The remittance industry is growing in leaps and bounds with new players foraying into the market every now and then. Despite such a huge number of service providers, the competition is pretty stiff and a vast majority of people are still clueless about the ways of getting the best possible foreign exchange rates. The best part is that money transfer companies are making a lot of money on international money transfers and they are willing to give you the best possible service at competitive rates.
You should also educate yourself about the remittance industry and the way it works to save on money transfers. Checking for mid-market rates or interbank rates is a good idea if you are looking for ways to save on transfer rates to India. Google, Yahoo Finance etc. are all good places to look for these rates and compare. You should also be aware of the remittance fee since commission charges, conversion fees etc. need to be considered before deciding if the transfer rates you are paying are indeed less.
The best way to send money to India can be different for different people. You need to figure out what works best for you after carefully evaluating your money transfer needs. When choosing a service, you should ask about the time taken for overseas money transfers and pay only for the speed you really want. Same day transfers or instant transfers should be availed of in case of emergencies only since they tend to cost more.
Unless your current service provider is giving you good discounts on money transfers as part of its loyalty program, do not hesitate to shop around for better options. If you are not sure about the best money transfer services, check reviews of overseas money transfer services on the Internet. The money you save will also depend on the amount you wish to transfer. Seek advice from money transfer experts before you choose a particular service provider for your money transfer needs.