Guide for International Students Sending Money from the USA to India

How do you manage sending money home while studying in the USA?

Moving abroad is an exciting leap into a world of opportunities, but it also comes with its fair share of challenges - managing your finances being one of them.

Whether you’re supporting your family, paying bills, or simply staying on top of your personal expenses, figuring out how to transfer money internationally can feel overwhelming.

This guide is designed to simplify the process for you, ensuring that your hard-earned money reaches its destination safely, quickly, and without unnecessary costs.

How Do International Money Transfers Work?

International money transfers typically operate through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which ensures secure and fast communication between banks and financial institutions worldwide. When you send money across borders, the SWIFT network facilitates the transfer by transmitting necessary information between the sender’s bank and the recipient’s bank.

Here's how the process works:

Sender's Bank Initiates the Transfer: When you initiate an international transfer, your bank sends payment instructions through the SWIFT network.
Transfer Across Multiple Banks: These instructions may pass through one or more intermediary banks before reaching the recipient’s bank, depending on the countries involved and the banking networks.
Recipient's Bank Receives the Funds: Finally, the recipient’s bank processes the payment and deposits the funds into the recipient’s account.

To complete an international transfer, you'll need to provide the following information:

Recipient’s Bank Name and Address: The specific bank where the recipient holds their account.
Recipient’s IBAN (International Bank Account Number): A unique identifier for the recipient’s bank account.
BIC/SWIFT Code of the Recipient’s Bank: A code that identifies the recipient’s bank within the SWIFT network.
Reason for the Transfer: Sometimes, a brief explanation of the transfer is required.
Transfer Amount and Currency: The specific amount you wish to send and the currency in which it will be received.

It’s important to note that the fees for an international transfer may be paid by you (the sender), the recipient, or shared between both parties, depending on the agreement.

Types of Fees in International Money Transfers

When sending money internationally, several fees can come into play:

Outgoing Transfer Fees: Charged by your bank for initiating the transfer.
Intermediary Bank Fees: Charged by any banks that help process the transfer along the way.
Incoming Transfer Fees: Charged by the recipient’s bank for processing the incoming funds.
Markup on Exchange Rates: Some banks and transfer services add a markup to the exchange rate, which is an indirect cost of transferring money internationally.

Choosing the Right Transfer Method

When sending money home, it's essential to choose the method that best suits your needs. Here’s a look at some common methods:

Bank Transfers: Bank transfers offer a direct way to send money from your U.S. bank account to a bank account in your home country. While this method is straightforward, it often comes with higher fees and less favorable exchange rates compared to other options.
Online Money Transfer Services: Online transfer services are widely used for their convenience and cost-effectiveness. These platforms allow you to send money online or through an app, often at a lower cost than traditional banks. They provide an easy-to-use interface, making the transfer process quick and hassle-free.
Mobile Wallets: Mobile wallets offer a convenient way to send money internationally, especially if your family members prefer using mobile apps for transactions. This method is easy and efficient, as it allows recipients to receive funds directly to their mobile wallet.
Money Transfer Agents: Money transfer agents enable you to send money to a physical location, where the recipient can collect it in cash. This option is beneficial if your family members do not have access to a bank account.

Common Mistakes to Avoid

When sending money home, it’s important to avoid common mistakes that could cost you time and money:

Not Comparing Transfer Options: Don’t just go with the first option you find. Take the time to compare different transfer services to find the best deal.
Ignoring Transfer Fees: Even small fees can add up over time. Make sure you understand all the costs involved before making a transfer.
Sending Large Amounts Without Planning: If you need to send a large sum, consider doing it in smaller increments. This can help you avoid unfavorable exchange rates and minimize fees.
Not Double-Checking Details: A small mistake in the recipient’s information can cause delays or even result in the money being sent to the wrong person.
Using an Outdated Service: Some traditional methods can be slow and expensive. Consider using modern services like Zolve that cater to international students.

How Can You Send Money Internationally with Zolve

For a seamless and cost-effective transfer, consider using Zolve. It offers a user-friendly platform with competitive rates, making it a smart choice for international students and professionals looking to send money home.

Start by launching the Zolve app on your smartphone.
Login to Zolve App/ Website.
Go to Bank -> My Accounts -> Send Money -> To Indian Account.
Enter the amount you want to send
Create a Wise account, if you do not have an account already. Else, login to your Wise account
Allow Wise access to Zolve details.
Add the Indian account to which you want to send the money. You will need the Account number, Type of account and IFSC code details
Confirm the transaction

With just a few taps, your money will be on its way, thanks to Zolve’s easy-to-use platform designed to make international transfers hassle-free.

Wrapping Up

Sending money home while studying or working in the USA can be simple and stress-free when you choose the right method. By understanding the various transfer options, considering fees and exchange rates, and using a reliable service, you can ensure your hard-earned money reaches your loved ones quickly and securely.

Choosing Zolve as your money transfer partner brings several advantages. With Zolve, you benefit from the lowest exchange rates, thanks to partnerships with Wise and SBM, ensuring that more of your money reaches its destination. Plus, with no hidden charges and zero fees on transfers from India to the US, you can rest assured that what you see is what you get.

FAQs

Can international students in the USA send money to India?

Yes, international students in the USA can send money to India. They can use various methods such as online money transfer services, bank transfers, mobile wallets, and money transfer agents. Each method has its benefits and considerations, so it's important to choose the one that best fits your needs and offers favorable rates and fees.

How long does it take to transfer money internationally?

Transfer times can vary. Online services might take a few hours to a day, while traditional bank transfers can take up to a week. You should check with your service provider for exact timings.

Is it safe to send money online?

Yes, as long as you use a reputable service and follow best practices, such as double-checking recipient details and using secure payment methods like Zolve. It offers secure and reliable money transfer services designed with students in mind.

How can I avoid high transfer fees?

Compare different transfer options, and look for services that offer no-fee transfers, like Zolve. Additionally, consider transferring larger amounts less frequently to minimize fees.

Are there any limits on how much money I can send?

Yes, most services have limits on how much you can send in a single transfer or over a certain period. Make sure to check these limits with your chosen service.

Disclaimer: The products, services, and offerings mentioned in this blog are subject to change and may vary over time. We recommend visiting our official website for the most up-to-date information on Zolve's offerings.