Do you often make an international money transfer but annoyed with the process which is high on cost but low on convenience? No worries, sending money abroad could have never been so easy. Now you can send money abroad via wire transfer with Money Hop at zero margin rate. Not just that, you can simply transfer money from your account to a foreign account online with the comfort of your home.
Sounds super easy! Find out how?
There can be various reasons for transferring money abroad such as travel, education, maintenance of a closed relative, medical treatment, etc. Since these are usually high-value transactions, it becomes very important that the money is transferred at a low transfer cost and via a secure channel in a speedy manner. Ideally, you should opt for a secure medium which provides you with money transfer services at the most competitive exchange rates in the market.
The two most popular ways to send money abroad are via wire-transfer or using a demand-draft.
Wire transfer is the fastest way to send money abroad. The wire transfer mechanism works just like a domestic INR to INR transfer. It is also called as Telegraphic Transfer or TT which is an electronic means of transferring funds. In a typical wire-transfer transaction, money from an Indian bank account will be transferred to the beneficiary’s foreign currency account abroad. Your Indian bank account would be debited in INR and the recipient’s account would be credited in the respective foreign currency of your choice.
Demand draft is also another popular option of sending money abroad. Foreign currency Demand draft is the physical paper currency that can be couriered abroad or physically carried if you are travelling abroad. However, the biggest limitation of the foreign currency demand draft options is it takes much longer than a wire transfer and also it is not as convenient as transferring money abroad online.
Step 1. Sign up at Money Hop using your email address and password if you are a first time user. Incase already a member then simply log in to the portal.
Step 2. Select the respective currencies and the amount that you want to exchange.
Step 3. Upload your KYC documents online (only for the first time user)
Step 4. Add or select the recipient’s account details
Step 5. Make the payment online and that’s it!
The following set of documents required to send money abroad from India. You can upload the documents online at Money Hop for KYC purpose which enables you to complete your money-transfer transaction online with the comfort of your own home
International money transfer service providers charge you a fee for converting your INR to foreign currency and letting you transfer it. It is quite possible that in the lure of better foreign exchange rates, the service provider levies you various types of hidden charges including a high mark up fee. Therefore, it becomes important to enquire about all the types of charges involved in the transaction apart from the exchange rate.
Besides that, you need to make multiple personal visits to the bank to transfer money abroad while at Money Hop you can do that online with the comfort of your home. The money gets credited to the recipient’s account abroad within the next 24 hours.
|Money Transfer from India||Money Hop||Other Wire Transfer Service Providers|
|Service Charge||0.25%||1% to 3%|
|Markup Fee||0% Markup||Upto 2%|
|Hidden Charges||Nil||Upto INR 25,00|
Q1. How much money can be sent abroad from India?
Ans. As per the Liberalized Remittance Scheme (LRS) of the RBI, an Indian reside include education, travel, employment, medical, emigration, investment or on maintenance grounds.
Q2. What is the cheapest way of transferring money abroad?
Ans. Making a wire transfer online is one of the cheapest ways to transfer money abroad. However, the charges levied such a transaction can vary depending on the service provider you choose. Therefore, it becomes important to understand a different kind of charges levied by your bank or service provider.
Q3. How much does it cost to send money abroad?
Ans. The fee levied for an International money transfer request may largely depend on the chosen service provider and the amount you want to transfer. Usually, you are levied a fixed transfer fee and a mark-up fee over the exchange rate by your service provider but it is always better to check and understand all the charges involved with money transfer abroad.