Need To Send Money Abroad? Read Through These Tips

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.

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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.

 

 

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Places Where You Can Exchange Foreign Currencies

Foreign currency is a significant part of your travel to some other country. There are a lot of questions about currency exchange which can blow your mind. What is the right time for money exchange? Should I consider it before departure or abroad? Should I prefer a money changer or a bank? With all these options you may get in a dilemma to choose the best place where you can exchange currencies. Read through to know the best choice for you.

1) Exchange Currencies in Banks :-

You can go to your bank and order foreign currencies. Most of the banks do not provide foreign currencies immediately and you’ll have to wait for few days to receive the money. Moreover, as exchanging currency is not the main activity of banks the rate at which they change your money may also be unfavorable. Sometimes you may also need to pay a fixed commission amount.

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2) Check Money Changers & Currency Exchange Dealers in Your City:-

Money changers are specialized in the craft of foreign currency exchange.  These professionals are more competitive than the banks. You can choose the money changing company in Chandigarh that offers competitive rates on the currency you need. You can compare the difference in rates between all the money changers in your area and make a decision. The comparison is more important when you want to purchase a rare currency.

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3) Order Foreign Currency Online :-

You can also conveniently order foreign currency sitting at your home at very competitive rates. Many currency exchange offices provide the facility to order foreign currencies online. You will receive your bank notes by email at your place. There are some money changers that allow you to order online and then you can pick the money from their office directly.

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4) Find Money Changer Abroad:-

If you have decided not to exchange money in your home country you can find an office to change the bank notes for you abroad. You can carry a minimum amount of money with you and then withdraw money or find a currency exchange at the airport of your destination. However, the currency rates at these places may not be the best. You can look for a competitive money changer and ask them verbally how much net currencies you get for the amount of money that you exchange.

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Do not fall victim of dishonest money changers who charge you a lot. It is better to tour the money changers in your own country as the rates they offer are lesser and you can get a good deal than abroad.

 

 

 

 

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Remittance rules every Indian student going abroad should know

The process of transferring funds from your account to an account which is set up in another country. The service for foreign exchange transactions in India comes under Foreign Exchange Management Act (FEMA). The Liberalization Remittance Scheme (LRS) was introduced under this act; it is the part of FEMA which specifies the instructions regarding the exchange of money outside India for the purpose of education. The annual limit set by RBI is $250,000.

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Remittance rules to be followed by students

  • The total exchange amount is USD 2, 50,000, but in the case of excess financial requirements for purposes of medical expenses and maintenance of close relative abroad, the limit can be exceeded with permission of RBI on submission of documents proving the need of more money.
  • All foreign exchange made as gifts or donations fall within the LRS and can’t be accounted as a separate remittance.
  • An individual may be permitted to avail more expenses related to studies abroad than the LRS limit of $250,000 if it is required by the university or institute offering the course.
  • Students who have taken a loan abroad for studies can return the same upon coming back to India under LRS.
  • For travelling purposes, the student is allowed to purchase and carry foreign currency up to USD 3000 and balance in the Forex travel card up to USD 7000.
  • In case the recipient is minor, the natural guardian must sign the LRS declaration form.
  • If an individual sends an amount under LRS in a financial year, the updated limit for that individual would reduce from USD 250,000 by the remitted amount.
  • In the case of obtaining a loan from an authorized dealer in India, a resident’s close relative is eligible to pay back the loan.
  • Indian resident can include non-resident close relatives in their bank accounts as joint holders, but they are not eligible to handle the account.
  • An NRI can be permitted to create an NRE/FCNR(B) account with their resident close relative. The close relative is eligible to manage the account as the power of attorney holder during the lifetime of NRI.

The international money transfer process is very complex, but the foreign exchange company in Chandigarh can make it easier and beneficial for you.

 

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   Things to consider before money transfer

 

Transferring money by check, cash, bank draft or money order in modern day technology may seem old-fashioned. These methods are less popular when there are faster electronic methods to transfer money between accounts, states and even countries. If cost is the primary concern then there are inexpensive options to transfer money.

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Some points to consider:

1.What is the total fee?

