There are millions of Indians living abroad who transfer money to their families or need to pay bills in India. This post gives useful tips that can help you send money to India quickly at a low cost.
A growing number of Indians residing in foreign countries look for reliable options to send money to India for their personal needs or business purposes. Choosing any random transfer facility can end up costing you more. Here are a few tips to ensure the fast and inexpensive transfer of money to India.
Competitive Exchange Rates
The exchange rate is probably the prominent factor that influences your choice of money transfer provider. The constant fluctuations in the foreign exchange market mean that you need to be watchful to figure out which provider gives you a favourable rate.
Money transfer agents can give you indicative or floating exchange rates and fixed exchange rate options. With indicative exchange rates, the amount that will be received can vary since it is dependent on market fluctuations. If you want more stability, however, you can go for fixed exchange rates also called locked-in rates with which you can be certain of the amount that the recipient will receive.
Transfer Charges
Transfer charges is another essential factor to consider while choosing a money transfer agency. Some providers may not charge you for online transfer of money above a stipulated amount. It is advisable to calculate the total cost of the transfer while comparing the different money transfer agencies.
Urgent money transfers can help you send money faster but may carry additional charges. Therefore, it is better to use expedited services only if necessary.
Speed of Transfer
Since some transactions can be time-sensitive, knowing exactly when the money will be received is crucial. Learn about the time each service takes to transfer money before making a transaction.
Money transfer providers can offer different modes of transfer at varying speeds. Regular online transfers can guarantee delivery within a few days. Online transfers for urgent requirements can also be done within hours by some money transfer agencies even though it can cost you more.
Security of Transfer
Make sure that the service provider has robust transaction protocols to ensure the security of the transfer. Check whether the provider has firewalls and strong authentication procedures to maintain the confidentiality of your transaction.
The Credibility of Service Provider
When sending money overseas, it is better to choose a money transfer agency with a good reputation and experience in financial matters. It is essential to check the track record of the company in handling transactions.
A dependable service provider can also have business relationships with several banks that can help you transfer money easily to recipients having accounts in other banking institutions.
Facilities Provided by the Transfer Agency
While comparing money transfer agencies, look at the facilities they offer, such as:
- Money Transfer Modes: Choose a provider who has a variety of options to send money such as e-transfer, wire transfer, and other offline modes like cheques and demand drafts.
- Recurring Money Transfer: If you need to make regular payments for paying utility bills or EMIs, you can choose a service provider that allows you to schedule weekly, monthly, or quarterly payments.
- Transfer Limits: The maximum number of transactions you can make is another key feature that needs to be noted. The maximum amount of money that can be transferred at a time can also depend on the mode of transaction. Therefore, it is better to go for a transfer agency offering a more extensive range of transfer modes.
- Mobile App: In the modern digital age, mobile apps can make money transfer process more convenient. Apps can help you with sending money even when you do not have access to a computer.
- Customer Service: Choose a money transfer provider who has excellent customer service because prompt notifications are key while transacting money. For instance, if you cancel a transaction after initiation, there needs to be proper communication about refunds.
Even minor changes in exchange rates and transfer charges can lead to huge savings when sending a large sum of money. Therefore, it is better to follow money transfer tips provided by experts and spend time to evaluate the different agencies to select a competent service provider.
Educating yourself about the foreign exchange market and transfer modes helps you make an informed decision about the right money transfer agency. Therefore, carefully analyse the various aspects of money transfer to send money overseas quickly in a cost-efficient way.