Do you want to transfer money abroad? If so, you would be happy to know that the process of sending money abroad has become more convenient and quick, thanks to the internet. You can now transfer money from your account to an overseas account from the comfort of your home. All you need is an electronic device and a sufficient balance in your bank account. However, before making an international money transfer, it is crucial to be well-researched to avoid mistakes that can cost you both time and money.
So, whether you want to transfer money to India from the UK or the USA, here are the top things to be mindful of before making a transfer.
Know the purpose of transfer
It is worth noting that you can transfer money abroad for any reason you wish to. Each country has certain money transfer laws that you will have to abide by. To transfer money abroad, you will need to check the purposes permitted by the reserve bank, such as education, employment, immigration, visa, family maintenance, medical emergency, registration or member of an international organization, etc.
Transfer fees
Whether you are sending money abroad through a bank or non-banking financial institution, you will have to incur a certain amount as a transfer to transfer money abroad. The transfer fees vary across service providers. It generally ranges between Rs. 100/- and Rs. 2000/- per transfer. However, it is worth noting that the transfer fee can increase with the increase in the transfer amount with some service providers.
Foreign exchange rates
Whether you want to transfer money to India from the UK or vice versa, you will need to buy the local currency of the recipient’s country to transfer money abroad. Foreign exchange rates are subject to daily changes due to market conditions. So, make sure to keep an eye on the changes and choose a foreign exchange rate that best serves your needs.
Money transfer service provider
The transfer fees, transfer limit, and transfer time vary across money transfer service providers. You may find service providers in the market that offers benefits that are too good to be true. Be wary of such money transfer service providers. So, make sure to find a legitimate and reputed service provided before sending money abroad.
Prioritize the safety and security of the transfer
Let us establish the fact that not all money transfer agencies follow the same security standards and protocols. Therefore, it is imperative to ensure that your money is safe and will reach the recipient on time. It would be wise to opt for an RBI-regulated service provider.
Convenience
Before transferring money abroad, consider your and the recipient’s convenience. Choose a service provider that does not require you to visit a physical location to transfer money abroad. Also, ensure that the recipient does not have to pay any fees or wait too long to receive the funds.