One of the most common problems which you will probably face and it’s also a very common one while you are considering studying abroad is International Money Transfer. Even after you manage all the other necessities like accommodation, etc, it’s most likely you will face this problem as most foreign Universities ask for a certain amount of tuition fee in advance when you are trying to take admission. So International Money transfer is undeniably one of the important aspects of studying abroad. In today’s blog, we will be discussing IndusInd bank International Transfer, some benefits of using it, etc so if you are an aspiring student who is planning to study abroad don’t miss out on today’s blog as this will be extremely beneficial for you.
About IndusInd Bank
IndusInd Bank is one of the leading private sector banks in India that started its operations back in 1994. The bank offers a wide range of products and services to its customers including personal banking, business banking, loans, and credit cards. With over 1,000 branches and 1,800 ATMs spread across India, IndusInd Bank has established itself as a prominent player in India’s financial sector.
Relevant Read- Things to Consider When Transferring Money Abroad
How IndusInd International Transfer Works?
One of the key offerings by IndusInd Bank is its international money transfer services which allow customers to send money abroad quickly and easily. Customers can transfer funds between different countries using multiple channels such as online banking or visiting any IndusInd branch location. Recipients do not need an account with IndusInd Bank to receive transfers as they can receive funds through other banks or exchange houses registered with SWIFT (Society for Worldwide Interbank Financial Telecommunication). The bank provides competitive exchange rates for over 100 currencies making it convenient for students studying abroad that can be used to send money to friends/families living overseas or even receiving money. FYI, IndusInd uses Indus Forex to provide customers with all the solutions associated with International money transfers.
Benefits of IndusInd Bank International Transfer
Here are some key benefits that you can enjoy if you use IndusInd bank for International Money Transfer:
- As mentioned earlier this bank provides competitive and low rates available in the market which also is identical to the live currency prices in the market
- It’s simple for a novice user to use as IndusInd doesn’t force users to go through much documentation which makes it an easy-to-use platform for students
- IndusInd also focuses on the customer’s privacy and security as all transactions are secure and encrypted ensuring that customer data remains confidential throughout the process.
- The verification process is 100% paperless and digital which makes it easier for a new user and with the same user-friendly approach if you are an existing user of IndusInd Bank you just need to log in to send money Internationally which saves a lot of time
- IndusInd also offers a feature known as Quick Wire Transfer for sending money abroad digitally
- Lastly, It’s safe in every term as it’s regulated by RBI (Reserve Bank of India)
Also Read- Best International Money Transfer Apps in 2023
How to do an International Money Transfer Using IndusInd Bank?
The list of benefits of IndusInd Bank International Transfer doesn’t seem to end, isn’t it?
But, now if you are willing to use it here is a simple step-by-step guide that will help you while using IndusInd Bank for International money transfers:
Step 1- Registering for Online Banking
You can simply start by registering for IndusNet, the bank’s online banking service. Once registered, you can set up your payees and securely transfer funds from the comfort of your own home.
Step 2- Selecting the Recipient and Destination Country or Currency
As we all know different countries have different currencies which obviously have different values, so once you are ready with your IndusNet online banking ready you can select your recipient and destination country or currency. It is important that all details are entered correctly to avoid any complications or delays in processing your transaction.
Step 3-Entering Amount and Additional Details
The final step for a successful international money transfer using IndusInd Bank is entering the amount to be transferred and any additional details required by the bank or regulatory agencies. This may include the purpose of payment, source of funds disclosure, or other information depending on the destination country’s regulations.
It is also important to note that some countries have restrictions on incoming funds that may require additional documentation or approval from regulatory authorities which could cause additional delays. Make sure to check them on IndusInd Bank’s official page before initiating transfers.
Important Note-
The above-mentioned process is the traditional way of sending money using IndusInd Bank abroad but if you want to do an Internation transfer using IndusInd Bank a bit more hassle-free you can use Indus Forex which is also an alternative way of sending money abroad using IndusInd Bank:
- Simply head over to the official site of Indus Forex by searching for it on your search engine like Google, DuckDuckGo, etc
- You will see an option to send money abroad after the page loads up successfully, click on that option
- Customers can easily check the current exchange rate of any currency which is again significantly low in comparison to other banks. (Note- Extra charges like the convenience fee and tax will be applied later so keep that in mind)
- You need to fill up your Aadhar details to verify your identity and you will receive an OTP if your Aadhar is linked to your phone number
- Once it’s done you can simply enter your beneficiary details and enter the amount and the transfer will initiate successfully
Also Read- Foreign Money Exchange – How Exchanges Work and Who Governs the Rates
FAQs
In simple words, A SWIFT code is a unique identification code for banks and financial institutions that helps to identify banks during international transactions by providing a standard format that makes communication between banks easier.
Yes, just like any other bank there are limits while doing an International Money Transfer using IndusInd Bank. The minimum amount is USD 100 ie. (around INR 8,200 plus additional charges) and the maximum amount is USD 25,000 per transaction ie (around INR 20 Lakh plus additional charges).
As we mentioned earlier IndusInd Bank doesn’t compromises on the security part while making it an easy and hassle-free experience for the end user. Here are some of the security measures:
End-to-End Encryption
Advanced Fraud Detection Sytems Implementation
Two-Factor Authentication
This was all about IndusInd Bank International Transfer. Reach out to Fly Finance for all finance-related concerns and to simplify your study abroad experience with zero hindrances.
