It is not uncommon for individuals who have settled abroad to send money from the country they are residing, to their home country. Such experienced individuals are well aware of the minefield, pertaining to the transfer of funds in terms of hidden charges, financial paperwork and the possibility of security issues. If you are sending money to India, here are a few tips you can keep in mind:
Search for the best exchange rates
Not many banks offer the best exchange rates. This is especially true when it comes to transferring large sums. In this case, apart from banks, there are plenty of private financial organisations that provide money transfer services. However, it does help if you compare the exchange rates of the different foreign exchange providers before choosing the service that provides you with the best rate.
Search for deals for your home country
When looking at different money transfer options and services, ensure that you search for money transfer services to the country you want. Certain banks and financial institutes provide special deals and discounts if you are going to send funds to a particular country. For example, you will find plenty of money transfer deals from USA, Dubai and England to India, where you can get a minimum or free money transfer fee.
Search for the ideal mode of transfer
Today, there are plenty of options to consider, when it comes to sending money to India or any other home country. In most cases, the popular options are the foreign demand draft or SWIFT and Wire transfer. Demand drafts are relatively cheap, making it an ideal for those who want to save funds on transfer. However, the time take for the transfer is relatively long, so this option is not the ideal one for those seeking emergency funds. For any emergency or quick transfers, Wire and SWIFT are the ideal options. But they also come at a high charge. Therefore, before you make a decision when it comes to selecting the mode of transfer, you must compare the different offers to see if it suit your required needs.
Ensure that your service is regulated
Local transfers are considerably different from international transfers. With any international transfer, you should ensure that the safety and security of each transfer is a priority. In order to ensure that your transfer is safe, from a security perspective, you must ensure that the institute where you are seeking the money transfer service is regulated, insured and licensed to carry out foreign exchanges.
While there are plenty of other tips to consider, it is important that your finances are not affected in the long run. Additionally, you should also consider the factors that can affect the receiver.