Same Currency International Transfer

International money transfers refer to money transfers abroad. It can be sent directly to the bank account of a person or business abroad. Banks, money transfer services, online platforms/individual agents assist in international transfers. These transfers would take a few days, can be exchanged in several currencies, and can be made through offline or online banking services.  Same currency International transfer refers to International transfers held in the same currency. For example, a student living in America wants to transfer in USD. Keep reading to know more about the same currency International transfer.

Same Currency International Transfer Methods

Below is the list of services that can be used for the same currency International transfers

• Online Wire Transfers: Wire transfers require intermediary banks to make the money transfer. They rely on the SWIFT network to make the transactions successful. Only wire transfers can be made international
• Online money transfers: These are money transfers made online. To make an online transfer the recipient’s account details such as IBAN or SWIFT code, account holder’s information, etc is needed. A reliable and trusted company can help with electronic funds transfer (EFT).
• Bank Drafts and Cashier’s Cheques- Bank drafts are easily accessible and can be physically purchased. This method is the cheapest and safest. However, it would take a long time to actually transfer the amount.
• International money order-Before online wire transfers were introduced International money orders were popular. However, money orders are faster than cheque transfers. They can be deposited at a bank and can be cashed at check-cashing places.

Also read- Philippine National Bank International Money Transfer

International Wire Transfer 

The fastest way to the same currency International transfer is an International wire transfer.  Thousands of dollars can be sent in one currency with the help of International wire transfers. International wire transfers are made with the help of SWIFT. However, SWIFT transfers mean that before reaching the recipient country the transfers go through several banks. The Swift full form is Society for Worldwide Interbank Financial Telecom.

Same currency International Wire Transfer Requirements

Below are the requirements for an International wire transfer.

• Full name of the recipient and address 
• Amount to be transferred 
• Recipient bank name, address, account number 
• Recipient account type 
• Provide bank routing number 
• SWIFT/BIC code, if needed
• The main reason for the international transfer

Ways to Send International Wire Transfers

• Wire transfers can be provided with the help of bank online services
• International transfers by visiting the branch. It will help in getting in-person assistance.
• Wire transfers can be done by discussing with the bank representative on the phone
• Online/offline special money transfer service.

Same Currency International Transfer Companies

Here is a list of companies that offer the same currency as International transfers. Using licensed money transfer companies can help you to make cheaper and faster same currency money transfers.

International transfer company	Costs	Speed	Transfer limit
Fly Finance	No charges for UPI, wire transfer, and net banking	1-3 days	$250,000 per year
MoneyGram	Low upfront fees and low markup	Same day delivery	$10,000-$15,000 (INR 8 lakh to INR 12 lakh) per online transfer
Western Union	Upfront fees are $5 (INR 409) and a markup rate is 1-13%	Same-day delivery (more pay)	$50,000 (INR 41 lakh) to India
OFX	Markup rate -2%-4%	1-3 business days	No maximum limit
Xoom	Upfront fees-$5 (INR 409), makeup rate-2%	Few days	$50,000 (INR 41 lakh) daily limit

Pros and Cons of Same Currency International Transfer

Here are the advantages and disadvantages of same currency international transfer

Pros	Cons
No concern with Foreign exchange rates	Fees are applicable to send money overseas.
Plenty of providers to assist with same-currency international transfers	It is easier to send money in popular currencies than others. For example, dollars can be sent easily to several countries compared to Mexican pesos.
Hassle-free online process	–

Best Banks for Same Currency International Transfer

The best banks for the same currency International transfer are as follows:

Banks for International Money Transfer

Axis Bank

Union Bank of India

ICICI Bank

Federal Bank

DBS

HSBC

Bank of America

FAQs

Same currency International transfers are transfers that can be made in the same currency. International transfers can be done in several ways such as online wire transfers and online money transfers. Several companies help in transferring money in the same currency. To discover more articles like this visit the Fly Finance experts at Leverage Edu.