International money transfer comes with multiple challenges for those who want to send money abroad to a relative. Firstly, finding a reliable money transfer broker is a complex task. Secondly, you have to pay a high commission charge to the brokers. Lastly, brokers may also charge hidden fees on the foreign money transfer. IndusInd Bank’s international money remittance services can help avoiding these challenges.
- Money Transfer Agents Are Not Trustworthy
For making international payments, you need to operate through money transfer agents. There are many money transfer agents, but many of them need to be more professional. Some agents cheat clients. Many agents work under short-term contracts with banks. After working for a few years, the contract with the bank ends. Hence, the agents need help to transfer funds abroad smoothly.
Opting for the services of such agents is not only risky but costly too. An agent can charge a hefty commission fee for transferring money to a bank account abroad. One can take the commission fees indefinitely. Agents decide their commission fees. Reliable agents ask for a high fee. While opting for an agent with a low commission fee fetches the risk of being cheated.
- Time-Consuming Process
An international money transfer can become time-consuming if you choose a money transfer agent. The time for the money transaction varies from agent to agent. A few services may ensure transactions within 24 hours. On the other hand, you may need to wait 30 days for a few services. The solution is to choose wire transfer banks, and it can take around 24 hours to complete a transaction.
Money Transactions Restrictions
A few countries have banned international money transactions with some countries. To prevent terrorist funding, such a measure has been adopted. Apart from security issues, there could be some political issues too.
Obtaining money from a blacklisted country is not possible. Similarly, sending money to a blacklisted country through a banking or non-banking agent is impossible. Hence, you need to abort business deals with people in blacklisted countries.
Choosing a bank over a third-party agent for an international money transfer is beneficial. The bank ensures a safe and hassle-free international money-transferring experience for the customers.
If you decide to use a money transfer agent, an international money transfer may take some time. From agent to agent, the time required for the money transaction varies. Only a few services might guarantee transfers within a day. On the other side, a few services can require a 30-day wait. The option is to use wire transfer banks; a transaction may take up to 24 hours to execute.
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Restrictions on Financial Transactions
Some nations have outlawed the exchange of foreign currency with others. Such a measure has been enacted to stop the funding of terrorism. Other than security concerns, there can also be some political ones.
It is impossible to get money from a nation that is on the blacklist. Likewise, it is impossible to send money to a nation on a blacklist through a banking or non-banking agent. As a result, you must cancel business agreements with parties from nations on the blacklist.
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