For Indian people, sending money abroad is now a lot simpler because of the availability of so many simple fund transfer methods. In the modern era, outward remittance services are used for a wide range of purposes, from making significant investments abroad to providing financial aid to family members. Currency conversion is required to send money abroad. You must take into account the factors such as exchange rates, the amount of time needed to complete the remittance, etc. while selecting the money transfer method that best meets your needs. Let us discuss the payment methods.
Nationwide, more and more people are using electronic Wire transfers to send money. Due to its quick delivery time and affordable service costs as compared to other methods, it gains popularity among remitters. These days, a huge number of financial institutions provide wire transfer services. It entails the transfer of money from an Indian bank account to an overseas account. This method of money transfer is made possible by the SWIFT network, a messaging technology that permits safe international money transfers.
Investment accounts are known as GICs, or Guaranteed Investment Certificates. A Canadian bank is providing this account. GIC payments come in a variety of forms, and one of those is designed specifically for overseas students studying in Canada. A set sum of money would need to be deposited into this account by the students. For 12 months, this money, which is considered evidence of funds, will be disbursed to the student every month for their study abroad and living expenses in addition to interest.
Also Read: How to Send money from India to Canada
Flywire payment is a user-friendly solution that streamlines the payment process for overseas payers while saving both time and money. The payment process is transformed, becoming simpler, quicker, more transparent, and more affordable for payers. Credit/debit card payments, bank transfers, and other online payment options are presently accepted depending on the nation you are sending money from and the organization you are sending.
