Steps Involved in International Wire Transfer India to Australia

It is an electronic funds transfer method that is considered one of the safest modes of remittance, especially when you are sending a huge amount to another country. When wire transfer is being conducted between two banks, there are different types of transfers you need to know of.

Through domestic inter-bank transfers, you can send money from one bank to another within the country, through domestic intra-bank transfer you can transfer money within the country from one bank branch to another and through an international inter-bank transfer you can send money from your country to a bank in another country. Another type of wire transfer is the international intra-bank transfer within which money can be transferred within the same bank but in different countries.

An online international wire transfer procedure is quite simple. It requires the money sender to log into his or her online banking account with the help of a username and password provided by the bank. Once the log in is done, the sender needs to look for a wire transfer tab which is usually placed on the top toolbar of a bank’s website.

Next step involves the activation of the wire transfer limit. Banks make money senders specify a limit for international money transfer because if the amount is too big, it becomes necessary to call the bank and authorize the transfer. Bank then sends an access code on the sender’s mobile number that is registered with the bank. This code can be used for activating the transfer limit.

Once the activation is done, the recipient or beneficiary’s banking information needs to be entered. From the full name of the beneficiary to his or her account number, address, International Bank Account Number (IBAN), SWIFT/BIC code, various such details will be required to start the money transfer procedure. Once you have mentioned the information of the recipient, the recipient’s country’s currency will automatically appear on your screen. However, if you wish to change the currency to a specific one, banks give various currency options in the drop down menu. You can choose the currency, enter the amount you wish to send and make the wire transfer.

You will be charged a certain amount by the bank for making an online international wire transfer. The receiving bank also charges a small amount for processing the transfer. It is strongly recommended to ask your bank for before using the wire transfer option. Make sure the beneficiary is also aware of the fee that his or her bank will be charging for receiving and processing the wire transfer. It is necessary to check how soon the money will be reaching the beneficiary account when you do a wire transfer.

Blaine Fabi is a prolific content writer who has been writing articles and blog for last couple of years with phenomenal achievement. He is well versed in writing articles on international money transfer.