Are you planning to send money to India for business purposes? If the answer is yes, there are few useful tips that you can consider. The best way of sending money is through a bank or an online remittance agency. Irrespective of the remittance method you have chosen, you need to consider the following factors:
• How much the remittance will cost you is an important thing to know when you transfer money to India. There are mainly three categories in which the money transfer agency will be breaking your cost- transfer fees, foreign exchange rates and the cost the recipient might have to pay for receiving the money. There are few agencies that charge more as transfer fees but their FX rates are competitive. This eventually makes remittance expensive. If you wish to send as well as save money, make sure you find an agency that charges low fee and offers good money to India exchange rates.
• You need to ensure that the agency you have chosen to transfer funds to India is licensed for carrying out international money transfer services. You can lose money if you are not checking all details about the agency. The best way of finding a reliable option is to ask for recommendations or do some comparison shopping.
• It is very important to verify the transaction rates and the duration in which funds will be reaching the destination. You also need to confirm if the agency can handle the amount you want transferred to India. Always get a written copy of such details, preferably by email. This will help you keep a record of the paperwork, in case something goes wrong. Also, it is preferred to send a huge amount once because many agencies charge low transfer fees if you send a certain amount through them.