International remittance can be quite expensive and therefore, it is very important to find the best currency exchange rates. By knowing the best rates, you will not only save money on each transfer but the recipient will also get maximum of what you are sending.
Before sending money to another country, it is very important to understand what FX rates are. This is because not knowing how FX rates fluctuate can make your remittance very expensive. Therefore, learn more about FX rates and factors that can impact these rates before initiating a transfer.
The most effective way of finding the best exchange rate is comparison. You need to compare rates being offered by different service providers in order to get the best option. For instance, banks offer high FX rates because banks don’t update the rates as frequently as remittance agencies. Even if you send money to India through a remittance agency, you will have to compare different agencies because each agency may offer a different rate.
There are several websites on the internet through which you can compare rates being offered by different agencies in one place. This will help you make a cost-effective remittance. Remember, comparing is very important, be it FX rates or transfer fees. Transfer fees can also make your remittance expensive. For instance, if you find an agency that is offering you competitive FX rates but their transfer fees is high, then your remittance will not be cost-effective.
Every bank or every remittance agency will be charging you a different amount therefore, research is very important to find the best money transfer rates to India.Also, ensure that the remittance agency of your choice is reliable. Not all agencies are licensed and therefore, you cannot trust them with your money.