If you are planning to send money to India, then there are several remittance options to choose from. Here are few tips that can help you send money to another country safely and easily:
1. The first and most important tip is to decide the mode through which you will send money. There are many money transfer options available. If you want to ensure a safe transfer, then you can send money through the bank. Wire transfers are considered one of the safest and fastest modes of international remittance. If you want the money to reach the recipient without delay, then there are online remittance agencies that can help you. Just make sure you are choosing a reputed agency for the same.
2. It is very important to plan ahead so that you can save some money on your transaction. It will help you minimize the cost. If you are sending money to India through electronic mediums, it won’t burn a hole in your pocket but if you are sending it through agencies like Western Union, then it will be expensive. PayPal is also an affordable option because it charges only a 20% transaction fee by using an existing bank account or PayPal account.
3. Make sure you are shopping around for the best foreign exchange rate and transfer fee. Find out the rates being offered by different remittance agencies and banks to compare and decide which option will be easy and cost-effective for you. It helps to do some homework before you start sending money. Only when you do comparison shopping, you will be able to get best exchange rates to India.
4. The fee charged by banks or remittance agencies to send money internationally eats up the amount of funds that are being transferred. If you are sending a small amount, then it will be more expensive. This is the reason why it is recommended to send large amounts instead of smaller denominations every month. Some providers make money through currency conversion. Make sure you are looking up for the current exchange rates when making a transfer. Also, ensure that the conversion rate being used by the bank or money transfer company is close. Current exchange rates are listed by most online remittance website but it is better to verify the same from other independent sources.
5. The service provider you choose needs to be reliable and licensed to send money internationally. Safety and security of your money should be the top priority, especially if you send a large amount back home on a monthly basis. There is a strong need to ensure that the device that you are using to make an online transfer is safe and secure. It should be free from malware or any type of virus. Try not to use internet connection in a public place.
You can send as well as save money so make sure you have sufficient time to research different remittance modes and compare rates.
