Things to Remember Before Transferring Money to India .pdf
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Things to Remember Before Transferring Money to India
There could be countless reasons why you would want to send money abroad. It
could be simply because you want to send a part of your income every month to
your family back home or just because you are buying a property in India. No
matter what the reason is, you will need to make an international money transfer
more often than you think.
Online vs offline
While the debate continues over the cheapest means of money transfers, it’s a
choice you must make after taking your individual needs into consideration. For
transferring money to India, you can choose from myriad options for money
transfer. Both online and offline methods come with a different set of pros and cons.
Besides, there is no such thing as the right method of money transfer. You need to
choose the one that best fits your needs. A lot will also depend on the country you
are sending the money to. Do note that there are several brokers and foreign
exchange services that offer good deals as compared to traditional banks.
Beware of hidden charges
In an effort to lure customers, companies are doing everything they can even if it
means hiding certain fees. So just when you think that you have got the perfect
deal and choose a particular service for your money transfer, you will realize that
you are spending way more money than you imagined. Asking upfront for transfer
fees, exchange rates, etc makes immense sense to avoid unnecessary stress and
Hiring an agent
Third party agents or brokers can be a good idea to send and receive money online
India. Since they offer their services online and offline, you have the choice to
choose the one you are most comfortable with. The cost per transaction would vary
depending on the amount to be sent, the recipient's country and the frequency with
which you need to send money.
For regular transactions, you should either start educating yourself about the ways
of the remittance world or hire a good agent who can do this on your behalf. No
matter how small a transaction may be, you can save big by locking the best
exchange rates for your transfer. A good agent would be able to tell you if you
should wait or send the money right away when you have the luxury of planning
your transactions. In case of emergencies too, agents can guide you into getting
good value for your money by comparing different services.
How much you pay for your transactions also depends on the timelines you choose.
You may opt for express services or same day services simply because you thought
that’s the norm and it’s a given that money would be delivered instantly. The truth
is – you should choose the delivery time as per your need and not because your
agent asked you to. Instant service always comes at a premium and should be
avoided unless there is an emergency.