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Money Transfer Overseas – Make a Money Transfer?

options instead of using a bank

How to Make a Money Transfer?

The act of money transfer is basically an action by which money is transferred from an account of any bank to the other one. The transfer is usually accomplished by the concerned bank. In the transaction either of the sender or the receiver of the concerned money can see or touch it. Facility of money transfer has greatly simplified the act of exchange of money across borders and helped to get access to cash at times of need.

Now, let’s zero-in on some of the ways by which you can make a money transfer:

  1. First and foremost, you need to contact your concerned bank where you hold an account and provide them with necessary details via phone, or online. Details would include name of the receiver or firm your transferring money to. Furthermore, the account number of the receiver, and telephone and address details of the bank to which the money is being transferred to. Finally, you have to provide name of a person to whom any necessary questions can be addressed to.
  2. Secondly, one you are done with all the necessary formalities, you need to fix the amount that you are willing to transfer and also the date on which you need the amount to be in the receiver’s account.

  3. Thirdly, after the amount is fixed, you can now successfully transfer the money via your bank. Some bank allows to conduct the transaction via online, whereas in some banks you need to contact via telephone or fax.
  4. Finally, make sure that you get a confirmation that the transaction has been done successfully. You can tell the bank to give send a confirmation e-mail or fax, stating successful transfer of money.

But you need to be careful and cautious of certain facts before making the money transfer:

  1. Make sure that every information you provide to your bank is given in writing. This is necessary to keep away from errors and ambiguity. It also keeps an official record of the transaction.
  2. Some money transfer may take a day or two, and some may take some more time. So, make sure you ask the bank the date when the money will be in the receiver’s account.
  3. All said and done, make sure that you have money in the account from which money is being transferred. Or else money transfer cannot be done at all.
  4. Every bank charges for making money transfers. Make sure you confirm the charges in advance before making the money transfer.

So, by knowing the pros and cons of money transfer you can enjoy the transaction easily.

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