Studying abroad is a dream for many Indian students, offering access to world-class education and global opportunities. However, managing finances across borders can be a challenge, especially when it comes to transferring money for tuition fees, living expenses, or emergencies. This is where MUFG International Money Transfer comes into play. As a service offered by Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest financial institutions, it provides a reliable solution for international remittances.
In this blog, we’ll explore how Indian students can benefit from MUFG International Money Transfer, its features, costs, and practical tips to make the most of it.
Table of contents
- What is MUFG International Money Transfer?
- Why You Need MUFG International Money Transfer
- Costs and Fees of MUFG International Money Transfer
- MUFG International Money Transfer Exchange Rate
- How to Use MUFG International Money Transfer
- Time Taken to Process MUFG International Money Transfer
- MUFG International Money Transfer Process
- Currencies Under which International Money Transfers can be made
- Tips for Using MUFG International Money Transfer
- FAQs on MUFG International Money Transfer
What is MUFG International Money Transfer?
MUFG International Money Transfer is a service provided by Mitsubishi UFJ Financial Group (MUFG Bank), designed to facilitate secure and efficient cross-border payments. With its extensive global network and reputation as a trusted financial institution, MUFG ensures that students and their families can send money abroad with confidence. For Indian students pursuing education in countries like the USA, UK, Canada, or Australia, this service offers a seamless way to manage overseas transactions.
- Global Reach: MUFG operates in over 50 countries, making it accessible for transfers to popular study destinations.
- Multiple Currencies: The service supports transactions in various currencies, including USD, GBP, EUR, and AUD, catering to diverse student needs.
- Secure Transactions: Backed by MUFG’s robust security systems, your money is protected during every step of the transfer process.
- Convenient Options: Transfers can be initiated online or at a branch, offering flexibility for users.
Whether you’re paying university fees or sending funds for accommodation, MUFG International wire transfer simplifies the process, ensuring your money reaches its destination safely.
Also Read: South Indian Bank International Money Transfer
Why You Need MUFG International Money Transfer
As an Indian student studying abroad, you’re likely to face financial demands that require quick and dependable solutions. According to recent data, over 7.5 lakh Indian students migrated for education in 2022, with popular destinations including the USA (1.9 lakh students) and Canada (1.85 lakh students). With such a large number of students relying on remittances, having a trustworthy transfer service like MUFG is essential.
- Paying Tuition Fees: Universities often require payments in foreign currencies, and MUFG ensures timely transfers to meet deadlines.
- Living Expenses: From rent to groceries, regular transfers help students maintain their lifestyle abroad.
- Emergency Funds: Unexpected situations, like medical emergencies, demand fast access to money, which MUFG can provide.
- Family Support: Parents in India can send funds effortlessly to support their children’s education journey.
With its competitive features, MUFG International Money Transfer stands out as a practical choice for Indian students and their families, bridging the gap between India and the world.
Costs and Fees of MUFG International Money Transfer
Understanding the costs involved in international transfers is crucial for Indian students on a budget. MUFG International Money Transfer offers transparency, but fees can vary based on several factors. Let’s break down what you need to know.
- Transfer Fees: Charges depend on the transfer method (online or in-branch) and destination. Exact fees aren’t publicly listed, but they’re competitive with major banks.
- Intermediary Fees: Additional costs may apply if intermediary banks are involved in the transfer process.
- Tax Implications: In India, remittances above INR 7 lakh may attract a 5% Tax Collected at Source (TCS) under the Liberalised Remittance Scheme (LRS).
To minimize costs, plan your transfers when exchange rates are favorable and opt for online transactions, which often have lower fees than branch visits.
MUFG International Money Transfer Exchange Rate
MUFG International Money Transfer which lets you transfer money internationally has different rates for transferring money in the same bank and a different bank. If you want to transfer money to the same bank (to the Bank’s head offices and its local subsidiaries) through Internet banking then it will cost you 2,500 yen. Similarly, if you go physically to the bank then it will cost you more, that is 7,000 yen. If you want to transfer money to another bank through Internet banking then it will cost you 3,000 yen. Similarly, if you go physically to the bank then it will cost you more, that is 7,500 yen.
How to Use MUFG International Money Transfer
Getting started with MUFG International Money Transfer is straightforward, whether you’re a student abroad or a parent in India. The process is designed to be user-friendly, allowing you to send money without unnecessary delays. Follow these steps to ensure a smooth transaction:
- Sign Up: Register for an MUFG online banking account using your ID and passcode.
- Access Payment Center: Log in, go to the “Reporting and Payments” tab, and select “Payment Center” from the dropdown menu.
- Enter Details: Provide the recipient’s bank details, including account number, bank name, and SWIFT code.
- Specify Amount: Input the amount (up to 1 million yen per transaction) and select the currency.
- Confirm and Send: Review the details, submit the request, and track the transfer.
Time Taken to Process MUFG International Money Transfer
When you’re an Indian student relying on funds from home, timing is critical—whether it’s meeting a tuition deadline or paying rent. The time taken to process MUFG International Money Transfer depends on several factors, such as the method of transfer and the destination country. Understanding these timelines can help you plan your finances better.
- Destination Variability: Transfers to countries with intermediary banks might take up to 3-5 business days.
- Online Transfers: Typically processed within 24 hours, though it may extend to 1-2 business days for some countries.
- Branch Transfers: These may take 2-3 business days due to manual processing.
- Banking Hours: Transfers initiated outside Japan Standard Time (JST) business hours (9:00–17:00) may face delays.
To avoid delays, initiate your MUFG International Money Transfer early, especially during peak academic seasons.
