If you have ever sent money internationally, you may know how difficult it is in terms of paperwork, security issues, hidden charges, etc. Here are few tips that can make the entire process of sending money abroad smooth, cost effective and hassle free.
1. Search For The Best Exchange Rates
Banks do not offer the best exchange rates, especially when you need to transfer a lump sum amount. It is better to avail the services of any money transfer company in India. To be on a safer side you can compare the rates of various foreign exchange providers and choose the one that offers you the best deal.
2. Choose The Mode Of Transfer
The outward remittances can be either made out by SWIFT transfer or foreign demand draft. Though demand draft is the most inexpensive way to send money abroad, however, it consumes more time. The SWIFT or wire transfer is usually credited next working day but substantially higher charges are levied.
3. Check If The Service Is Regulated
Safety and security are of paramount importance in any international transfer. One of the best methods to assure the safety of remittance from a security point of view is to ensure the service provider you choose is regulated, insured and has the proper license to carry out foreign exchanges.
4. Do not Transfer Money On Weekends
It is better to transfer money on weekdays i.e. Monday to Friday when the live exchange rates are available. On Saturdays, Sundays and international public holidays the international markets are closed. Thus, on these days, the exchange rates that are quoted are not live, but the close estimate and are usually higher than the live rate.
5. Online Transfer
The online transfer is not only faster but also affordable. It reduces the probability of errors and provides customer notification on the spot. The time to accept or reject the transfer is reduced which cuts down on the processing time and also reduces cost. It is secure and easy to use. You just need an account and can make the payment via your debit/credit card.
6. Rapidly Fluctuating Rates
The market for foreign exchange never sleeps and the exchange rates change rapidly and can significantly soar and plummet in a matter of weeks. One should not look at the individual daily prices as they may be volatile but rather the overall trend of the market. If the market is heading upwards it makes sense to wait for few more weeks.
Though the process to transfer money abroad is complex but it can be made beneficial by the adoption of diligence on the part of the individual who wishes to send money. When you couple the above-mentioned tips with a reliable money transfer service provider you will surely get best rates with enhanced security.