Ask about the entire fee, so that you do not end up paying more than expected because the fee can make money transfer expensive. Some banks have set amount to transfer any amount of money. The fees vary from one bank or money transfer organization to another, and even by the country where you want to send money.

2.How much money will be received by the other person?

If the money is transferred to a prepaid card, then the cardholder may have to pay a fee to use it. In addition to the fee charged to you, the person receiving the money may have to pay a fee or a tax to collect the money.

3.Ask for the exchange rate

Some businesses are looking to make a profit on money transfer by charging a high exchange rate and keeping the difference. Make sure you ask about it and confirm whether it is reasonable.

4.Can you avail a discount?

Some businesses offer a reduced rate if you are sending a large amount of money. Find out whether you can get a discount.

5.Does the money transfer business have a good status?

Make sure that the business is reliable before you hand over the money to them. If you don’t know about it then ask your family, friends and members of the community about their experiences.

6.What is the guarantee that the money is received by the other person?

Check to see whether there is any kind of protection to make sure that recipient gets the money, and how to confirm that the person has received it. Always get a receipt and transaction number for the money you transfer so that it is easy to trace.

7.Do you need to show identification?

Ask the company what type of identification or other documents you may need to provide while transferring money. Ask if there is a definite type of I.D. the recipient will need to show to collect the money.

8.What happens if things go wrong?

Problems can occur during money transfers. For example, it may take a long time for money to arrive. Ask about what steps to take and whom to contact if there is a problem.

If you are looking to transfer money to someone then doing a little research can help you find the best companies offering money transfer services in Tricity.

 

 

 

 

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Top Tips for Exchanging Money

 

Planning to travel to a foreign country? Worried about the expenses, surcharges and exchange rates associated with it. It is one of the most important tasks to do before traveling. A good survey is required to find the best currency exchange company in the city. If you are living in Chandigarh and looking for currency exchange service, we have some tips for you:

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  • Know The Rate In Advance: The most overlooked question is looking for a currency exchange rate. Before you visit the market, do an online research about the current market price. You can get online currency conversion sites which can give you an idea about the price you are going to pay.
  • Avoid Those Who Take Commissions: Nobody likes to pay commission. Avoid the exchange booths who charge commissions. If it is written “commission free”, then also be aware as you may end up paying a great exchange rate. Do the calculation yourself and pay the right price.
  • Avoid Paying Hidden Charges: Many companies have hidden charges included when you exchange the money. Look for those charges and try to avoid paying them by asking the provider to clarify.
  • Keep Some Dollars: The USA dollars have a great value in the market and are widely acceptable. In case you run out of currency during a strike or nighttime, the US dollars may act as a savior and help you. So, keep some in your pocket for sure.

Follow these simple tips to s13233001_938497829581124_4323347121185014371_nave your money on the currency exchange and get the best deal out of it.  Have some information before hand when you step into the market for the services. Be sure that you get the exchange before and never leave it to the last minute. Airports offer very high charging commissions and poor rates as they have the monopoly for the last minute customers.  Plan well; it can actually help you save hundreds of dollars.

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Understanding the Procedures of Outward & Inward Remittance

Sending money from India or Outward remittance can be a daunting procedure for common people as well as foreign businesses. There are several schemes and regulations that limit the amount of money that can be remitted for various purposes. The Foreign Exchange Management Act (FEMA) regulates all transactions that involve foreign exchange. Check out the below steps that can be followed by you to sail through outward and inward remittance process.

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Contact the right financial institution

Outward remittance in India is usually provided by major banking institutions. For outward remittance service in Chandigarh, it is better to consider any major bank with an international footprint or a financial firm which has been in business for several years. It is recommended not to trust any individual or financial firm which is unreliable.

Select the mode of Transfer

You have the option to send the money by 2 modes:

  • Foreign Currency Demand Draft (FCDD): This draft is denominated in foreign currency and should be drawn in favor of beneficiary or recipient.
  • Wire Transfer: Also referred as SWIFT, is a secure and standardized system by which banks can correspond to each other. Though its charges are higher it is better than FCCD as the transfer can be made within 24 hours.

