Money transaction is performed every day. From one person to another, and even country to country, via various networks. Irrespective of the purpose of remittance such as gifts to relatives, payment of debts, tuition, income earned, profits made from trading, etc., the world cannot do without sending funds. For ex-pats or residents looking to send funds from the country to any country in Africa, you need to know your options before making your choice. 

This article offers the best and most affordable methods of sending money across two continents. 

Methods of money transfer

There are various ways to send money intentionally such as Online services, international wire, etc. 

Online transfer service 

It includes ExTravelmoney, and BookMyForex, amongst others. These platforms are affordable and speedy options when it comes to money transactions. 

To use ExTravelmoney to send funds, you will have to go to the website and fill in your details in the spaces provided. Next, choose your desired rate wisely before booking your transfer. After that, upload the KYC documents for verification, before sending the money to the bank’s account as NEFT/RTGS. Beneficiaries usually receive credit alerts in less than 48 hours. 

To book a transaction using BookMyForex, go to the website and then ensure you are eligible for foreign remittance. Enter all details asked then to send the money to a partnered bank of the platform listed. To finally make the transaction, you will need to sign a digital Form A2 after which the transaction is processed and your money sent out automatically. Credit alerts are always received within 12 to 48 hours unless an error occurs. 

Transfer companies 

These companies provide money transfer services that are quicker, affordable, and relatively safe. You may opt for any of the three options below.  

Wise

It is an authorized electronic money institution regulated by the Financial Conduct Authority (FCA) under the electronic money regulations for issuing e-money. To keep customers’ money safe, it stores them in low-risk institutions in Europe and the US. Trusted by over 13 million persons, it has a 4.5 out of 5 rating on Trustpilot. Offers speedy transactions, and competitive rates.

How to transfer money in 3 easy steps

• Pay in INR with a debit/credit card, or send from an online bank
• Choose a fair mid-market exchange rate
• The fund is transferred directly from a Wise local account

InstaReM

Situated in more than five countries across the globe, it supports low-cost international transfers for persons, companies, and organizations. Competitive rates are sourced via Reuters, as transactions are carried out at minimal fees without extra charges. 

Skrill

It operates in over 120 countries with its headquarters in London. Users transfer funds for free to overseas accounts via a bank account or debit/credit card. To use this, you have to sign up on either the website or download the mobile app. 

International wire transfer

Many Indian banks are partners with various overseas banks to transfer money across countries via the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network.  This is an electronic transfer through a network of banks and agencies worldwide. Money sent from an Indian bank account is directly received by the beneficiary’s account. It is available to residents who have bank accounts with the following banks; State Bank of India, CitiBank, ICICI Bank, Standard Chartered, etc.

Requirements 

The following details are needed when one wants to transfer funds overseas.

• The name and address of the beneficiary
• Bank details such as the account number, bank routing number, etc.
• The sender’s name and account number
• Reason for transfer
• Sender and beneficiary’s relationship 

International  transfer fees

Sometimes Banks and transfer companies often add a markup to their exchange rate and users end up paying huge hidden charges.