Things to be Aware Off Before Transferring Money Overseas

If you have recently shifted to a foreign country for work, you’d mostly need a reliable way to send funds to India regularly. Read this post to know five things you should be aware of before using such international transfer services.

Most of the Indians working in foreign countries are required to send funds to their family in India regularly. So, as soon as they move to a foreign land, they start browsing through all the different money transfer options available. But with the rising competition among money transfer services, a lot of service providers resort to several unethical marketing practices to attract more customers.

In other words, a simple online search may not quite help you pick the best money transfer service. You need to do a bit of research and comparison to select a service that is reliable, convenient, and offers the best value for your money. Here are some of the most important things you should check when selecting a money remittance service-

1. The Reputation of the Service Provider

One of the easiest ways to know whether or not a money transfer service is indeed good is to check its market reputation. You can go through genuine online reviews of the service providers to get a clear idea of how good their services actually are.

You can also visit their official website to know more about their services. In most cases, a service provider that has considerable industry experience and offers detailed information about their services, charges, etc. is the right choice.

2. Exchange Rate and Transfer Fee

The exchange rate changes 24×7. So, to get maximum value for your money, you should select a service provider that offers transparent and highly competitive rates. Compare the exchange rates of at least a few service providers to make a decision. Prefer services that provide the exact rate at which the transfer will be processed even before you initiate the transaction.

Similarly, you should also compare the money transfer fee. The fee can either be fixed or a certain percentage of the transfer amount. A lot of service providers that promise higher rates also have a higher transfer fee too. Go for a reliable service provider that offers competitive exchange rate and charges a low transfer fee.

3. Speed of Transfer

If you want to send funds to India instantly, online money transfer service of banks can be a great choice. As compared to most other modes of international money transfer, online transfers are known to be faster. Moreover, the money is directly deposited into the bank account of your recipient.

Note that there are services that can take as much as 4-5 working days for completing the transfer. So, do check the transfer duration too when selecting a service.

4. Ease and Convenience

Some services require you to visit the service provider personally to transfer money overseas. And then there are services that you can make use of from the comforts of your home or office. As a matter of fact, some of the online transfer service providers also have mobile apps for on-the-go transfers.

Check the detailed process of initiating transfers of different service providers to pick one that is most convenient.

5. Customer Service

The service provider should also offer 24×7 customer support to answer your queries. Check all the different ways in which you can get in touch with the support team.

Also, check whether or not the service provider offers transfer tracking feature. This feature will help you know the exact status of your transaction as and when required.

Ready to Transfer Money Overseas?

Stay away from exchange rates that sound too good to be true as such services generally have several hidden fees and charges.

If you are confused with all the different money transfer options, compare them based on the points listed in this post, and you are sure to pick one that is reliable, cost-effective, safe, and convenient.

Disclaimer: “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.”