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What are the factors you need to consider when sending funds?

What was once a means to ensure survival and stability, has now transformed into an industry of its own. Previously, individuals who have travelled or settled abroad have always looked for options and means to send funds home, in the most quickest and convenient manner.

Today, the money transfer services have evolved, to offer more than just a convenience and fast service. They have also offered the means to track your transfer, get real time updates about your transfer and even opt for the means of delivering or receiving the funds. Additionally, money transfer services have gone beyond its primary function, which is namely money transfer. Now you can even transfer funds to purchase goods, to sell products, to donate funds to a charity or organization amongst many others.

But while there are plenty of services you can opt for, the fact remains that you will need to consider certain factors when opting to send money from any destination and for any purpose. The following factors you need to consider when opting for the best way to send money to India:

Time of the transaction
You may have heard how the financial market’s volatile conditions have affected monetary rates. This is no different for money transfer services. When sending funds from one country to another, the one factor that is taken into consideration is the currency conversion value. Therefore, when you are sending funds, you will need to take into consideration the time of transfer, as the currency conversion value will be locked in at that time. Additionally, you will also need to take into consideration the season when you are making a money transfer. Certain seasons before festival and auspicious times will have a higher demand of money transfers. Therefore, the charges for the money transfer will also increase during this time.

Location of the transaction
Most of the money transfer institutes do offer global coverage. However, these global coverages will also have certain restrictions pertaining to the limitations of their own services. For example, an institute would have the means to make a money transfer from their own branch in the rural areas, but not to another institute. Additionally, while such institutes would offer the best way to send money to India to a rural area, they might charge an extra fee for locations outside their coverage. Therefore, you will need to consider the location from where you would be transferring or sending funds before opting to send money.

Customer Service
What happens when you want to know more about a particular transfer scheme but don’t know where to get the information from? What if you have queries about the rates of the transfer service, but don’t know who to contact? What if you need to know what steps to take before you make a transfer? Plenty of individuals have such queries but insufficient information on websites or other sources may not provide a satisfactory answer. This is where the customer service arises. Do check if the institute has a customer service, so that if you need any queries answered, you have the ideal source to contact.

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