Several features make telegraphic wire transfer through QuickRemit a good option
Let us look at what is telegraphic transfer. It is an electronic method of transferring funds.
What is telegraphic transfer used for? Telegraphic transfer is mostly used for overseas transactions. Telegraphic transfer is also known as wire transfer.
We have understood what telegraphic transfer of money is. We will now look at what is the telegraphic wire transfer procedure. The sender gives transfer instructions to his bank. The instructions involve sending money to a certain beneficiary. You can do this online or at a bank branch. The bank sends the transfer information to the beneficiary’s bank. There is no actual transfer of money. The bank debits money from the sender’s account, and money is credited to the receiver’s account.
Most banks offer telegraphic transfer services. The flagship telegraphic transfer brand of HDFC Bank is known as QuickRemit. NRIs living in Australia and Singapore can send money to India using QuickRemit. Let us see why you should use QuickRemit to transfer large amounts.
High transfer limits: When sending money from Singapore, you can make 10 transactions daily. Weekly and annual transaction limits are 30 and 80 in number, respectively. The transaction limits are SGD 50,000 and SGD 1,00,000 daily and weekly, respectively. Annually, it is SGD 3,50,000. The limits are the same for transfer from Australia, in Australian dollars. These large transfer limits make QuickRemit ideal for large transactions.
Attractive exchange rates: QuickRemit offers attractive exchange rates. The more money you send, the better exchange rates you get. You can check the exchange rates on the QuickRemit website. When you book a transaction, you can lock-in an exchange rate.
High security: Money sent through QuickRemit is secure. QuickRemit does not share your personal information with third parties. It may do so only if required by law. Encrypted lines are used to process transfers. There are state-of-the-art firewalls in place. The website also comes with a wide range of security features.
Convenient to use: The registration process is free and simple. You can complete the process in a minute. You can also instantly add a beneficiary. We will now take a look at what is telegraphic transfer payment. You can make this payment in various ways. You can choose from ACH transfer, direct debit transfer, wire transfer, netbanking and so on. This will depend on the country you reside in.
Nominal fees: You also need to know what is a telegraphic transfer fee. Fees are charged by telegraphic transfer services. The fees charged by QuickRemit are nominal. For sending SGD 250-999, it is SGD 4. For SGD 1,000 and above, the service fee is zero. It is the same for Australia in Australian dollars.
24X7 customer service assistance: You can get round-the-clock assistance through e-mails and toll-free numbers.
Do you want to know more about what is a telegraphic transfer? Click here. To get started with wire transfer, click here.
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
