Sending money overseas always requires a good bit of know-how and research. If you are an Indian looking to wire money back home from a foreign country, you too need to be aware of quite a few things. This will help you determine the best method of transfer, so that you can send the maximum amount without having to clear exorbitant sums first.
Here are a few factors that you should keep in mind if you are sending money to India from a foreign country.
Exchange rates
Exchange rates are constantly fluctuating, which can greatly affect your money transfer. For instance, consider that you are residing in the United States and want to initiate a money transfer to India from there. On the day that you decide to transfer the funds, one US dollar may be worth Rs. 65, while the very next day, the exchange rate can change to Rs. 67 per US dollar. This means that if you transfer the funds on the second day, you will end up transferring more money than you would if you had initiated the transfer on the first day.
Transfer fees
Checking the foreign exchange rates alone will not suffice in you getting the best transfer deal. In case you are sending money to India, you need to keep an eye on the transfer fees posted by your bank. Each bank offers different transfer fee options, some high and some low. Check with your bank on this matter and try to get the lowest transfer fee possible.
Research
There are literally hundreds of options today when it comes to fund transfer. However, you need to conduct a research on your own to determine the best option for you. Some of the agency offers speedy transfer, while others allow you to transfer at lower fees.
Urgent transfers cost more
If you are looking to transfer the funds in a day or two, you would need to spend quite a bit on the transaction fees. However, if you can wait for 4-5 days for the transfer to get processed, then you may get away with a much lower transfer fee. So, try to delay the transfer itself if there is not an urgent need for the same.
Keep these pointers in mind for money transfers to India and you will likely be able to get the best deal for the same. Remember to keep the transfer details handy in order to check with the beneficiary whether they received the same amount or not.
Here are a few factors that you should keep in mind if you are sending money to India from a foreign country.
Exchange rates
Exchange rates are constantly fluctuating, which can greatly affect your money transfer. For instance, consider that you are residing in the United States and want to initiate a money transfer to India from there. On the day that you decide to transfer the funds, one US dollar may be worth Rs. 65, while the very next day, the exchange rate can change to Rs. 67 per US dollar. This means that if you transfer the funds on the second day, you will end up transferring more money than you would if you had initiated the transfer on the first day.
Transfer fees
Checking the foreign exchange rates alone will not suffice in you getting the best transfer deal. In case you are sending money to India, you need to keep an eye on the transfer fees posted by your bank. Each bank offers different transfer fee options, some high and some low. Check with your bank on this matter and try to get the lowest transfer fee possible.
Research
There are literally hundreds of options today when it comes to fund transfer. However, you need to conduct a research on your own to determine the best option for you. Some of the agency offers speedy transfer, while others allow you to transfer at lower fees.
Urgent transfers cost more
If you are looking to transfer the funds in a day or two, you would need to spend quite a bit on the transaction fees. However, if you can wait for 4-5 days for the transfer to get processed, then you may get away with a much lower transfer fee. So, try to delay the transfer itself if there is not an urgent need for the same.
Keep these pointers in mind for money transfers to India and you will likely be able to get the best deal for the same. Remember to keep the transfer details handy in order to check with the beneficiary whether they received the same amount or not.
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