Thursday, August 11, 2011
My First Safe Wire Transfer to India
So, yesterday was a significant day for me and a very nervous one. I did my first international wire transfer to my clinic in India from my bank to their international bank. With so many wire transfer scams out there I was nervous, not about my Dr. or clinic, but just about the fact that I was sending money overseas. Doing a wire transfer with the branch manager at my bank was great and helped calm my nerves. My clinic sent me all of their bank account and SWIFT code information as well as their Intermediary Bank's information here in the US and then the branch manager took care of the rest. I then got a very detailed 2 page receipt about the transaction that I scanned and emailed to my Dr. in India. Here are some great tips from ehow.com on the safest ways to send money overseas:
PayPal is among the most recent forms of online technology that send and receive money. Make easy, safe transactions between two parties in two different countries with a verified PayPal account, linked to your credit card or bank account. More than 190 countries are covered by PayPal's payment system. Once you make a payment, the payee receives an email that funds have been received and you are able to track the payments.
Wire transfers are known for their safety and enhanced speed. Wire money to a person in any country, provided that the recipient has a valid bank account where the money can be withdrawn. Have all the banking details of the recipient (including account number and bank routing number) in order to make a wire transfer. Send funds by either using cash or by draft from a bank account. A transaction takes two to three days to complete, depending largely on the countries involved.
This service is available at various local stores worldwide, with more than 220,000 agent locations in nearly 200 countries. Western Union charges transaction fees but ensures that the payment is secure. Send any amount of money safely, but for sums more than $3,000, you must meet certain security requirements. Online payment is restricted to $999.99 with a 20-day revolving period. You can track the funds sent by a money transfer control number, or MTCN.
USPS International Money Orders
A money order is basically an order for payment of a specified amount of money. It is considered safer than a personal check, as the funds shown on it are prepaid. The United States Postal Service sells these money orders as a third party. An international money order valued up to $700 to 30 countries can be purchased for $3.85.
For the safest way to send a large amount of money using ordinary postal mail, send a cashier's check. They are better than personal checks, as they are prepaid (whereas you have no way of guaranteeing the amount shown on a personal check). The one problem with these checks is that they are usually issued in another currency, so fluctuating market rates can affect your net withdrawal amount.