The number of individuals who have traveled abroad and settled for reasons such as better extended studying, earnings or migration purposes is increasing every year. However, while these individuals may travel abroad, they still keep in touch and provide for their families at home. Most individuals take this step, by sending money back home, in order to reduce any possibility of financial burden or as security sake.
However, sending finances from one country to another takes considerable planning. As the sender will need to consider several factors when making a decision to send money to India, very often, each decision taken is a calculated one. If you are looking to transfer any funds to India, here are certain steps you can take:
Step 1: Look at all your viable options
Each individual will have different financial requirements as well as habits. Based on these factors, you can opt for a sending option that will suit your needs and requirements. Most of the sending options include:
• Bank or financial institutes
• high street transfer firms such as the Western Union
• Forex brokers
As a general rule, banks and financial institutes are the safest options, especially if you are considering regular payments. Alternatively, money transfer firms are often quick, especially if you need to send funds in an emergency. Forex brokers are the best choice for those who want to send large amount of funds, as they provide the best protection against fluctuating foreign conversion rates.
Step 2: Ensure that you are aware of the costing
When you send money to India, the overall amount you will spend will not only include the amount you need to send. You will also need to include additional costings, which include:
• What is being charged by the firm when transferring the money
• The charges the recipient may incur when converting the funds into the local or another foreign currency
• The current foreign exchange rates
How much will it cost, when transferring funds from abroad is obviously a key consideration. You will need to find out the total amount of foreign currency you will by after all the costs have been done.
Step 3: Confirm all details before making the transfer
Once you have settled on the best option, you will need to consider the transfer. At the same time, ensure that they will be able to manage the amount you need to transfer, within the time limit you want. The best way to ensure this, is by getting a written proof through the means of an acknowledgement receipt or email. Ensue that you keep all the paperwork and receipts as evidence in the event something goes wrong or you need to provide proof.