Summary :- Whether you are sending money for personal reasons or educational purposes, it is crucial to evaluate certain factors before proceeding. This blog aims to provide an overview of the key considerations to keep in mind when sending money abroad.
Cross-border money transfers are becoming increasingly common in today’s globalized world, and Indian citizens are no exception. Whether it is for personal reasons, such as supporting family members or for education purposes, sending money from India abroad from India requires careful consideration of various significant factors. In this blog, we have summarized all those important factors to keep in mind when sending money overseas.
1. Exchange Rate
The best exchange rate is crucial to ensuring that your international money transfer is as cost-effective as possible. A more favorable exchange rate could result in significant savings especially when you are transferring a large sum of money. Don’t just use the bank because it is something you are familiar with; online forex platforms offer more favorable rates than banks.
The conversion of currencies or the transfer of funds may include a hidden cost in the form of a rate markup, so be aware of this. In particular, banks may charge a premium of up to 3-4% on the rate whereas some reputed platforms usually offer rates with minimal markups over base rates. Hence, prior to making an international money transfer, it is advisable to perform some in-depth research to find the best exchange rate.
2. Transfer Fees
Another critical aspect to consider is the transfer fees charged by different service providers. Various banks, money transfer operators, and online platforms offer cross-border money transfer services, each with its own fee structure. This can either be a set amount or a percentage. There are some local banks that charge a transfer fee between Rs 500-1500 for international money transfers, whereas there are online platforms that charge a minimal fee or none at all. On top of transfer fees, an individual may have to pay foreign conversion fees and service taxes.
It is advisable to compare and choose a reliable service provider that offers minimal transfer fees. By doing so, one can minimize the costs associated with sending money abroad. If you are planning to transfer money abroad, you should also research any offers, discounts, cashback, or any other foreign exchange deals offered by reputable online forex platforms. When you take advantage of these offers, you can save even more on your money transfers abroad.
3. Reliability of the Transaction
Make sure you do not make your remittance decisions solely on the basis of a lower transfer fee or the best exchange rate. It is equally important to ensure the reliability of the remittance platform. There is a possibility that the company or the agents involved are not licensed. While banks and financial institutions may charge a slightly higher fee, you can’t deny the fact that they naturally possess a high level of trustworthiness.
Security and compliance are of the utmost importance when it comes to cross-border money transfers. When sending money overseas from India, individuals should choose a reputable service provider that adheres to strict security protocols. Prefer a company that uses encryption to protect both your personal information and your money. As a result, you’ll be able to safeguard the funds and ensure that the transfer is legal and transparent.
4. Transfer Speed
When transferring money abroad, it is important to take into consideration the speed of the transfer process. It is unfortunate that many people still choose to use bank transfers, which can take 1-5 days to complete. The world has changed, and international money transfers are driven by technology now. Therefore, financial institutions should not only facilitate the ease of transactions but also facilitate speed.
Would you be willing to wait up to five days for your money to reach your loved one? For sure, you wouldn’t. Therefore, use a reliable and recognized service that can ensure a prompt and efficient transfer, which generally takes 12 to 48 hours. Contact the provider or their customer service team in advance to confirm the transfer speed. To put it simply, the delivery time of your money transfer should be considered before you make your decision.
5. Convenience & Hassle-free Process
Choose a money transfer service that offers you the greatest degree of convenience. Now that everything is digital, you need not spend time traveling to the bank and you should be able to transfer money abroad from home. When the whole world is getting revamped with technology, the rise in fintech solutions around the world has eased financial transactions.
Now, you do not need to submit forms, certificates, or licenses in order to send money overseas. In most cases, all you will need to upload is your ID, address, and a few other details for compliance. And boom! You are ready to send money to your beneficiary overseas from the comfort of your home. So, make sure that the money transfer service you are using is very convenient and really easy to use.
6. Customer Service
Help is always handy if you run into problems or have doubts. When you have worked hard for the money, it is necessary to ensure that the remittance is accomplished in a timely and reliable manner and that a customer support team is available to answer your call and prioritize your needs.
In the event of issues such as delayed or undelivered payments, having access to reliable assistance is essential. Make sure the remittance provider you select has a reputation for excellent customer service. This key factor must be taken into consideration prior to the money transfer in order for the transaction to be safe and hassle-free.
Choose the Best Way to Transfer Money Abroad
It does not hurt to be careful, so make sure you consider all the factors above before transferring money overseas. There are tons of different financial institutions and forex platforms that specialize in sending money. Out of these, BookMyForex is one of the best money transfer services for international transfers in India. Here are the benefits of using the BookMyForex platform:
- Transfer at LIVE & TRANSPARENT Forex Rates
- Zero Transfer Charges (use promo code: ZEROBANKFEE)
- Up to 5% Savings on Standard Bank Rates
- 24×7 Online Booking Option
- Safe & Secure Transfer (Funds Transferred via Reputed Banks)
- On-call and Online Customer Support
- Funds Sent Abroad Within 12 – 48 Hours