To get the best deal while transferring money to India from overseas, it’s important to understand the various factors. Here, in this guide, you can find how to get the best value while sending your hard-earned money to your family and friends in India.
Today, you can send money from anywhere in the world to India within a matter of a few minutes. Thanks, to the advances in digital banking and online money transfer apps, you can now send money home to India, exchange multiple currencies all without leaving the comforts of your home.
Here, in this guide, you can find the best ways for overseas money transfer. Once you finish reading this guide, you can understand the different factors including exchange rates, transfer fees, speed of transfer and more, helping you find the best service that not only offers you the best deal but is convenient and secure.
How to get the best deal for International Money Transfers?
There are three main factors to consider:
- Exchange Rates and Transfer Fees
When you transfer money overseas, you need to consider the mid-market exchange rates. The mid-market rate is the rate atwhich banks and other service providers use to exchange money among themselves. All transfer services provide you with exchange rates that are a mark-up over the mid-market rate. When you know the mid-market rate, you can know how much you are paying extra for the service, helping you select the best deal.
Apart from the exchange rate, you will have to pay additional fees like transfer fees for the service. While evaluating transfer service providers, consider the overall costs and not just the exchange rates.
- Safety of your Money
You need to ensure that the service provider you have chosen fully complies with the rules and regulations of both your host country and the recipient country. Look for money transfer services which offer you real-time tracking of your money, so that you can know where it is every step of the way.
- Finally, Convenience
This is a crucial factor. Some services require the recipient to walk into a local branch to pick up the money. This is an extra hassle for the recipient. Look for transfer services that offer you mobile apps and digital banking facilities so that you can send money to anyone in India 24 x 7 without stepping out of your home.
Other Tips to Consider before Initiating International Money Transfers
- While choosing a provider, look beyond the exchange rate. Evaluate their levels of service and support, so that you can contact them quickly, in case something was to go wrong.
- Choose the right time for the transfer. Monitor exchange rates and lock-down rates when they are favourable. Some service providers even let you schedule transfers. This is a great way to lock-down the best rates for your future transfers.
- Search online for the mid-market rate, also known as the inter-bank rate. Sites like XE, Reuters, and Google Finance help you find this rate.
- Beware of hidden fees as a few transfer service providers do not disclose these fees ahead.
Remember that a little planning and research goes a long way in helping you land the best deal when transferring money overseas. Choose the right transfer provider and enjoy simple, fast, and safe international money transfers. You can make $200 a day by posting ads.
