For Indians staying abroad, money transfer to their homes in India, is perhaps the most overwhelming feeling. Especially when there are so many choices and channels to make quick money transfers, choosing the right service can be a difficult. However, transferring money internationally has suddenly been transformed into a lucrative exercise for both money transfer companies and customers. But how can you actually benefit from simply moving money from one account to another? Is it easier than you think? Yes it is, if you are provided with a correction information.
If you are looking for the best options want to send money to India, it is important to do some research. The best deals are never beyond reach, but you need to look around before you find them. You may choose to do a money transfer via your bank or any other traditional way of money transfer. Your choice will purely depend on how comfortable you are in terms of trusting the service provider. It has been observed that, those new to the money transfer scene, often choose banks over any other methods of transfer purely keeping safety on their mind. This unshakeable belief that a bank will never dupe its customers compels them to stay content with whatever rates it offers. Today, however things have change and more people opt for an online money transfer service provider. But it is very important to understand the factors more closely nd one need to understand the basic dos and don’ts of them.
The Dos
Do some research –
The first, and probably most important, piece of advice is to really research which provider is best for you. If you’re currently using your bank as your money transfer provider, have a look at its biggest competitors. It’s better to go through reviews of active customers and their feedback towards the service provider. Or you can make a list of few best online money providers and later select the best amongst the rest.
Do keep an eye on exchange rates –
You don’t have to be an expert banker to keep an eye on changing global exchange rates. Some exchange rate companies will have a check list of the latest fluctuations. If you know the current exchange rates, you know that you’ll get a good deal. Also make a point to ask the support team of the online money transfer provider for transparent rates at the moment of transfer – not many will give this away unless asked.
Do think about convenience
Think about when you need your money to reach the foreign account. With banks or transfer agents, money can take between eight to ten working days to arrive, whilst a good online money transfer provider can complete this transfer within one to three working days. Some will offer an even quicker service if required, so make sure you find out exactly how long your recipient could be waiting.
The Don’ts
Don’t neglect security –
Incase you opt for an agent or broker, you may be fooled easily. With banks it is very important to check with their securtiy measures. However, online money transfer websites have a security button, which explain the features and their transaction pages also contain a secure setting in the toolbar.
Don’t panic before selecting the right provider –
Before you select any option, and after selecting a provider to complete the process of money transfer, make sure that you take suggestion from those who have used the service. Don’t panic incase if you don’t get any guidance. Internet is a man’s best friend and you will get a chance o know more about all the measures there itself.
Don’t forget to look for hidden fees –
One of the main reasons people lose out a lot of money is due to the extortionate fees companies charge. This often comes in the form of a transaction fee (which are hidden charges). But there are lots of online money transfer companies out there that don’t charge any hidden fees.
So make your money transfer to India process simpler and inexpensive by selecting a good money trnasfer service provider.
