Living abroad as an expat often comes with a unique set of challenges, one of the most significant being managing finances across borders. Whether it’s sending money to your family back home or paying for services in another country, finding a reliable and cost-effective way to handle international transfers is crucial. That’s where MobiKwik, a popular digital wallet and payment platform in India, steps in to make cross-border payments easier.
In this blog, we’ll walk you through how MobiKwik can help expats manage their financial transactions globally, sending money across borders quickly, safely, and at a low cost.
Part 1: Why MobiKwik is a Great Option for Expats
MobiKwik is not just a digital wallet for domestic transactions, but also a smart solution for international money transfers. Here’s why expats can benefit from using MobiKwik to send money across borders:
1. Affordable Transaction Fees
Traditional international wire transfers can be expensive, often coming with high fees. MobiKwik helps you save on transaction fees, especially when compared to banks or other money transfer services. MobiKwik’s fees are transparent and competitive, making it a cost-effective option for expats looking to send money home.
2. Quick Transfers
MobiKwik’s technology ensures that your international transfers are processed quickly. In many cases, transfers can happen in real-time or within a few hours, allowing you to support loved ones instantly or pay for services in your home country without long delays.
3. Secure and Reliable
Security is a top concern when sending money across borders. MobiKwik uses state-of-the-art encryption and secure payment gateways to protect your financial data. Your personal and transaction details are kept safe, providing you with peace of mind.
4. Wide Range of Supported Countries
MobiKwik supports international money transfers to various countries, especially in regions with a high number of Indian expats, such as the Middle East, North America, and Southeast Asia. Whether you’re sending money to your family in India, paying bills abroad, or transferring funds to an international bank account, MobiKwik makes it easy.
5. Easy Integration with Other Platforms
MobiKwik partners with major money transfer networks and platforms, such as Western Union and Remitly, to allow international payments. This integration ensures that you can send money seamlessly to people in different countries, without having to worry about complicated procedures.
Part 2: How to Send Money Across Borders Using MobiKwik
Now that you know why MobiKwik is a great tool for expats, let’s look at the process of sending money abroad:
Step 1: Install and Set Up MobiKwik
If you haven’t already, download the MobiKwik app from the Google Play Store or Apple App Store. After installation, register using your mobile number and complete any necessary KYC (Know Your Customer) verifications. This step ensures that your account is secure and that you’re able to send large amounts without any limitations.
Step 2: Link Your Bank Account or Payment Method
To send money internationally, you need to link your bank account, credit card, or debit card to your MobiKwik wallet. The app will ask for your bank account details or card information to complete the payment setup.
Step 3: Choose the ‘Send Money Abroad’ Option
Once you’re logged into MobiKwik, go to the ‘Send Money Abroad’ section (or similar) in the app. This will show you available options for sending money internationally.
Step 4: Select the Recipient and Transfer Amount
In this step, you’ll need to enter the details of the person you’re sending money to, including:
- Recipient’s name
- Recipient’s bank details (if transferring to a bank account) or wallet details (if using another digital payment method)
- Amount to be transferred
MobiKwik will calculate the exchange rate and transaction fees at this stage, so you know exactly how much will be deducted.
Step 5: Choose Payment Method
MobiKwik offers multiple options to fund your international transfer:
- Wallet balance: If you have enough balance in your MobiKwik wallet, you can use it to fund the transaction.
- Linked bank account: You can directly debit the funds from your linked bank account.
- Credit/debit card: If you prefer, you can also use a debit or credit card to fund the transfer.
Step 6: Review and Confirm the Transfer
Before completing the transaction, MobiKwik will show a summary of your payment including:
- The total amount being transferred.
- Any fees associated with the transaction.
- The estimated time of transfer.
Make sure to review the details and confirm that everything is correct. You will also receive a prompt to enter an OTP (One-Time Password) to authenticate your transaction.
Step 7: Transaction Completion and Confirmation
Once the payment is confirmed, MobiKwik will process the transfer. You will receive an instant notification about the status of your transaction. The recipient will also be notified when the money is credited to their account or wallet.
Additionally, you will be able to track the transfer and view the transaction history in your MobiKwik app.
Part 3: Benefits of Using MobiKwik for International Transfers
1. Low Fees and Competitive Exchange Rates
MobiKwik offers low transaction fees compared to traditional banks and other remittance services. You’ll also get competitive exchange rates, which ensures that the person receiving the money in your home country gets a fair amount.
2. Speed and Convenience
MobiKwik makes sending money across borders a quick and seamless process. With just a few taps on your phone, you can send money to family and friends, pay for services abroad, or settle payments for international goods. There’s no need to visit a physical branch or rely on long bank transfers.
3. Multiple Payment Methods
Whether you prefer using your MobiKwik wallet, credit card, or bank account, MobiKwik offers flexibility in payment options. This makes it easier for expats to manage their finances and choose the method that suits them best.
4. Full Transparency
MobiKwik provides full transparency regarding transaction fees, exchange rates, and delivery times. There are no hidden charges, so you know exactly how much you’re paying and what the recipient will receive.
5. Secure Transfers
MobiKwik uses advanced security protocols to ensure that your financial data is safe. The app also provides two-factor authentication (2FA) for added protection, ensuring that your international transfers are always secure.
6. Access to Popular Transfer Partners
MobiKwik collaborates with established and trusted names in the remittance industry, such as Western Union, to allow you to send money globally. This integration means that you can send money directly to bank accounts, mobile wallets, or even for cash pickup at international locations.
Conclusion
For expats, MobiKwik is not just a wallet for domestic payments—it’s a powerful tool for handling international money transfers. With its low fees, fast processing times, and secure platform, MobiKwik ensures that sending money across borders is as convenient and affordable as possible. Whether you’re supporting family back home or paying for services abroad, MobiKwik provides a hassle-free solution that allows you to stay connected financially no matter where you are in the world.
With just a few clicks, you can manage your cross-border payments seamlessly—making MobiKwik a must-have for any expat looking for a reliable way to handle their finances.
Happy sending! 🌏💸