What is the cheapest way to transfer money between countries?

With advanced technology transferring money from one country to another has become easy. There were times where transferring money was difficult as one has to wait for the right exchange rate and transaction cost. Now remitting money back home can be done through convenient modes.

· International Wire Transfers

Wire transfers or telegraphic transfers are one of the most common ways to transfer money to India from abroad, and they usually take the form of bank-to-bank transfers. You would need to approach your bank to know about the exchange rates and the applicable charges.

· Digital Remittance Services

Online money transfer services offered by many Indian banks are far the most convenient and quick solution to all your remittance worries. These are the most affordable transfer options in the market as they charge zero to nominal fees.

Many big banks provide online remittance services through an online portal for their account holder to make it easy with just a few clicks

· Foreign Currency Cheques/DDs

Banks also allow depositing any currency denomination, cheque, or demand draft to their banks while their family members visit any branch in India to credit the equivalent amount to the beneficiary’s account. Similarly, mailing the cheques/ DDs to the branch in India is also a good way as it is free from volatile exchange rates because the draft is issued at a fixed amount.

To conclude one can now transfer money internationally hassle-free with help of many online services provided by banks at low or no transaction cost.