Factors to Keep in Mind When Selecting a Service to Transfer Money to Indiaby Reuben Williams Adviser
With multiple money transfer options available now, it is not easy for someone to select a service for sending funds to India from an international location. However, there are a few factors that can make the selection easy and quick. Five such factors in selecting a money transfer service are discussed in this post.
Thanks to modern technologies, there are now different ways to send money to India from almost every international location. But while the options ensure that you can select a service that best suits your requirements, they also make things confusing for someone looking to use one such service for the first time.
If you too are struggling with the money transfer options, here are a few factors that can help you make the decision-
1. Transfer Security
The number one consideration is the safety of your transaction. The best way to ensure that your fund transfer remains secure is to only deal with reliable companies. Avoid agents or agencies that promise a higher exchange rate or lower transfer fee as they are generally unlicensed.
Go through the website of the service provider to know more about the company and research online to ensure that you only select a reliable and reputed service provider.
2. Remittance Speed
While modern banking technologies have considerably improved the speed of international transfers, many of the services are still time-consuming. As a matter of fact, there are money transfer services that can take 10-15 days or even more if you are looking to send funds to India. But on the other hand, there are also services that offer same-day credit.
So, make sure that you check the remittance speed while browsing through the options to pick a quick and reliable service.
3. Exchange Rate
A common problem with most reliable money transfer service providers is that their exchange rates are generally not the best. This can prove very expensive in cases when you want to send a large sum of money to India regularly.
Compare the exchange rates of popular services to select one that offers the most competitive rates. There are now banks that offer online money transfer service to India at market-linked exchange rates. Consider such services to get maximum value from your hard-earned money.
4. Transfer Fee
It doesn’t make sense to select a service offering higher exchange rates but charging a higher transfer fee. Most of the money transfer services charge a flat fee irrespective of your transfer amount generally up to a limit. Then there are also services where the transfer or transaction fee is a certain percentage of the transfer amount.
Check the fees and other charges of the service carefully and ensure that there are no hidden charges before initiating a transaction.
5. Transfer Tracking
It is also essential to select a service to transfer money to India, which allows you to track the progress of your transfers seamlessly. Many of the banks and money transfer service providers now have online portals where you can track the transaction status.
Some of them also have mobile apps for initiating transfers and tracking their progress. Prefer such services for enhanced transparency.
Making the Right Decision
When you are working so hard away from your homeland and family, why let an unreliable money transfer service cause any kind of trouble or monetary losses?
Consider these factors when browsing through money transfer services, and you are sure to select one that is fast, safe, cost-efficient, and highly advantageous.
“The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”
Created on Aug 29th 2019 05:02. Viewed 317 times.