Factors to Consider when Sending Money to India

It can be a difficult task to choose the best remittance service provider when sending money overseas. If you don’t compare different agencies and the rates being charged, you will end up spending more money on each transfer that you make. It is not necessary that the agency you are using routinely will be the best option for all types of transactions. So make sure you consider the below-mentioned factors to be aware of hidden costs and exchange rate fees provided by banks or financial institutions:

• When sending money to India, the most important factor to ensure a hassle-free transfer is the service provider you choose. Make sure you are investing time and money in exploring different money transfer services because your choice will make or mar the experience of making international remittances. The company you choose needs to be reliable and licensed for carrying out international money transfers. Banks are trustworthy but they impose a higher fee compared to money transfer agencies. Make sure that less transfer fee or high exchange rate doesn’t determine your choice of remittance. 

• Another important factor to consider is - when you have planned your transaction. It is recommended to plan your transaction ahead of time because last minute decisions to send money will cost you a lot. Barring emergency situations when you have to send money to India at the last minute, it is best to plan the remittance ahead of time. This will help you in getting the best exchange rate and money transfer rate to India. 

• You need to spend time on gathering information on the current exchange rates and charges of services. A flat rate is usually charged by financial institutions for certain services; however, there might be hidden costs associated with the currency conversion or the location you wish to remit the money to. 

• There are certain festivals or seasons during which many money transfer agencies offer discounts. For instance, if you are sending money to India during Diwali, there are chances you might get a good rate. Even during Christmas, such agencies offer discounts. It is recommended to send a large amount in a single transaction rather than sending it in small amounts. This is because remittance agencies lower their transfer fee if you send a large amount through them. 

• Customer service and convenience are also two important factors that need to be considered when remitting money to India. For instance, you will have to ensure that the money transfer service you choose is offering speedy transactions (emergency or non-emergency) and also taking the recipient’s convenience into account. The recipient should get options for receiving money, be it through a direct transfer to their bank account, home delivery of cash or through cash pick-up. 

• Reputed agencies offer 24/7 customer service to their clients. If the sender has doubts about the transaction or there is a delay in money reaching the recipient, customer care can be reached easily for solutions or answers.