When you are living far away from someone and want to send them money then you will find many methods of sending it but in that one of the most demanding methods is International Money Transfer. It is a transfer of fund electronically in a specific amount and currency, you can transfer it to anyone only by entering some information and mentioning the reason of transfer and then the amount will be credited to the beneficiary account. Most of the transactions completed in 24 hours but in some cases it took more than the expected time, it totally depends on network and time of verification of the documents that you have given at the time of doing transfer.
Steps of doing international money transfer
If you choose a bank for doing money transfer then you have to know about SWIFT in that you will get three options that are-
If you are choosing SWIFT (it is a global method of doing transfer from country to country). Here you have to pay some amount of money for doing the transaction and then you will be able to send the money, this process took some because all banks are not connected to each other but for this situation SWIFT makes connection between them and do International Money Transfer to the beneficiary.
Things you have to keep in mind while doing the transfer via SWIFT
If you are doing the transfer via bank then you may be required to visit branch for further process of transaction and if you are doing International Money Transfer thorough it then you have to follow below steps:-
Check how long it will take to complete the transaction
If you are choosing the option of doing money transfer directly to the person then you can it with government authorized places like Money transfer services company or post office or other authorized sites or bank.
Choosing another method of doing International Money Transfer is also very simple as you will get a much genuine application and website that are helping you for completing the transaction in a secure manner and with exact rate of exchange this might be cheaper than other methods.
Hence if you are going to do such transactions then do it wisely.