Sending money overseas is not a difficult task. There are plenty of remittance options available online to help you send money to India. When choosing the service, it is required to understand and evaluate the exchange rate fees and hidden cost that are provided by money transfer companies.
You need to invest time as well as explore all the available money transfer options before sending money overseas. If you’re new to the online remittances, then continue reading below. We’ve collected and covered everything you need to know when sending money online.
Check the authenticity of the transaction
The first and foremost thing that you need to ensure is that the transfer company is genuine and authentic. There is a possibility that the agents involved in this process can be unlicensed or charge higher fees than expected.
Though financial institutions and banking firms impose a high fee, they are mostly reliable. Don’t let the high fees discourage you, some providers will charge higher fees due to the additional service provided. One way to check the authenticity of the money transfer provider is to read the reviews and use the comparison services.
One of the services that you can use to compare all kinds of remittance providers is Money Transfers.com. They specialise in finding and comparing the best and most trustworthy money transfer services to help you send money internationally. By using such a comparison service, you will be saving on transfer fees and will get the best exchange rate at the time of the transfer. They will do all the hard work and save you money.
Plan the financial transaction before time
Making last-minute decisions can hurt your wallet, doing your research beforehand will save your wallet and time in the future.
When it comes to sending money abroad, it is important to understand the fees, payments and how the process works. By investing time into the planning, you will find the best provider at a time with the best exchange rates possible. This is a crucial step to saving money, by avoiding the research, you’re more likely to leave a dent in your wallet.
Take into account the rates offered
Before sending money online, make sure you check the current exchange rate and any fixed fees that you might be paying. Always ensure that there are no hidden costs.
To save even more on your transfer, keep an eye on the transfer companies you trust. Sometimes these companies will offer various discounts and bonuses. Also, transferring larger sums in a single transaction will help you lower the costs.
Using a bank transfer can seem like a pretty alternative as it’s simple and easy, however, you are much more likely to overpay because of all the fees. When sending money using a bank, you pay more fees due to several transfers a bank has to make before the money reach the desired destination.
Check the convenience
You must consider the comfort of the recipient and the sender before you send money. Always go for the best available fund transfer alternative on the basis of factors such as the type of transfer (online, in person or check), transaction cost (service rates, exchange rate and transfer fee), transaction speed (urgent or non-urgent), and comfort of the receive (direct account transfer, home delivery or cash pick- up).
Learn about customer service
Customer service is the best support and point of contact if anything happens during the process. When deciding on the money transfer providers, make sure you check the customer service options available. Some providers will rely on the phone support and FAQ section, whereas others will provide you with the live chat or in-store support.
Conclusion
To avoid complications and save money, it is strongly advised to compare the transfer options you may have. Make sure you consider all the factors outlined in this article and you won’t have a problem with sending money to your friends and your loved ones.