Sending Money Abroad- 5 Top most asked questions- 2017 Edition
Sending Money Abroad-5 Top most asked questions. For Studies Abroad or to Loved Ones. Faster & Better Rate than Banks. Safe, Secure & Reliable.Â
BookMyForex.com analyzed millions of queries and issues asked by customers, and here are the 5 Top most asked questions- when Sending money abroad.
Your son or daughter is living their (and maybe, your) dream of studying abroad. You feel like a proud parent because you helped to fulfil that dream. The new semester has just started. You need to send money abroad for their tuition fees. You have questions but no answers. Your son or daughter did all this thinking for you the first time. But they are far away now and you will have to figure out this one on your own.
It is time to stop worrying about sending money abroad. Just sit back and dream of the glorious future of your kid. Because BookMyForex.com has helped more than 2,50,000Â customers with their forex needs. Our customers have questions, we have answers.
The  “5 Top Most asked questions by the parents” answered for you:
1: What do I need to send money abroad?
- Bank details (yours in this case).
- Recipient’s details – their name, address, name, and address of the bank, the country they hold the account in. You will also need their International Bank Account Number (IBAN) and Bank Identifier Code (BIC)
2: What are the Pros & Cons of using different Money Transfer Services?
| Money Transfer Service | Pros | Cons |
|---|---|---|
| Banks |
|
|
| Foreign Exchange Reatailers |
|
|
| BookMyForex |
|
None |
3: How long will it take?
It depends on which service you choose to send money abroad. Sending money abroad via Banks or Money exchangers causes unexpected delays because of banking procedures and documentation. When you send money abroad through BookMyForex.com, the documentation is minimal and we take care of all the procedures for you. You will have the funds in your son’s or daughter’s account in the next 12-48 business hours after using our money transfer services.
4: What if something goes wrong?
What if something goes wrong and your son or daughter abroad is still waiting for the money? First and foremost, check for 24×7 Customer Support available. You want someone readily available to talk to or email to when you have a question or a concern.Â
BookMyForex’s customer support team is available 24×7 on every Social Media Channel, phone or email to answer your query, concern or question.
5: What are the fees and charges are involved in Sending Money Abroad?
Studying abroad is expensive. You would like to pay the exact amount and the government taxes. Not a penny more. But banks and money exchangers charge a minimum of 2-6% when you use their services to send money abroad. The exchange rates they give you are made up daily rates and not the best. The tuition fee is usually in millions and if the rates are unfavourable, you end up way paying too much. These extra charges are frightening and burdensome on you. But sending money abroad through BookMyForex saves you a lot of money as shown in the image above. We have live & transparent rates with no hidden charges fees. But if you can find a better rate quote, we promise to beat it.Â
When You Send Money abroad through BookMyForex:
- There is zero fee & no hidden charges
- You can set rate alerts to get your preferred exchange rate
- If you like a rate but want to check the exchange rates of banks & money exchangers, you can always ‘Freeze’ the rates against a refundable deposit of 2%
We have answered your concerns about sending money abroad. You may still be wondering about ‘How to Send money abroad’? Well, BookMyForex, which is India’s first and the largest online marketplace for currency exchange and international remittances will help you with the transfer. Â Visit the website or call us on 09212219191 and we will help you with the money transfer.
Tips to Remember When Sending Money Abroad:
The RBI’s ombudsman suggests customers take care when sending money abroad and offers these tips.
Tip 1: Exchange rates change by the second – make sure you know the exchange rate. And the amount the recipient will receive so as to avoid unpleasant surprises;
Tip 2: You need to be absolutely certain about the account details of the recipient;
Tip 3: International banks can take longer to credit customers. If timing is important, make sure you know when the funds will arrive in the overseas account;
Tip 4: Complaints are rarely made about withdrawing money abroad. But the ombudsman suggests fixing the exchange rate for a fixed period to avoid getting stung during the transfer.
About the Author
Nitin Motwani is the founder and CTO at BookMyForex. A former Silicon Valley professional, Nitin is devoted towards his vision by coming up with innovative tech-driven products. In his free time, Nitin likes to compose music and play the guitar.
