How to Choose Between Wire Transfers and Foreign Currency Demand Drafts When Remitting Money Abroad

Remitting money abroad and the method to be used for the same can be quite an arduous task for those who need to undertake this activity frequently, either for business or for personal reasons. Unless done through an online currency exchange like BookMyForex, it can be a time consuming process if one has to go to the bank for the same.

BookMyForex provides you the option of remitting money through wire transfers or through foreign currency demand drafts. Here is what you need to know about these two methods so as to make an informed choice:

• Wire Transfers : Wire transfer method allows you to transfer the money from your bank account to the beneficiary's bank account. This is a convenient option for those looking out to send money for personal needs or to a trusted account. It is also convenient if the money has to be sent on an urgent basis.

• Foreign Currency Demand Drafts : Foreign currency demand drafts are the same as the regular demand drafts, with the only difference being of the currency. This method can take up to 10-12 days for the money to get credited and the processing of the demand draft carries a fee. This is the preferred method to remit college fees, purchasing application forms, filling up tenders and the like.

Online money exchange has become as easy as a click in India with online currency exchange platforms like BookMyForex. They work on a marketplace model where buyers and sellers come together on an online money exchange interface and get you the best prices whether buying, selling or remitting forex.

BookMyForex is a one-stop-shop for all your forex needs and even home delivers orders at no additional cost.

For maximum savings, don’t forget to know more about our Zero Margin Offer at www.bookmyforex.com or @ 09212219191. You can download the BookMyForex app also from your Android Play Store or iTunes App Store.