If you wish to make international money transfers, you must first get rid of all the doubts and myths associated with the same. Money transfers will not be complicated if you understand the dos and don’ts and realize what works best for you. Read on to know the top 5 myths pertaining to money transfers before you send money to India or any other country.
Myth # 1: Money transfers are expensive
Not if you know the cheapest ways to transfer money to India. It should not cost you the world to send money if you know the right way. No doubt, traditional banks will charge a good amount as fees to move your money. They are fast but you can explore other options too in order to avoid excessive transfer fees. Technology has made it easier to move money and handle funds more efficiently. Online methods are now dominating the scene and making way for more straightforward methods of moving money.
Myth # 2: Wire transfers are the safest
A lot of people still prefer the safety and speed of wire transfers. They are quick but what you perhaps don't know is that they are irreversible. A vast number of scams happen due to this form of transfer. You should explore other options too that are safe and quick as long as you have the right contact details and bank account details of recipients.
Myth # 3: Having a bank account is compulsory
That's far from the truth because there are several money transfer services that allow you to send money after you sign up with them. The best way to send money to India from USA or from any other country entirely depends on your individual requirements and preference. Online services offer you quick means of sending money overseas while there are quite a few brokers who will help you manage your account efficiently and guide you from time to time to get the most out of your money transfer.
Myth # 4: The best exchange rates are beyond your reach
That's not true if you know how exchange rates move. They fluctuate all the time, by the minute in fact, and therefore necessitate good understanding and research. Although you do not have much control over the way they change, you can certainly hire the services of a good broker to plan your money transfers on the basis of their experience and guidance. What’s more, brokers can also help you book the best exchange rates to help you send money at a rate you are most comfortable with.
Myth # 5: Money transfers take time
The time taken for money transfers will depend on the channel you have chosen for your money transfer. No matter which service you choose for your overseas money transfer, it is advisable to enquire about the time it would take for your money to reach the recipient. The time taken varies from one service to another and should therefore be verified in advance.
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