Tips to Send Money to India Cost-effectively

Are you settled abroad? Do you have to send money to your family on a monthly or weekly basis? If the answer is yes, then you may want to research and find the best way to transfer money, especially if you are sending funds for the first time.

There are several reasons why you would want to send money abroad:

1. You can send money to your family every month for everyday expenses
2. You can send money to buy a retirement property
3. Money can be sent to your child studying and living abroad
4. It can be sent as a wedding gift to your relative or for medical purposes

Irrespective of the reason, your remittance experience should be easy, quick and hassle-free. It should also be cost-effective. Here are a few tips to make this happen:

There are a few important factors that you should be aware of when you send money to India:

• Affordability of the remittance method
• Safety and security of your money and personal details
• Reliability of the remittance method you have chosen
• Knowledge of the remittance procedure

It helps to understand the ins and outs of international remittance because it will help you save time as well as money. For instance, you need to be aware of the exchange rates you are getting. Exchange rate is the biggest fee when sending money internationally. So make sure you are comparing rates being offered by different banks and money transfer agencies before making a choice. There are several websites on the internet from where you can compare the rates by different agencies under one roof. Comparing rates will help you get the best rates. Getting competitive exchange rates will ensure that the recipient gets maximum of what you are sending.

Another important tip to make your international remittance cost-effective is to look for low transfer fees. Even if you get competitive FX rates but the transfer fees is high, your remittance will become expensive. So look for an agency that is charging you low transfer rate to India.

Security is very important when sending money internationally. For instance, you need to use a secure device for initiating transfers. Be it your laptop, smartphone or tablet, if your device isn’t secure, it might put your money at risk. Make sure the device has latest anti-virus installed. Another way to ensure security is to have a strong password for online banking. It shouldn’t be easy to guess. Keep a combination of numbers and alphabets and never share it with anyone.

The best way of transferring money is to choose your bank. Banks are the safest way of sending money from one country to another; however, banks charge a high transfer fees and their FX rates are also not that great. So, look for an online remittance agency. There are several reputed agencies that offer this service at a low cost. Just make sure to read the reviews of shortlisted agencies before making a choice.