There are several remittance options available to remit to India. Selecting a money transfer service also becomes a tiresome activity. It is not mandatory for all transactions that the service you regularly select is the best available one. You must take care of the hidden costs and exchange rate fees provided by banks and financial institutions and be aware of them.
Before making an overseas foreign money transfer, you should spend time and investigate the different money transfer services based on the following factors listed below:
- Make sure the remittance firm is reliable. It may be an unlicensed organisation, or the agents involved may not have a license. Banks and financial institutions can levy a higher fee, but they are often reliable. Let your preference of remittance be decided by less transfer fees or higher exchange rate. Examine the payment remittance journey right from the sender to the receiver.
- Individuals make many last-minute decisions to send money, and their final choice may not always be the right choice. Barring emergencies attempt to prepare ahead of time the remittance. Look for the best possible offered exchange rates. The less time you must send cash, the greater are the transfer fees and bank remittance
- When sending money, the convenience of the sender and the recipient should be considered. Choose the best choice for sending money based on factors such as the medium for sending money (online, cheque or going in person), transaction costs (service rates, transfer fees, exchange rates), transaction speed (emergency or non-emergency) and recipient convenience (direct transfer to the account, cash pick- up, or home delivery).
- If you face difficulties or have questions, it is always helpful to have support at hand. Ensure that in case of glitches such as delay or non-arrival of funds, the remittance company you select has reputable customer support. KYC problems, regulatory checks, or just simple server downtime that can interrupt transactions may occur. You require a service provider who understands your needs and can address problems proactively and relieve your fears.
You must ensure that the remittance services get carried out reliably if you have worked so hard for the cash. You can be assured of a safe, stable, and advantageous transaction if you take these five main factors into account before the money transfer.