Articles
Mistakes to Avoid While Choosing Money Remittance Services in Amritsar
by Shaswata Ghosh DM ExecutiveMoney remittance is a fast-growing industry, with the number of users and customers increasing exponentially daily. However, not every user is an expert. Only a selected handful of customers know what they are doing. The rest of the audience leaves everything up in the hands of the currency exchange company they are dealing with. This leads to a lot of mistakes on the customer’s part, which can end up costing them dearly. It is in the best interest of the user base of money remittance services in Amritsar, to get acquainted with the process of it all. If that endeavor is too overwhelming, then at least, knowing the mistakes and avoiding them can prove to dramatically improve the experience.
Mistake 1: Not Looking Around And Comparing The Best Currency Exchange Rates
Not comparing the best exchange rates is by far the most common mistake among the users of money remittance services. Most users are reluctant to give that extra effort to look for alternatives and stick to one which they are familiar with or is nearest to them. Unsurprisingly, there is also a significant number of users are who are unbeknownst to the fact that different money exchange companies and outlets offer different exchange rates. Banks, for instance, offer the least valuable rate. Dedicated currency exchange companies offer much better and more profitable rates, however, there are inconsistencies here as well. Some offer much better figures than others. This is why comparing currency exchange rates is all the more important and profitable to the end-user.
Mistake 2: Not Taking Transfer Time Seriously
Believe it or not, the time of transferring money via outward remittance can affect the process drastically. This factor is all the more important if the money to be transferred has a deadline slapped on to it. While online remittance is undoubtedly faster than offline, traditional means, the process has the potential to deliver even quicker speeds.
Holidays are one of the major factors behind delays in the completion of an outward remittance transaction. Money is transferred through either a bank or a currency exchange company. Holidays mean no working days, which means it will take longer for the money to be credited to the recipient’s account. Make sure that neither the source country nor the destination country of the money being transferred, has holidays within a day or two.
ETA of transfer is mentioned in the transaction details when doing online money remittance before the user hits the “Confirm” button and proceeds with it. Make sure not to overlook this small detail. ETAs can also be compared across various vendors and the one with the quickest can be given preference to.
Mistake 3: Falling Helpless Victims To Blatant Scams
Scammers are always on the prowl. Thanks to the advanced security and encryption technologies, their presence may have decreased, but they still explore gaps and exploit chinks in the system to scam clueless users. Unfortunately, those who fall victim to these exploits of unscrupulous characters often jump into the net with the simplest of efforts of the perpetrators. More often than not, customers are asked to send a small amount of money to accounts of unknown persons, which ends up in a big withdrawal. Many people click on links which they shouldn’t have, resulting in money being debited from their account. Another common instance of scams is when people take the help of unverified and self-proclaimed money exchangers to do money remittance.
All of these can be avoided easily. Brushing up on the method of identifying and avoiding online financial scams can be a strong safety net. Customers should only avail services from a company that has a proper Category II certification from the Reserve Bank of India.
Mistake 4: Using Banks To Perform Outward Money Remittance
Banks may be good for a lot of things, but outward money remittance is not one of them. There are many a reason why banks fall behind when it comes to foreign money transfers. They offer exorbitant rates that fall far behind what dedicated companies can offer. The unfavorable rates are not the only issues. Banks also charge quite steep service fees, ultimately costing the customer more than what they would have to spend. Adding to the woes is the sluggish transfer speed. Banks, especially centralized ones, enjoy more holidays than any dedicated currency exchangers. Only a handful of banks are enlisted on the SWIFT network, which is the standard portal for quick money transfers.
Currency exchange companies providing money remittance services in Amritsar are way more advanced than banks. They not only provide better, more value for money rates, but also have lower service charges. Reputed companies also offer blazing fast speeds for remittance services, rendering banks obsolete for sending money abroad.
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About Shaswata Ghosh 
DM Executive
14 connections, 0 recommendations, 56 honor points.Joined APSense since, March 3rd, 2021, From New Delhi, India.
Created on Nov 7th 2021 23:52. Viewed 240 times.
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