Sending money abroad can bring questions and concerns. How long does an international money transfer take? Is the process the same as in my home country? How much transfer fee do I need to pay? So on and so forth. While there are no simple answers to this question, we will try to give you a good idea of what to expect and how Zolve plays a role in making the process easier for you. This blog will guide you on how to use Zolve to transfer money internationally and domestically and how you can make the most of your money!
How do international money transfers work?
International money transfers usually happen via the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which allows banks and other financial institutions to communicate safely and swiftly. The SWIFT network transmits wire transfer information between thousands of banks worldwide.
The instructions are sent from the sender’s bank before reaching the final bank. To make an international transfer, you will need to provide information like:
- Name and address of the recipient’s bank
- Recipient’s IBAN (International Bank Account Number)
- BIC/SWIFT code of recipient’s bank
- Reason for the transfer
- Transfer and currency amount
Please note that the transfer fee might be paid entirely by you or the recipient or split between you.
Some of the fees that are associated with international money transfers are:
- Outgoing transfer fees
- Intermediary bank fees
- Incoming transfer fees
- Mark up on exchange rate fees
What is the best way to send money from the US to India?
Why pay more than you have to and wait for days for the money to reach when you can send it instantly and at a fraction of the cost?
With Zolve, international money transfers are easy, instant, and low-cost. Our focus is on providing our customers with the safest and the best way to send money from the US to India. The US to India money transfer by Zolve is powered by Wise.
With Zolve, you get a yearly limit of $2,50,000 as mandated by the RBI LRS scheme. Sounds amazing, doesn’t it?
Let us make your day even better.
With Zolve, India to US transfers take around 4 business days, and transfers from the US to India takes just one day!
How much time does it take to transfer money to India?
Generally, money transfers between the US and India take 1-7 business days. But, with Zolve, you can transfer money in less than 24 hours. We use Wise's payment rails to make the transfer, and Wise U.S. Inc. is registered with the Financial Crimes Enforcement Network (FinCEN) and renews its registration annually.
How does Zolve compare with other competitors in terms of international money transfers?
At Zolve, we have re-engineered banking to make money work for you and your global ambitions. Look at the table below to see how Zolve fares compared to other players regarding the exchange rate.
How much time will it take my beneficiary to receive the money?
Your beneficiary should receive the money within minutes, given the transaction isn’t flagged by the bank for further review and all the information provided by you is correct. Please keep in mind that Some weekend transactions may be processed on Monday due to lower operational bandwidth.
How can I send my money internationally with Zolve?
Believe us; it is a fairly simple process. All you need to do is:
- Open the Zolve app
- Tap on add money
- Choose your source country and add the necessary details
- Enter the amount you want to send
- Enter the KYC details and verify through OTP
- Enter personal details and your Indian account details (the account has to be in your name)
- Review transfer, Choose payment method
- Transfer Money
Why choose Zolve as your money transfer partner?
Lowest exchange rate
We pride ourselves on transparency in all matters. Hence, it applies to exchange rates in domestic and international money transfers. Zolve has partnered with WISE and SBM to allow users the least and the most transparent exchange rates.
No hidden charges
We at Zolve assure that our customers are not paying any hidden charges in tax, conversion fees, etc. We assure that the total amount is credited to the receiver’s account with its zero-fee from India to US transfer and most nominal charges on the U.S to India transfer.
Speed is the key
It’s a given that nobody wants to wait for a long time to receive the necessary funds. In India, we are accustomed to receiving money in a matter of a few seconds. But the banking system in the US works a little differently. Keeping this in mind, we at Zolve has re-engineered banking in a way so that our customers don’t have to wait an extended period. With Zolve, your money will be transferred overseas within minutes.
Banks in the US usually have a limit on transactions. With Zolve, we offer the best in market offers and limit so that you can transfer easily.
Putting security first
At Zolve, we take utmost care about your money and its security With Zolve, your account is FDIC insured for up to $250000.
So what are you waiting for? When choosing the right partner, sending or receiving money across international borders is relatively easy. Install the Zolve app today and begin with the best-in-class money transfer today!