It could be very simple to select any money transfer service and send money to India. However, there are several important factors you will need to consider before taking this step. For one, you need to consider the foreign exchange rates as they are constantly fluctuating. At the same time, you also need to be aware of the charges and fees before initiating a transfer. Apart from these factors, there are plenty more that can make a difference to your money transfer.
Given below are some tips you can consider to help you make an informed decision that will help you save time and funds with any international money transfer to India:
• Compare the different money transfer services available in your destination. It will only take a few minutes, especially if the services and rates are presented online. In this way, you can compare for the beset exchange rates, transfer fees and the most reliable service.
• If you must, make a single large money transfer as compared to multiple transfers. Large money transfers will attract fewer fees and charges, as compared to smaller and multiple charges. If you most, look out for services that offer specialised services for small transfers for better exchange rates and fees.
• You need to be aware of the transfer limits. Normally, the transfer fee will be incurred depending on the amount of the transfer. So the more you transfer, the higher the fees will be.
• Pay close attention to the total cost you will be spending to send money to India. While the incurred fees may be low, the exchange rates could be high. On the other hand, a higher fee could be worth your expenditure, if the exchange rate will benefit you. In order to get a true comparison, calculate the final amount the recipient will obtain
• Don’t pay additional fees to make the transfer, unless there is an urgent requirement to do so. If the funds don’t have to be wired urgently, you can opt to choose a standard transfer, which will save your money and unnecessary charges.
• Keep a look out for fluctuating or indicative rates, especially when making an international money transfer to India. The foreign exchange market is always active and always changes by the second. In other words, you can experience a significant plummeting or soaring of rates in a short span of time. Any transfer made during this time will benefit you or affect you. The only way to avoid such a situation is to be observant of the rates.
• Always stay informed about the procedures, alternative options and liabilities you may face in case your funds are not transmitted promptly. Don’t be afraid to ask for clarification or details whenever required. If you must, keep the second option in consideration so that you are prepared for any transfer during emergencies.