When your child is far from you, studying in a foreign country, your concern about their well-being is natural. You ensure they have enough money for necessary expenses and can use reliable means to send it whenever they need it. Unexpected spending is due to the higher cost of living overseas or unforeseen situations, such as sudden health complications that require expensive treatment.
In such cases, you need to transfer funds to your child using International Money Transfer online. Besides its speed, you need to consider many other factors, such as the security of funds, low exchange rates, and processing charges. Some time-tested methods you can opt for include:
- Bank wire transfer
You can send money to your child using your Savings Account and a SWIFT code for identification. This process is secure and allows you to book your order online anytime. Since your bank’s current exchange rates are applied, you must inquire before initiating a wire transfer.
A wired Online Money Transfer can take up to 24 hours to complete, but factors like bank holidays and weekends, the number of intermediary banks involved, and currency conversions can affect the time taken for it to successfully reach the recipient bank.
- Foreign Currency Demand Draft
You are allowed to draw a Demand Draft for the transferrable amount in the desired foreign currency. An equivalent amount gets debited in INR from your account. Your child withdraws the draft from their international account by visiting the bank branch. Since FCDDs bear your child’s name, it is safe to transfer funds internationally.
- Forex Cards
You may load funds in foreign currencies in a prepaid Forex Card and give them to your child to meet their expenditures. They can use it to pay their expenses abroad or withdraw cash in foreign currency from ATMs. If they run out of card balance, you can reload it electronically using funds from your Bank Account in India. It is another alternate method you can use to send money abroad.
- Currency-exchange marketplaces
Bank apps supporting Forex services offer quotes on exchange rates from partnering exchange houses and banks. They try to outbid each other so you can find competitive rates. You can book the transfer with adjustable advance payments and lock-in favourable exchange rates. After KYC verification, you can transfer funds.
- Digital money transfer services
The International Money Transfer app transfers funds directly from your to your child’s Savings Account. The entire process is possible from your home for all outbound transfers from India. Like currency-exchange marketplaces, digital money transfer services and IBanking apps have duration limits for blocking rates. Verifications may also take time to process.
Conclusion
You want to ensure your child’s safety in a new land. When they are in another country, they require financial support. Select a trustworthy transfer service to remit money quickly, safely, and economically.