive curriculum is attractive to plenty of students. While the application process is a crucial aspect to decode, so is the process of funding your child’s education. Previously, sending money to people abroad used to be limited to cash. However, with the advancements in technology, digital payment methods have become popular.
With an abundance of payment methods available digitally, choosing the best means for money transfer from India can be tricky. In this article, you will understand how to gauge the feasibility of using a digital platform and how to pick the best fit for international money transfer from India.
Well-Tested Methods For International Money Transfer
With your child in a foreign country, being concerned about their well-being is natural. It is key to ensure that they have enough money for their necessary expenses. Unexpected spending can arise that are commonly attributed to unforeseen situations like expensive medical care, higher cost of living, or others. In such cases, here are some methods with which you can transfer money abroad.
Wire Transfer Through Banks
If you have a savings account with a bank, an international money transfer from India can be made through a SWIFT transfer. You would need all of the below details to complete a wire transfer abroad:
- Beneficiary bank account number
- Beneficiary bank name
- Beneficiary bank SWIFT code
- Beneficiary bank address
- Beneficiary bank BSB code (for Australia)
- Beneficiary bank transit code (for Canada)
- Beneficiary bank routing number (for the USA)
These details help identify the international bank account of your child. For instance, if your child is in Canada, then you can transfer money from India to Canada by getting the SWIFT code and transit number to identify your child’s bank account in a Canadian bank. The process of sending money through wire transfer is very secure. You can also book your order online at any time.
It is best to verify the exchange rates with your bank before going ahead with the transfer. Different banks and financial institutions offer different exchange rates. A key advantage of a wire transfer is that it only takes up to 24 hours to complete the transaction. However, if you would like the money to reach the bank account of your child on a particular date, it is best to consider factors such as the intermediary bank, bank holidays, public holidays, and weekends.
Foreign Currency Demand Draft
If you would not like to go ahead with a money transfer from India through an online platform, you can opt for offline methods by signing the physical forms and providing the same at the respective bank branch for further processing. You have the option to draw a demand draft in the foreign currency of your choice. For instance, you can transfer money from India to USA by drawing a demand draft in USD and mentioning the amount of money you would like to deposit in your child’s account. An equivalent of the amount of money you would like to deposit in USD will be debited from your savings account in INR including the necessary taxes as applicable. Your child will then be able to withdraw the draft from their bank account in the United States.
With a Forex card, you have the option to load money beforehand for your child to use as soon as they land in an international country. This card can be used to pay for services and make all kinds of transactions depending on the services allowed by the bank. In case your child needs more money, you can reload the Forex card electronically from your bank account.
Digital Money Transfer Services
This method is the most popular method used to transfer money internationally. With this service, you can directly transfer money to the bank account of your child or to the educational institute. To avail of a digital transfer service, you will have to register and complete the verification process. This registration process is applicable only for non-ICICI bank account holders. While choosing a service, make sure that you verify certain parameters such as customer support availability, restrictions on money transfer like monthly limits on money transfer, exchange rates, currencies that are supported, and others. With ICICI bank’s Money2World service, you will be provided with the best services and a confirmed exchange rate.
Benefits of ICICI Banks’s Money2World Service
By using ICICI bank’s Money2World service, you can enjoy the following benefits:
- The process of remittances has been made simpler and faster.
- You can transfer money 24*7 on all days.
- Transferring money anywhere across the globe is possible.
- Money transfer service is provided in 21 major currencies.
- You can get a confirmed exchange rate and avoid rate fluctuations.
- Track your money transfer request online by using your transaction reference number.
With your child moving abroad for education, it is important to make sure that they have enough money to meet their needs and requirements in a foreign country. You can transfer money in a hassle-free manner with ICICI bank’s Money2World service. You can enjoy many benefits such as easy tracking of money transfers and a widerange of currencies. Make sure that you have registered for this service so that you can fund your child’s education and other needs in a simple manner.
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