Sending money overseas is not as easy as doing a Whatsapp or Skype call to the family in your home country. It involves quite some procedures, not many, but it can be a bit confusing at the beginning and gradually you will get into the pace of it. I’m assuming you are here because you are at that confusion stage and to give you confidence let me start at the bottom.
What is an international money transfer?
An international money transfer happens when you send money to another person living abroad or a business set abroad. There are multiple ways of conducting international money transfers. You can transfer money online or offline or through banks.
Who are the major players in international money transfers?
In a typical international money transfer, there involves the presence of three key players:
- Sender: the expat living abroad.
- Recipient: a family member, friend or relative of the sender.
- Money transfer service provider: The institution through which you wish to facilitate the transfer.
So, the process starts with you (the sender) who initiates the money transfer request with the service provider and sends money overseas in person or online. Once you have signed up with a company, provide the recipient’s details and pay the amount you want to transfer. The recipient will receive the money in their bank account or in cash within a time period of 3-5 working days.
How to send money overseas?
Here are various options available to send money overseas depending on your requirements.
- Using your bank: One can transfer money through banks.
- Using an online money transfer service: One can sign up with an online service provider and use their website portal or mobile app to send money overseas.
- Using a cash transfer service: If you like to send money in cash like the traditional ways, there are agent locations where you can just walk in to make the transfer.
So these are the basics you need to know regarding international money transfers. I hope you have got a clear understanding of the matter. Online money transfer in Australia is said to provide many offers, discounts and the highest exchange rates to make your transactions most profitable to the sender and the receiver.
