5 Tips to Safely Send Money Abroad |
Posted: March 1, 2022 |
Planning to send money to your child or relatives living abroad? Looking to pay the mortgage on your second home? Or maybe transfer money from NRO to NRE account? Whatever your reason for international money transfer is, you should know that it’s a minefield of hidden charges, paperwork, and security risks. Therefore, you must be aware of all the factors involved before moving money overseas, especially if you’re going to do it on a regular basis. To help you out, here’s a checklist for hassle-free international money transfers.
1. Choose the Correct Transfer Option Money order, outward remittance, bank draft, or wire transfer – there are myriad options available to move money abroad. If you’re looking for an occasional transfer, you can be lenient with the choice you make. However, if you will be moving funds overseas regularly and to different banks, it’s best to choose a single option and stick with it. The best option is a provider that offers a range of financial solutions, preferably a bank. For instance, renowned banks like IndusInd Bank offer an extensive banking network that allows you to send money seamlessly in more than 15 currencies. Plus, if you choose a bank, you can easily transfer money from NRO to NRE account.
2. Be Wary of Scams Apart from favourable exchange range and services, also check if the provider is trustworthy. If their services seem too good to be true, it’s best to look for another service. Here are some other signs of a scam:
If you’re going with a third-party provider rather than your bank, it’s best to check their business history and customer reviews before availing their services. 3. Find the Best Exchange Rates Every time you transfer money abroad, a foreign exchange rate is applied. These rates constantly move up and down depending upon the market. Moreover, these rates also vary from bank to bank and provider to provider. If the transfer cost is of utmost priority to you, it’s best to compare the rates offered by different banks and providers before finalising any service. Also, make sure you check all the fee you’ll be charged – both upfront and hidden – to get a complete outlook on how much you’ll be paying. Sometimes, third-party providers may offer lower-than-average exchange rates, only to compensate for the high convenience fee. 4. Time your Transfers Right Though changes in exchange rates are usually minor, even a difference of a few points can cost you a lot if your international money transfers are enormous. For instance, your international mortgage repayment could become a lot dearer, if you transfer money at a high exchange rate. To save the maximum money, it’s best to time your transfers when the exchange rates are meagre. There are many apps and websites available online via which you can keep an eye on exchange rates trends and time your transfer perfectly. 5. Refrain from Sending Cash in Mail Unlike remittances and bank transfers, there’s no way to trace your cash if you send it through the mail. Sure, you can track your courier. However, what if your cash goes missing? It can cause you a lot of mental and financial stress, not to mention your money won’t reach the abroad party at the right time. Moreover, most courier service providers won’t accept cash delivery in the first place. Instead, go for a money order or cheque. At least that way, you can trace your money. Parting Thoughts When you have worked so hard to earn your money, you must ascertain that the international money transfer is carried out reliably. If you consider these five critical tips before moving the money, you can ensure a secure and safe transfer.
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