How To Send Money Abroad Via moneyHOP

Do you make an international money transfer often and are annoyed with the costly and inconvenient process? If so, no worries, moneyHOP makes sending money abroad as easy as ABC. Now you can send money abroad via wire transfer with moneyHOP at a near zero margin rate. Not just that, you can simply transfer money from your account to a foreign account online while being in the comfort of your home.
Sounds super easy! Find out how?

Best Ways of Sending Money Abroad

There can be various purposes for transferring money abroad such as travel, education, maintenance of a close relative, medical treatment, etc. Since these are usually high-value transactions, it becomes very important to make sure that the transfer cost is low and money is transferred via a secure channel speedily. An ideal choice would be to opt for a secure medium that 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

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 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

 Though demand draft is losing market share, it still is 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 traveling 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.
 

Why should you send money abroad via moneyHOP?

• Best Exchange Rate: moneyHOP provides you with one of the most competitive exchange rates in the market. This significantly reduces the transaction costs of sending money abroad. Unlike other financial institutions that levy a high mark-up fee over the live InterBank rates, you can transfer money from India to a foreign account at live exchange rates displayed on the moneyHOP website.

• Fastest Channel: We understand the need to take international money transfer requests on priority and therefore, get it done speedily. At moneyHOP, after the receipt of the funds, your wire transfer instructions get processed immediately and money gets credited to the recipient’s account within 24 hours.

• Completely Digital Process: A typical remittance process involves making multiple bank visits, constant bargaining for better exchange rates, and a complex documentation process. With moneyHOP, you can simply remit money abroad at the best exchange rates with a few clicks from your home. All you have to do is upload your KYC documents, add recipient details and make the payment.

• No Hidden Charges: At moneyHOP, we provide complete transparency in the entire process of sending money abroad and levy no additional or hidden charges. You do not need to pay any extra charges with moneyHOP, while a bank can typically charge you anywhere between Rs. 500 to Rs. 2,500 extra on your request.

• Completely Safe and Secure: moneyHOP is an RBI authorized service provider that lets you send money abroad in one of the most secure ways. The documents and details provided at moneyHOP are encrypted using bank-level encryption to protect the customer against any possibility of a data breach.

Steps to Make a Money Transfer Abroad via moneyHOP

 
Step 1. Sign up at moneyHOP 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 currency 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!
 

Documents Required to Send Money Abroad via moneyHOP

 The following set of documents are required to send money abroad from India. 

• Pan Card
• Aadhaar Card or Driving License or Indian Passport

 You can upload and verify these documents online at moneyHOP. The digital remittance model lets you complete your international transfer, online while being in the comfort of your home.
 

Banks vs moneyHOP: Which one is better for sending money abroad?

International money transfer service providers charge you a fee for converting your INR to foreign currency and making the transfer. It is quite possible that in the lure of better foreign exchange rates, the service provider levies various types of hidden charges including a higher 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 moneyHOP you can do that online in the comfort of your home. The money gets credited to the recipient’s account abroad within the next 24 hours. 

International money transfer charges

 International money transfer charges or commission is the fee that forex providers charge for exchanging currency. It mainly comprises of two different fees:

• Exchange Rate Markup: A markup is an amount that financial institutions charge their customers when a foreign currency transaction is made. The markup is the difference between the prevailing interbank rate in the market and the exchange rate charges by the dealer. Markup is also known as ‘currency conversion fees’. Some financial institutions add the mark-up fee to their sell-rates. So, you must do your research before choosing where you send money abroad from.

• Transfer Fees: Most financial institutions charge a transaction fee for every International Money Transfer Transaction. This fee may vary among different institutions.

Locking Forex Rates

 The forex market never stops and the rates change every second. So, you should keep a watch on the fluctuating rates and lock the rates when they are relatively favourable. The lock-in period may differ depending on the international money transfer platform you’ve chosen. Usually, one can lock-in the rates for 1 to 2 working days by paying a certain amount in advance.

At moneyHOP, you have the option to lock in the exchange rate by just paying 2% of the total transaction amount in advance for the next 2 working days. This means, you have been provided with a guaranteed rate if you make full payment within 48 hours of advance payment. Your advance payment would be adjusted against the total amount and you would be required to only pay the remaining amount.
 

Cost of Making International Money Transfer: A Comparative Analysis

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