Such is the complexion of the globally connected World that we live in today that time and again we end up travelling to different countries for work. Sometimes it is for a work trip, sometimes for leisure, and at other times in view of permanently shifting base. As a result, money transfers from within the country or from abroad are now commonplace. And then there’s the capital inflow that benefits India as a whole on a macro economic level. In fact, the World Bank has estimated India to receive in the tune of $65.5 billion in 2016 despite a drop of 5% vis-à-vis 2015.
Now, on an individual level, one may often need to transfer money to or receive from a family member residing abroad.The key to ensuring safe, secure and hassle-free money transfers is to inculcate these three crucial practices: –
Stay Updated with the Exchange Rates
If you believe that your service provider always offers you the best exchange rate, then you aren’t being thorough enough. To ensure that you make a wise decision, you must always keep a tab on the foreign exchange rates as they are constantly fluctuating.
Choose the Medium of Money Transfer Wisely
The first step to ensuring a smooth and worry-free money transfer is to choose the medium to transfer the money wisely. To decide that, you would need answer to certain questions, like how much money do you wish to send, how often do you need to send it, how quickly the money needs to get there, how does the receiver prefer to receive it, and how much will it cost. Once you have the answers to these questions, you will have to choose one from:
When one has to send money on a regular basis along with quick money transfers, banks and NBFCs make for the most viable mediums as they have a well-defined step-by-step mechanism in place to ensure safe and efficient money transfers.
Check for the Service Charges Being Levied
You ought to, without any hesitation,ask about the service charges involved as that can quietly add on to your transaction. Your task must be to identify a money transfer service that provides reasonable and possibly discounted transfer fees for overseas payments. Additionally, it is ideal to opt for a service provider that doesn’t levy service charges for inward remittances i.e. receiving money from abroad.
Other Factors to Consider while Choosing a Service Provider
Along with this trivium of practices, the other important factors that should dictate your choice of a service provider for money transfer include: –
Even though Money Transfer has become highly accessible these days, and much more convenient than what it used to be, it is imperative that you do your due diligence before sending or receiving money to or from your loved ones abroad; this short but precise guide will help you do just that.