Tips for Hassle free India Money Transfer |
Posted: August 24, 2017 |
Are you working abroad? Do you wish to send money to your friends or family in India? If the answer is yes, then here are some useful tips for a hassle-free remittance experience. Make sure you are thinking through the available remittance options. Make a list of the money transfer options you have and then decide which one you would want to consider. The most obvious choice is a bank because even though it isn’t cost-effective, it is the safest option available. Electronic transfer is also an effective option and it takes less time. Remember, India money transfer through cheques can be quite time consuming. You can opt for remittance through an online money transfer agency because such agencies charge less and also offer competitive foreign currency exchange rates. You need to plan ahead if you want to save money on your international remittance. This is especially required when you are sending money back home on a monthly basis. Costs can be minimized with good planning. Many remittance agencies charge a high fee if you are transferring funds in urgency. But if you plan ahead, you might get better rates. Shopping around is very important if you wish to get best transfer rate to India. Not all agencies offer competitive rates. At times, even if their FX rate is low, they charge a high transfer fee due to which remittance becomes expensive. So shop around and compare rates being offered by different agencies. There are several websites on which you can see rates offered by different money transfer agencies in one place. This will help you compare and make a final decision. Don’t forget to check the fees you are being charged. This is because fees can eat up the amount of funds you are transferring. On a percentage basis, small denominations are going to be more expensive. Even transfers that need to be made on an urgent basis are expensive. You need to remember that some providers make money by currency conversion. So look up the current exchange rates when making a transfer. Ensure that the conversion rate being used by the money transfer company is close enough. It helps to be aware of money transfer limits. It is the amount being transferred that determines the transfer fees. Also, if you are using a service provider that caters to smaller amounts then it is better to avoid sending a large amount through the agency. It is better to send a large amount through Foreign Exchange companies because they provide better fees and exchange rates. It is necessary to pay attention to the total cost because as mentioned-above, even though the incurred fees is low, high exchange rate can be high, making your remittance expensive. There is no point in paying additional fees for expediting a money transfer unless it isn’t required. Choosing a standard mode of funds transmission will save you money if you don’t have to send funds back home on an urgent basis.
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