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Wire Transfers: Everything You Need To Know

When you want to send money immediately from one location to another, especially overseas locations, Wire Transfer is the best and most popular medium available. It is the fastest way to electronically transfer funds from one bank account to another, in any part of the world.

Since its introduction, Wire Transfers have become the go-to mode of sending and receiving money globally. They are also the safest and secure way of sending funds either to your loved ones or for business transactions.

Using bank Wire Transfer, you can send money overseas, or if you live abroad, you can send money to India.

Why choose Wire Transfer?
They are the safest way to send funds to beneficiary accounts overseas electronically. For NRIs, Wire Transfers usually mean sending money to their loved ones in India. Wire Transfer is popular for varied reasons, they are –

  • Safe & Secure – They are one of the safest, quickest, and securest modes of transferring funds to global accounts. The funds get credited in the recipient’s account within two to four days 
  • Direct Credit – Digital technology is so advanced today that the world is embracing newer digital transaction modes. With Wire Transfer Service, you get the funds credited directly into your account within 48 working hours. 
  • Globally accepted – They are also an accepted form of payment globally and hence; you enjoy the benefit of transferring funds overseas in the foreign currency of your choice  
  • Attractive exchange rates – By choosing the international Wire Transfer method to send money to India from a foreign location, you are ensured to receive competitive foreign exchange rates on your transactions 

How does it work?
With these facilities, sending money from overseas to your Indian account is a breeze. Here is how –

  • The sender seeks to do wire transfer must approach the bank and give instructions to carry out the transaction. The sender should fill due forms and provide details of the beneficiary to whom they wish to transfer the funds. 
  • For carrying out the transactions, the sender must deposit the funds in the bank account and make allowances for a transaction fee if applicable. The bank then transmits a message using a secure system like SWIFT to transfer the funds. 
  • The recipient’s account receives details and request for executing the payment according to the instructions. The transaction should complete in a couple of hours or days, based on the country where you transfer the funds, and they are generally credited into the beneficiary’s account within two to four working days.