Do you want to send money to a friend or relative living abroad? You must know the options available for international fund transfer. Most people search for brokers who facilitate international money transfer services. The good thing is that you can find many online brokers nowadays. However, many brokers charge a high commission and multiple hidden charges. Instead of visiting the brokers, you can visit the IndusInd Bank’s online forex portal, IndusForexandperform a wire transfer to send money abroad quickly and safely. In the next section, you’ll find a guide to the fees that come with sending money internationally.
- Transfer Fee on the Money Transfer
Transfer fees are common fees associated with international money transfers, though they vary from bank to bank. Moreover, the transfer fee also varies depending on the country you want to send money. For example, the transfer fee for sending money to the USA will differ from that for sending money to Bangladesh. Online brokers usually charge a high transfer fee, while IndusInd Bank’s wire transfer via IndusForex features a low fee.
- Exchange Rates
An international fund transferprocess involves currency exchange. Imagine that you want to send money to the USA from India. You pay the broker or service provider in Indian currency, the money will be convertedfrom Indian currency into US dollars and sentto the receiver’s bank account abroad. The exchange rate between two currencies varies depending on market conditions. Additionally, the broker or service provider may charge a small service charge on the currency exchange.
- Marked-up Exchange Rate
Most banks and brokers charge Card rates instead of the regular exchange rate, known as IBR(Inter Bank Rate) for international fund transfer. The Card rate is often kept from the consumers by brokers. Therefore, it lacks transparency, and you should choose a bank that discloses the currency exchange rates each day.
- Correspondent Fee
Correspondent fee, also known as an agent charge, is a fee that the banks charge when a third-party bank is involved in a transaction. When a bank does not have a network in a particular country, it involves a third-party bank. The involvement of a third-party bank eventually increases the money transfer fee.
- Recipient Fee
You may also have to pay the recipient fee for the international fund transfer. The recipient fee is the fee the receiver’s bank charges on foreign remittances.
So, these are the costs associated with international money transfers. IndusInd Bank offers the safest and quickest online money transfer with zero hidden costs.