Process of Remittance

You need to fill remittance request form mentioning purpose behind sending money abroad. If the amount is large then the source of money also has to be indicated. Apart from this form A2 has to be filled along with a certificated from a CA (chartered accountant). RBI has placed an annual cap of $200,000 per person.

Regulations

RBI does not allow remittances for gambling, margin trading and lotteries. You can check the norms of FEMA if the remittance is allowed. You must also be wary of the regulations of the country to which you are sending your money to. Also, check the amount that you can transfer per transaction and total transactions permitted in a year.

Inward Remittances

If you are collecting your money in cash do not forget to carry a photo ID such as Passport, Voters ID etc. Apart from bank channels and wires foreign currency cheques can also be issued which can be encashed in any branch in India. Online money transfer is one of the most widely used modes of money transfer these days.

Keeping the above given points in mind can help you have a hassle-free outward and inward remittance. Apart from these if the money is sent for investment purposes these must be in line with the GOI norms for NRI investments. Moreover, if the payment is not received by a receiver within 45 days of money transfer, the money is refunded to sender after administrative cost deduction.

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Money transfer safety tips

In today’s time, a need can always arise when you need to trmoneytransferansfer your money to your relatives and friends residing in India and abroad. But the main question arises as to how safe is the money transfer? The two main choices to transfer money are offline and online. But before deciding which one to choose from the above choices you need to keep some points in mind.

1. The size of the company:-Let’s say a company is new in the market and has a very small size office. There is a possibility that they could probably be a fraud and you could lose your money. To avoid this prefer a well known or an experienced company. There are many experienced companies in the market some of them are Hedge Money, Western Union, and Money Gram.

2. The amount of the money to be transferred:-For a large amount of money, you could prefer the offline mode. You can transfer your money via renowned and reliable money transfer organizations as there are secure. Any person depositing the money via a reliable money transfer organization needs to give their full identification.

3. The exchange and the fee rate of the organization or bank:-Another important factor is the fee and the exchange rate charged by the company on the money transfer. Prefer the company with higher exchange rate because higher the exchange rate, more is the total amount of money received by the receiver, which is irrespective of the fees charged by the company.

4. The procedure for money withdrawal and compensation:-If the receiver doesn’t receive the money on time or if due to any issues the receiver is not able to withdraw the transferred money, it’s advisable that the customer asks their money transfer organization for compensation.

These are some of the simple tips that you need to follow to have a safe money transfer, and help you to stay away from any web frauds. Money transfer is a blessing in disguise but needs to be used carefully or else could become cause big loss.

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Tips for Transferring Your Money Internationally

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Sending money internationally involves a lot of hidden charges, paperwork and security issues.  In case you need to send the money on regular basis- you have to pay a mortgage to the family member who lives abroad. This makes the process very difficult and time taking. Here we have some tips which can help you in making the money transfer experience hassle free, smooth and cheap.  
1. Look For Best Rate Of Exchange: Research is the wow factor which can help you reduce the burden. You can try comparing the rates offered by the banks and different money transfer services in you city. Banks often offer a higher rate as compared to other institutions so it is always better to do a survey and find the best possible rate.

2. Do Include The Country Where You Wish To Send The Money: Some of the transfer companies have special offers for a particular country. So do not forget to include your country’s name you may get some promotion offer such as $0 fees for first 15 days after your first transfer to USA or 0% Interest rate for your transfer etc.

3. Look For Cheapest Fee: For those who send the money on a regular basis, the transfer fee is as dangerous as the exchange rates. So ask the transfer service about any offers available on transfers. If you are a regular customer they may offer you free transfers in exchange of some monthly fee. You can decide which offer is more feasible and choose your fee accordingly.

4. Be Safe And Secure:  Safety is of utmost importance when it is related to your financial matter. One of the best ways to check for safety is to make sure that the agency you are using is regulated by a renowned agency. Most of the services are regulated by the government legislations.

5. Get A Rate Alert:  You can ask your foreign exchange broker to set up a rate alert in your favor. This can help in making regular transfers easy as you can use the service when you get the best possible rate.
It is advisable to get a professional advice from well experienced experts. If you are looking for finest money transfer services in Chandigarh with best possible rates and hassle free services you can feel free to contact Hedge Money Private Ltd.

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