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How Does International Wire Transfer Work?

Wire transfer is a super fast way to transfer funds from one account to another in electronic form or via cash by visiting the cash counter. There are different banks like Axis, ICICI, HDFC and more who offer this service for domestic as well as foreign customers. Using the international wire transfer service you can transfer funds from a local bank abroad to the beneficiary’s bank account in India. Let’s find out what are the steps to sending funds using this service.

– First, you will need to fill out the remittance form with your Nostro Account Number, SWIFT code and yours and your beneficiary’s bank account number.
– Once you are registered with the bank, you can easily transfer money to your beneficiary’s account whenever the need arises.
– You can visit one of the Indian banks to know more about the process or call the 24 x 7 helpline numbers for all your queries and to know in detail about their service offerings.
– If you are unaware of what currency to transfer to another country, here is your answer. If you are living in the U.S. and you do not know the currency of the country you are making a transfer to then you should transfer in U.S. dollars.
– When you send currency in the form of dollars or whatever the currency of your residing country is, it reaches your recipient quicker. Also, this kind of a transfer lets you lock in the current exchange rate, which makes the transfer so much more convenient.
– You will also be charged a fee for making a wire transfer as it is a service that is safe and reaches the beneficiary quicker than any other mode of transfer.
– Weigh all the factors like exchange rates, fees, and currency availability before you decide to transfer funds.

These are the main steps to using the international wire transfer service. One can also open a foreign currency fixed deposit account or a rupee account with the accumulated remittance through wire transfer. It is a useful service for entrepreneurs who want to establish businesses in different countries or for Non-Residential Indians (NRIs) who want to send money to their family members. You can also transfer funds to another country for house maintenance or repairs or for the purchase of new land or property. This is an easy and assured service that can solve all your money transferring problems.

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