There are several ways you can send money abroad. You can opt for bank-to-bank transfer, cash transfer agency, or international money transfer money. Choosing a money transfer service provider can be a daunting task, but it is necessary to find one that best serves your needs. However, before making an international funds transfer, it is imperative to be aware of the hidden costs and foreign exchange rates.
It would be wise to invest your time and explore various money transfer services based on the following factors making an international fund transfer.
● Reliability
The first thing you need to consider before making an international fund transfer is the reliability of the service provider. You must ensure that the agency involved is licensed and RBI-regulated. It is worth noting that banks impose a higher fee but are mostly trustworthy. Be wary of service providers that offer transfer fees and foreign exchange rates that are too good to be true. Make sure to investigate the path of remittance before handing over our hard-earned money.
● Plan your transfer ahead of time
Generally, people make last-minute decisions to transfer money abroad. It may not be the best way to send money overseas. Unless you have to meet an emergency, make sure to plan your transfer ahead of time. This way, you will have the chance to get the best possible foreign exchange rates. It is worth noting that the less time to send money abroad, the higher the transfer fees.
● Foreign exchange rates and other expenses
Before making an international fund transfer, you must gather information on the latest foreign exchange rates and other charges. Your service provider may charge you a flat rate to make an international fund transfer, but there might be hidden costs involved while converting the foreign currency or with the country you want to send money to. To reduce the overall cost, it is advisable to transfer larger funds in a single transaction.
● Convenience
You must also take your and the recipient’s convenience into consideration while sending money abroad. Make a decision based on factors, such as medium to send money (online, cheque, or in-person), cost of the transaction (foreign exchange rates, transfer fees, etc.), speed of transaction (emergency or non-emergency), and convenience of the recipient (bank transfer, cash pick-up).
● Customer service
You will need to ensure that your service provider will always be there when you face problems. Make sure to choose a money transfer service provider with reputable customer service during glitches like delays, etc. You will have to choose a reliable provider that has a reputation in the money transfer market.
