Living in an abroad country is something that requires planning, but with payment options like credit cards, one can manage it without any hassle. For this, use the credit card transfer to bank account facility offered by the card issuer. This facility is enabled to help cardholders receive or send cash to their loved ones as and when required. Read on to learn how to transfer money using a credit card and other methods of sending money internationally.
Different methods of transferring money internationally
There are two basic methods for transferring money abroad:
- Wire transfer – In this, a direct bank-to-bank transfer happens, so the money is sent from your country’s bank account to an international bank account. The fastest and most convenient way to transfer money from India to another country is this transfer mode.
- Foreign country DD (demand draft) system – Sending money overseas via demand drafts is quite secure and convenient. These are real paper drafts that can be delivered to an individual overseas. The ideal payment method for college applications, contracts, and tuition is a DD.
How to transfer money abroad using a credit card?
To transfer money from a credit card to a bank account, you can use these methods:
Opting for a cash advance
You could think of a credit card cash advance as a short-term loan. Withdraw money from an ATM using a credit card and do credit card to bank transfers from the bank mobile application.
If you don’t want to do the online transfer, visit the bank branch and request a cash advance by submitting a duly-filled form.
Take help from a fund transfer specialist
With several money transfer experts, you can easily transfer money with a credit card. When transferring money internationally, contact a specialist. They are frequent with the money transfer process and quickly do credit card to bank transfers at better exchange rates and lower fees.
Use the wire transfer method
You can easily wire money to any bank account with the help of a credit card. Several financial institutions accept credit cards as a viable payment form. The steps involved in wiring funds to a bank account using a credit card online are
Step 1: Log in to the net banking service page
Step 2: Locate the option for wire transfer and feed in the payment amount along with the currency
Step 3: Provide the banking information of the recipient
Step 4: Select the option of paying using a credit card
Step 5: Make sure to check the exchange rates and fees and then confirm the transaction accordingly.
Please take note that credit card payments are relatively pricey due to added fees. But, given the hidden expenses associated with the traditional bank wire transfer, it might be less expensive. Compare the payment options from your desired provider to ensure that you are choosing the best transfer service available.
Fees Apply on Overseas Transfer
The incurred costs for overseas transfer are categorised into three types –
- Foreign exchange rates (foreign exchange rates) – They are used to compare one currency with another and illustrate their relative value.
- Fees to transmit money overseas – Nominal fees apply when you transfer money overseas.
- Fees applied by the receiving bank – The international bank where the money is received also applies a charge.
Also Read: How to check credit card balance?
To sum it up, one can opt for either of the options to send money to a bank account overseas. As instant approval credit cards get you a line of credit, use it to meet financial needs, such as transfer funds overseas.