What do you do if you want to send money to India from a foreign country? It can be intimidating and confusing to find the best solution for sending money. With the many possibilities and channels, it can be a case of too much choice and many questions can arise. It is simple, apart from banks and post offices, you can approach global payment service providers. You can also choose whether you want to transfer it online or offline. For most individuals and companies, this can mean low fees when trying to send money abroad. Below are five considerations to consider when finding an institution to send funds to family, friends or workers in overseas locations. The demand for reliable, efficient and safe money transfer systems has been increased. Increasing numbers of migrant workers, globalisation and the internet have helped the money transfer industry grow. Remittance also made India one of the most highest remittance receiving country all over the globe. This of course has lead to more and more companies entering into an already fragmented money transfer market and they are naturally all keen to get their slice of the revenue. Many companies enter the market with new innovative ways to transfer money both on and offline and offer very competitive transfer fees compared to the traditional market leaders. In the main most companies are genuine and reliable and offer good services however with money, account numbers, personal details and so on all being involved the need for safety and security within the company is very high. Online money transfers are one such option which most of us use while transferring money to India.
Let us have a look at some tips for transferring money money online to India:
Get the best possible exchange rate
If you opt to select a typical high street bank to make your money transfers means that you may not get the best exchange rate. This is because typical banks do not specialize in foreign exchange or international money transfers; they do lots of different things, think mortgages, personal banking and credit card services. Online money transfer providers are fascinating when it comes to exchange rate. They are the ones which show you the current market scenario and exchange rates as well.
Get the best possible transfer fee
Compared to banks, an online money transfer provider will offer you a certain transfer fee. So, if you need to make regular monthly transfers, it gives you quite a clear picture of your transfers.
Online money transfer are quick and easy
Increasingly, we are using online banking to manage our current accounts and credit cards. It’s quick, easy and payments can be made at the click of a button. It’s a simple process; where you just need to create an account with the website, add your personal details and your recipient details and the amount you wish to transfer. If you do want any expert help, your dealer is only a phone call away.
Some more tips for transferring money money online to India:
1. Have a look at the online service providers and compare. Look for the option that best suits your needs.
2. Transfer a large amount once, rather than smaller amounts often.
3. Pay attention to there limits. How much you pay usually depends on the amount of the transfer. Don’t transfer a large amount of money using a service geared more to smaller amounts, or vice versa.
4. Pay attention to the total cost! The fees you pay may be low, but the exchange rate high. In order to make true comparisons, look at the total amount the recipient receives. Sometimes a higher fee is worth it if the exchange rate is better.
5. Don’t pay for speed if you don’t need to. If the money doesn’t have to transferred within a few hours, you can save money by choosing a longer time period of time – a few days or even a week or more.
With sufficient time and research, transferring money online to India can be very affordable. Online transfers via large banks or independent firms can be close to free, especially for larger amounts on a percentage basis. It also makes sense to try and make transfers as little as often, which can help save on transaction costs and increase the amount to cut down on fee percentages.
