The following is a typical process that is true for most of the service providers who transfer money between leading source currenices and destination currencies. Banks are usually expensive and cheapest service providers are usually money transfer vendors who send money online
1. First search for the best rates available in comparison websites that lists various money transfer providers and give live comparison
You can use Perfect remit for comparing leading service providers like TransferWise, Xendpay, Orbit Remit, World Remit, Currencies Direct, Remit Guru, Remit2India, Azimo, TransferGo, Ofx and select your right vendor
2. Select your vendor, visit the website and register for a login id
3. Begin by entering the amounts and currencies you want to send in the transfer provider's calculator on our home page or in the one shown when you click "send money" once signed into your profile. Then, click "continue".
4. Select who will be the sender of your money - you or your business. Click "continue".
5. The next step, "Who are you sending money to?", will ask for your recipient's bank account details. Enter them and click "continue".
6. Confirm your mandatory identifications and upload any verification documents we request. Once uploaded, they will be verified according to the AML (Anti-Money Laundering) norms and confirmed.
7. Then you can choose how you'd like to pay your money into the service provider. You can pay by several options like ACH bank debit, Wire transfer, SWIFT bank transfer and so. on. There may be fees associated with the modes of transfer. Always check with the specific service provider before paying the amount
8. The transfer provider will deduct the fee and remaining money is converted in specified exchange rate and paid to the recipient
Since exchange rates are subjected to market risks and some service providers deploy hidden exchange rates, always check the amount receivable before making a transfer. Read our other articles to know more