Things to Remember Before Transferring Money to India

1. 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 complications. 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. Don’t rush

2. 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.