Are you a new immigrant abroad and thinking of how you will send a money transfer to India every month after you get paid? A new immigrant’s guide will help you to know what the feasible methods of sending money to India are. Though there are many ways through which you can send funds internationally, only few of them help you to make a profitable transaction. Also, being a little more careful while making a transaction, helps to get the best deals.
Below mentioned are the ways through which you can send money internationally from wherever you are:
1) Banks – Sending money from one bank account to another is the frequently used option when it comes to transferring money abroad. The speed of money transfer depends upon different banks, but can take up to three to four days.
2) Online money transfer – With a long list of online money transfer agencies, there are many options to choose from. Online remittance is also one of the quickest ways to send or receive money online from India.
3) Wire transfer – Ideal for merchants and business persons, a wire transfer can be done from one bank account to another or in the form of a cash transfer to another cash office.
From the above mentioned ways of sending money around the world, there are a few things the new immigrants can look out for, to complete a profitable transaction.
· Keep an eye on exchange rates. With constant fluctuation, exchange rates could either drop or soar in a short period of time.
· Be attentive to the fee charged. Most of the money transfer services have a certain amount of transfer fee on every transaction. Apart from this, there are also other charges like miscellaneous fees, hidden fees or receiving fees.
· Ask about transfer limits. Know about the transfer limit for the day, week or month. Transfer fee may differ for every transaction.
· Don’t just choose one remittance company or option. Compare various available options on the basis of safety, security, speed and other fees. Because every transfer provider has different exchange rates and speed of transfer you should be aware.