Send Money Abroad (International Money Transfers) from the US



If you are able to save some money out of your scholarship / assistantship or internship, you may want to send some money home to your family or friends for various purposes such as family maintenance, gift, etc.

In this section we address the various issues regarding sending money abroad / international money transfers:

Sending Money abroad

How international money transfers work

Information you need to provide

Currency Rate Converter

Related Links
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  Send Money Abroad
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FAQ's

How much will it cost me to transfer the money?

How many days will it take for the money to reach home?

Is it safe to transfer money?

Will the party (example, family) have to pay extra taxes for receiving the money?Is there a limit on the amount of money I can send?

Is there a limit on the amount of money I can send?

How will my party receive the money?

Sending Money abroad

There are many companies that will help you transfer money to any party (your family, friends, relatives) in any country.

You can find this company on-line by going to search engine and search for "sending money abroad".

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How international money transfers work

First you will have to go to the web site of a particular company and open an account. In most cases, it is free to open an account. Then, you will have to provide your personal information such as your Social Security Number, Bank Account information, your address, etc. For added security, some companies will put some amount (credit) into your Bank account and then deduct (debit) the same amount. When you login back to your account, you will be required to enter the amount of transaction made by the company. If you enter the exact amount, your account will be authenticated.

You will then be required to provide information about your party such as name of the receiver, address, country info, etc. You can then initiate the transaction by entering the amount to be sent. This amount will be debited from your bank account.

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Information you need to provide

You may have to provide personal information such as your Social Security Number, Bank Account information, your address, your party's (your family, friends, relatives) information, etc.

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Currency Rate Converter

You can find the current foreign exchange rate at this web site

Please note that, foreign exchange rate offered by your company may be different from the one listed here. The difference is due to the involvement of different banks, monetary institutions and commissions.

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FAQ's

How much will it cost me to transfer the money?

This depends on the company whose services you are using. However, generally, this can cost anywhere from $5 to $20 per transaction. We suggest that you check with your company for more detailed information.

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How many days will it take for the money to reach home?

Depending on the company, it will take any where from 5 days to 15 days from the time you initiate the transaction to the time when your party will receive the amount.

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Is it safe to transfer money?

It will be safe to transfer money if you use the services of a reputed company. Therefore, before you do the transaction, make sure to do enough research on the company. You can also check with your friends about what facility they use to send money to their family.

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Will the party (example, family) have to pay extra taxes for receiving the money?

Many countries have Tax Treaties with the US. That means, if you are earning in the US and if you are paying taxes to the US government, then you won't be taxed by your home country. That means you won't have to pay double taxes and your receiving party won't have to pay taxes on the money received. Still, we suggest that you check with the company about taxes in your home country.

You can also find more information about Income Tax Treaties on the IRS web site.

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Is there a limit on the amount of money I can send?

As per our knowledge, there is no limit on the amount of money that you can send. However, because of Anti Money Laundering laws, if you are doing something suspicious, you will likely be caught by government agencies. Also, many companies have limits on the amount that can be transferred on any particular day or in any particular month. We suggest that you check with your company for more detailed information.

You can also find more information about Anti Money Laundering on the CFTC web site (Commodity Futures Trading Commission)

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How will my party receive the money?

Your party can receive the money as a money order, demand draft or even directly to their bank account. It depend on what options your company offers and what option you choose when you initiate the transaction.

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