Also Read: Huntington Bank International Wire Transfer
MUFG International Money Transfer Process
You can apply for an international remittance from anywhere, you just have to have a working Internet connection. You will just have to add the details of the recipient’s bank account, like name, account number, etc, after which you will easily be able to make regular remittances. Moreover, the remittance fee for online transactions is cheaper than the procedure done physically through the bank.
You can access MUFG International exchange by using this link: https://sso.mufgamericas.com
Use the ID and passcode to sign in to your online account.
1 You will have to click the reporting and payments tab.
2 Got to the drop-down menu and select Payment Center
3 Add the New Payment link.
4 Fill in the appropriate fields.
5 Submit the payment or select save for later to edit the payment at a later time
Also Read: Standard Chartered International Bank Transfer
Currencies Under which International Money Transfers can be made
One of the standout features of MUFG International Money Transfer is its support for multiple currencies, making it versatile for Indian students studying worldwide. Whether you’re sending money to the USA, UK, or Australia, MUFG ensures your funds are delivered in the currency required by the recipient, simplifying payments for tuition, accommodation, and more.
Following are the currencies under which you can make MUFG International Money Transfer:
- USD (United States Dollar)
- GBP (British Pound)
- EUR (Euro)
- AUD (Australian Dollar)
- CAD (Canadian Dollar)
- NZD (New Zealand Dollar)
- HKD (Hong Kong Dollar)
- JPY (Japanese Yen)
This wide range of currency options ensures that Indian can use MUFG International Money Transfer for diverse financial needs, regardless of their study destination.
Tips for Using MUFG International Money Transfer
Maximizing the benefits of MUFG International Money Transfer requires a bit of planning. These practical tips can help Indian students and their families save time and money while ensuring smooth transactions.
- Monitor Exchange Rates: Use online tools to track currency fluctuations and transfer funds when rates are in your favor.
- Plan Ahead: Initiate transfers early to account for processing times, especially for tuition deadlines.
- Contact Support: For queries, reach out to MUFG’s foreign remittance desk at 0120-138-266 (weekdays, 9:00–17:00 JST).
- Combine Transfers: If possible, consolidate smaller payments into one to reduce fees.
- Check Alternatives: Compare MUFG with services like Wise or ICICI Bank to ensure you’re getting the best deal.
By staying proactive, you can make MUFG International Money Transfer a cost-effective and reliable option for your overseas financial needs.
For Indian students studying abroad, managing money across borders doesn’t have to be stressful. MUFG International Money Transfer offers a secure, efficient, and globally accessible solution to meet your financial demands. Whether it’s paying tuition, covering living costs, or handling emergencies, this service ensures your funds arrive safely and on time.
FAQs on MUFG International Money Transfer
Yes, You can talk to Japanese and English-speaking operators for MUFG International Money Transfer.
An International transfer or wire transfer is done through electronic means. The transfer is done where both the payer and the payee are in two different countries. You can initiate a transfer from either the bank branch or even from your online bank account. You just have to log in and search for the option for international bank transfers.
MUFG was located at Hoechst House at Nariman Point in Mumbai. In April 2021 the bank relocated to the banking and business district of Mumbai at Bandra Kurla Complex.
Yes, MUFG (Mitsubishi UFJ Financial Group) is an international bank. Headquartered in Japan, it is one of the world’s largest financial institutions, operating in over 50 countries. MUFG Bank, its banking arm, provides services like MUFG International Money Transfer, catering to global customers, including Indian students studying abroad.
The “best” international money transfer company depends on your needs. For Indian students, MUFG International Money Transfer is a strong option due to its global reach, security, and support for multiple currencies like USD, GBP, and AUD. However, alternatives like Wise (low fees, real-time exchange rates) or PayPal (ease of use) might suit different priorities. Compare fees, speed, and accessibility to decide what works best for you.
With MUFG International Money Transfer, the time varies by method and destination. Online transfers typically take 24 hours (up to 1-2 business days), while in-branch transfers may take 2-3 business days. If intermediary banks are involved, it could extend to 3-5 business days. Planning ahead ensures funds arrive when needed.
MUFG International Money Transfer fees aren’t publicly fixed and vary based on the transfer method (online or in-branch), amount, and destination. They’re competitive with major banks, but additional costs like exchange rate markups or intermediary bank fees may apply. For exact charges, contact MUFG’s support.
MUFG International Money Transfer supports multiple currencies, including USD (United States Dollar), GBP (British Pound), EUR (Euro), and AUD (Australian Dollar). Other options like CAD (Canadian Dollar) and JPY (Japanese Yen) are also available, making it versatile for Indian students studying in various countries.
Yes, Indian students or their families can use MUFG International Money Transfer from India, provided they have access to MUFG’s services through a partnered bank or online platform. While MUFG primarily operates in Japan, its global partnerships allow Indian users to initiate transfers, often in collaboration with local banks.
MUFG imposes transfer limits for compliance and security: up to 1 million yen per transaction, 2 million yen per day, and 5 million yen per month. These limits (approximately INR 5.5 lakh, INR 11 lakh, and INR 27.5 lakh, respectively, depending on exchange rates) ensure manageable transactions for students’ needs like tuition or living costs.
Absolutely. MUFG International Money Transfer is backed by MUFG Bank’s robust security systems, protecting your funds at every step. As a globally recognized institution, it adheres to strict financial regulations, giving Indian students and their families peace of mind when sending money abroad.
To track your MUFG International Money Transfer, log into your MUFG online banking account after initiating the transfer. Navigate to the “Payment Center” under the “Reporting and Payments” tab to check the status.
We hope this blog has helped you understand all about MUFG International Money Transfer. Do you want to know more about international transfers like these? You can rely on our page to know more! Get in touch with our study abroad experts to achieve your international dream today!
