Tag: Outward money service

If you have financially dependent family members living abroad, you must be familiar with the hassle of sending money to them. International money transfers refer to this process of sending money internationally, in the currency used in the country you are transferring the amount to. In the digital age, money transfers have become more accessible through the help of money transfer services.

 

Sending money overseas is taken care of by online service transfer providers in the following ways:

 

• • Online transfers are entirely safe and reliable methods of sending money abroad. The transfer service will ask you for the recipient’s bank account details, along with other relevant personal information and financial details.  
  • Online transfer services are very swift in completing the process. The recipient can expect the money to reach them in the destination country instantly or within 48-72 hours from initiating the transfer.  
  • The services offered also include currency exchange. The money you send abroad will be converted to the destination country’s currency, for example, dollars or euros. The amount you have to pay largely depends on the prevailing foreign exchange rates between India and the country in question.  
  • As per official regulations, you will be required to provide your PAN Card details along with other KYC documents as listed according to government regulations. These formalities will be taken care of by the online transfer service. They will inform you about the necessary steps depending on the amount you wish to send, and the laws of the destination country.

 

What is the process of exchanging currency?

Going through an online transfer service like Transcorp can make exchanging currency significantly easier. It eliminates the need of intermediaries, agents, and intermediary banks. Here is some basic information regarding the same:

 

• • Transfer rates and exchange rates might vary from service to service. You must be careful to compare the prices of all the well-known transfer services before selecting the provider you wish to engage with for sending money overseas.  
  • The taxes will vary from one transfer service to another. These rates are also liable to change over time depending on several socioeconomic factors. You are recommended to examine the exchange fees of different platforms prior to making the money transfer.  
  • The location to which you wish to send the money also determines what the exchange rate is going to be. Based on whether or not the currency has been devalued recently, you may be asked to pay at a higher or lower rate while transferring money abroad.  
  • The best international transfer services deal with all major global currencies, and you can complete all your transactions through a single provider. If you are required to send money to several countries every month, it is easier to keep track of your finances and complete the transfers at the earliest by going through one such service.  
  • Easy and swift currency exchange at the best rates has been made possible by online transfer services. You can now send money overseas at the most exchange and transfer rates because of these providers. For transferring money internationally in emergencies, online service providers offer you the smoothest means of exchanging currency.

 

How can I apply for online money transfers?

In earlier times, sending money abroad was an arduous task and involved a lot of paperwork and official obligations. Applying for international money transfers is simple on online platforms and can be done in a few easy steps.

 

• • It would be best if you first determined whether the provider exchanges currency for your desired destination country. Then sign up or write your necessary details on the website of the online transfer service. 

 

• • Follow up with the information requested of you after this step. You can either perform these steps online, or over email, or phone call. This depends on the service of your choice and the official procedure followed by them. 

 

• • Be ready with all the bank details and documents necessary to complete the transaction. 
  • In case of any doubts or mistakes, do not panic. International money transfers generally have a chat support system where you can reach out to an agent in case of any questions. There is also the option of contacting them over mail or a telephone call. You may also get in touch with their social media profiles on Twitter, Instagram, or Facebook if there is an emergency.
    
    Conclusion

 

International money transfers has a complicated procedure and can take a long time if you go through your bank. Instead, choosing an online money transfer service like Transcorp can save you a lot of time and energy. Not only will your finances be handled smoothly and quickly, but you can also rely on them for maintaining absolute discretion.

As the pandemic finally eases, tourists are gearing up to travel overseas! If you are also planning a trip abroad, forex cards are an absolute must-have for you. Visiting new countries can be an exhilarating experience. But to pay for essentials abroad, you need to have some foreign currency on hand. Since travelling with a lot of cash is risky and inconvenient, you need travel forex cards to simplify your experience. Besides helping you pay for essentials; these cards can also cover losses! Whether you lose your baggage or the all-important passport, forex cards can come to your rescue. Wondering how? Read on to find out.

Why are Forex Cards Essential on Foreign Trips?

Different countries use different currencies. When you visit a new nation, you must pay the locals in their native currency! Foreign travels are full of expenses: lodging, food, shopping, and more. To cover all this, you need plenty of foreign currency on hand. However, it is rather unsafe to carry so much cash in a country you know little about. The risk of theft is high. At the same time, it is also too much of a hassle to carry that much cash.

That is why you must have a simple, one-swipe solution for all your payment needs. International forex cards bridge this need gap with ease! In addition, these cards also offer insurance covers for baggage and passport loss. These added benefits make these cards even more attractive for any travel enthusiast.

What Exactly are Travel Forex Cards?

These cards are just like a debit card, but for foreign currency. Forex cards are prepaid cards with a certain amount of foreign currency. You can swipe this card at any local ATM to withdraw local money. You can also use it at any point-of-sale terminal to pay for things you buy. Think of it as your usual card, except it is linked to an account full of foreign currency. It is a seamless solution for your travel troubles. A forex card is accepted nearly everywhere, so you need not worry about making payments abroad.

How do Travel Forex Cards Work?

These cards have embedded chip technology or magnetic strip technology. These technologies facilitate speedy and secure transactions in a foreign country. To use a forex card, you can sign up with a reliable foreign exchange service and apply along with relevant documents. You can choose between a single-currency or multi-currency card! If you plan to backpack through different countries, a multi-currency card is the best option. It can help you use up to 16 currencies with a single card. For less elaborate plans, a single-currency card works well.

What are the Insurance Options Available with a Travel Forex Card?

These cards come with multiple benefits for users. Forex cards cover or insure several untoward or unanticipated incidents while travelling abroad. Some of them are:

• Coverage for financial loss borne due to card theft or phishing scams
• Coverage losses incurred due to ATM assault or robbery
• Coverage for the expenses missing a connecting flight during international travel
• Coverage for personal accident claims while travelling abroad
• Coverage for the loss or theft of crucial personal documents like passport
• Coverage for baggage loss and baggage receipt delays

 

These are some of the typical covers offered with travel forex cards. However, you must read the fine print to check these details from your service provider to confirm.

 

How to Get Coverage for Baggage Loss?

 
When it comes to travelling with baggage, the most common form of card coverage is reimbursement for delays. You can file a claim if your airline checks in your luggage, but you receive it more than twelve hours after the scheduled departure time. This card coverage will help you get reimbursed for buying essentials due to the delay in accessing your baggage. Based on the terms offered by your service provider, you can also file claims against the loss of baggage. If your luggage is lost or stolen on foreign soil, your card provider can help you cover the expense. Typically, the cardholder has to bear the upfront costs. Later, they can file a claim and receive reimbursement after detailed perusal of their claim.

 

How to Get Coverage for Passport Loss?

 
Passports are vital personal documents for your identification and authorisation of travel. If you are stuck in a foreign country without your passport due to loss or theft, you must immediately apply for a duplicate. Your country’s embassy can help you get a duplicate passport or an emergency certificate. All this paperwork costs money, and you will typically have to pay for them upfront. However, you can later have all these costs reimbursed by your forex card provider by applying with relevant proofs.

 

Conclusion

 
Travel forex cards have multiple benefits wrapped in a simple card. Forex cards can substantially ease your travel-time woes. They can bring convenience and security to your travel plans with their multiple features. If you want a forex card provider you can trust, head over to this link for more details!