Are There Safe Methods To Transfer Money?

in Money

Transferring or wiring money from party to another can be an expensive undertaking. This happens more so when it comes to international remittances. Due to the laws and regulations of this country it can be difficult to send money to someone effectively and within a small time frame.

Unfortunately in most cases it will take anywhere from 6 to 8 weeks before the recipient will have access to even a small amount of the money. Why does it take so long? Checks that are sent from the US can take a few weeks to arrive in country. Once they have arrived and are deposited to a bank, banking officials can put a hold on the funds that can last up to 3 weeks or more. By the time the depositor actually access his or her funds, they face the possibility of the US dollars converting into Rupees as a less amount than expected. This is due to such a high rate of change in international currency.

But there isn't too much that can be done to speed up this process. A US citizen can send a number of post dated checks in the hopes of the other party gaining quick access to the funds over a course of time, but this is a risky situation to attempt. The Bank of India is working towards creating a more efficient way to transfer money to and from their country. They have opened several US branches that allow someone to open an account, deposit US dollars and convert the balance into a check of Indian Rupees. This can at least negate one step in the transferring of money internationally but with this can come exorbitant fees and confusing paperwork.

Requesting the help of a bank or international representative can 'mitigate' any unnecessary roadblocks that may pop up along the way. Citibank, Moneygram or any other bank of this nature is a great resource for the wiring of your funds. Be careful however when searching for a lender and company to help in the process as there are many that are less then credible. Research thoroughly and be sure you understand the process that it takes to complete a transfer successfully.

Keep in mind that if you are going to be transferring various amounts of funds over the course of time, it would probably be in your best interest to set up an account with the Bank of India or a US bank offering such services. If you do this, then the matter of getting your money to where it needs to be is the simple process of transferring between bank branches. This is the quickest way possible, albeit the most costly. Some banks may offer a one time or annual fee for multiple transfers. However, more than likely it will be on a per transfer basis. Do not let the statistics waylay you though. If money needs to be transferred, whatever way you use, officials have worked to make it as easy for the average consumer and business as possible.

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Lisa Coynee has 64 articles online

Learn about money transfers around the world and what options are available based on country and fees. For more information on send money overseas Visit home page

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Are There Safe Methods To Transfer Money?

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This article was published on 2011/03/19