When you live or go overseas, it's usual to require money from family or friends back home, or vice versa. You'll most likely utilize an international wire transfer to move money from one country to another most quickly and safely possible. You can send money overseas and convert it into a foreign currency with an international wire transfer. If not, the wire transfer you can opt for the demand draft money transfer.

How do they both work?

Wire transfer is the modern way to send money overseas. In a wire transfer, the money is transferred directly between the bank account of the sender and the receiver. It is done with the help of the SWIFT network which expands to the Society for Worldwide Interbank Financial Telecommunication. It connects almost all banks that show up under the sunlight. And so, it facilitates fund transfer to almost everywhere. Since it is an electronic way of transfer it is fast and more secure. You can rely on it for urgent and emergency fund transfers and it won’t disappoint you if you do it with the best remittance service provider.

The demand draft is the traditional way of sending money and so it is slow and involves a lot of external factors. Here you request the bank for a money draft for the fund you need to transfer. Once you receive it, you need to send it to the receiver who then produces it at the nearby bank to collect his funds. This process is slow and involves a lot of patience and so it can be an apt one for an emergency transfer.

You can book all this sitting at your home by submitting the documents and transferring the local money. In short, you can now remit money with a debit card in this new era of outward remittance.



Author's Bio: 

Lotus Remit offers the easiest way to Transfer Money Overseas from Malaysia