The life has been easy with the existence of the technology starting from sending mail to making international money transfer. You have completed your studies and you are lucky enough to get a high paid job overseas. You have loans to be repaid for the studies you took and also you have to make the members of your family happy especially siblings and parents.
Since you will be working some years in a far-off place you need not only to communicate but also to send money to Sri Lanka from Australia or maybe USA. It is very important to understand the basics of the global remittance.
In this article, we will tell you the nuts and bolts of the money transfer to your native place or anywhere in the world. Gradually, you will come to know as to overseas remittance and its time frame, security, charges and banking etc.
You should understand the basic rules of the money laundering and taxation for both receiving country and remitting country.
What are the basic requirements?
You need some basic requirements to make online transfer to your native country. These requirements are generally little different from country to country. However these are the standard norms. The following things are required to make international remittance.
Proof of identity
Since there are many international fraudster in the world even have been funding to the terrorist organisation. That is why; every country has a stringent rule to provide your whereabouts. You need to provide your identity while making global transfer.
Transfer Limits
You may be working overseas or a freelancer would like to earn foreign currency. You cannot remit or receive money at your will since there are restriction to make money transaction on behalf of the government for each country. The transfer limit may stop you to send money to India from Australia or Singapore. You should know all about these limitation before sending money to your homeland.
Transfer fee
Almost all the monetary transactions require a transfer fee. This transfer fee generally differ from bank to bank. Also it varies from agency to agency. There are banks and agencies those who charge you maximum percentage of the money. However, you need to know which banks and agencies are suitable to your wallet. If you would like to transfer money, you should understand the basics of the fees to save potential amount of money.
Online remittance
The online money transfers are done using the internet. Generally, the receiver would have to approach to collect the money by providing sufficient proof of identification. The details of both the senders and receivers are kept by the company.
Wire transfer
Wire transfer is a kind of transfer which was initiated by the Western Union Money transfer. Today, almost all the banks have adapted wire transfer. This is a kind of electronic transfer where both senders and receivers need to have bank account. The different banks have different rules for making international money transfer on the internet.
If you have been working overseas, you should be well-versed as to how to remit money and its basic rules to avoid inconveniences in the future.