When everything flows across borders like a breeze, why not money?
Thanks to the recent trends in globalization, international money transfers have become easy. We can be sitting anywhere in the world, and all it requires to transfer hefty amounts overseas are a few clicks on our smartphones.
Whether you are a working professional or a student, money transfers are a necessity to have a content life abroad. As a working professional, you might want to send money back home to your loved ones, and as a student, there are many times when you need cash from home. These all transactions add to our long list of international money movements.
With its large expatriate population, India is one of the top remittance/international money transfer destinations globally. Surprisingly, even China comes next to us!
Developing nations like ours owe a lot to international money transfers to stimulate economic development. Let’s just quickly dive deeper into the world of remittances and see how you can ensure easy remittances for yourself and your relatives.
Developing nations like ours owe a lot to remittances to stimulate economic development. Let’s just quickly dive deeper into the world of remittances and see how you can ensure easy remittances for yourself and your relatives.
What are Remittances?
Cross-border money transfers are called Remittances. Simple!
What are the types of remittances?
1. Outward remittance:
When money is transferred from home country to overseas.
E.g., when your family in India sends money to you in the US
2. Inward remittance:
When the funds are transferred from overseas to the home country.
E.g., when you send money from the US to your home in India.
The process of remitting funds
Choose a timely remittance service for you. It is always better to go digital. You can try a completely digital neobank entity like Zolve that can make the international money transfer process relatively easy and smooth for its users. You have to get a Zolve account, visit the Zolve website, fill in the sender’s and recipient details, enter the amount, and the process initiates within minutes. It takes 1-2 business days, on average, for your money to reach your international destination.
Check these to transfer money internationally with the best:
Lowest exchange rates
One should always prioritize transparency in the exchange rates. Zolve has partnered with WISE and SBM to allow users the least and the most transparent exchange rates.
No hidden charges
Make sure that you do not pay any hidden charges in tax, conversion fees, etc., on your remittance. Zolve assures that the total amount is credited to the receiver’s account with its zero-fee from India to US remittances and most nominal charges on the U.S to India remittances.
Efficient remittance partners
Make sure you know who your remittance service provider is partnering with. Please do your due diligence when it comes to money. Zolve partners with WISE for US-India transfers and SBM for India-US transfers.
Of course, you don’t want people to wait for the funds to reach them. Money is an instant need. Ensure you opt for a fast remittance service like Zolve Money Transfers that lets you transfer money overseas within minutes.
High transaction limit
Banks usually have capping and limits over the transactions. Get yourself the high limit remittance services like Zolve so that you can transfer freely!
Ensuring safe money and data handling while processing your international transfers is quite critical. With Zolve, your account is FDIC insured up to $250000.
Sending or receiving money across international borders gets relatively easy when you choose the right partner.
If you want to try out Zolve, install the app and begin with the zero-fee remittance today.