If you have recently moved abroad from India for employment or business, you may look for money transfer services to send money to your family, business partner, supplier, etc. Irrespective of the transfer’s purpose, you would want to ensure that your hard-earned money reaches the beneficiary safely and quickly.
What is money transfer?
Money transfer refers to moving money from one specified bank account (sender’s account) to another (receiver’s account). You can transfer money locally, nationally, and internationally, irrespective of whether both the sender and the receiver have an account with the same bank. Today, money transfer has become easier than ever before, you can do it electronically. Electronic money transfer is essentially a mode of transaction that involves a computer network.
If you are living abroad and want to send money to India, the following money-transfer online tips can greatly help you.
● Keep a tab on the foreign currency exchange rate
The currency exchange rates fluctuate every day; the fluctuation happens due to several economic factors. It is thus vital to keep a close eye on the exchange rate while you transfer money online. This will help you know if you are getting a fair deal on the exchange rate offered by the online money transfer services and banks.
By keeping track of the exchange rate daily, you can know when to transfer money to get the best rate, and the beneficiary will receive maximum money.
● Know about the transfer fees
The exchange rate is only one aspect of money transfer transactions. Every time you send money overseas, you incur a certain cost, which is called transfer fee. Generally, the money transfer services charge a certain percentage of the amount you transfer; the more the transfer amount, the higher the transfer fees.
Some service providers charge a fixed fee. Based on your needs, you must choose the right money transfer online service beneficial to you. If you wish to transfer a high amount, a fixed fee service will be ideal.
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● Compare the services
There are many ways to send money online. One of the most commonly used ways is the wire transfer from the local bank to the beneficiary’s bank account. The other popular method is the third-party money transfer. Today, most banks offer third-party money transfer services; you can compare the exchange rate provided before making the decision.
Also, today many comparison websites make the comparison easy; you can enter the amount you wish to send and immediately see the actual amount the beneficiary will receive.
● Be aware of the transfer limits
When you send money online to any country, you must be aware of the remittance limits. As a sender, you may be liable to pay certain taxes in the country where you earn an income. For example, if you wish to send money from the United States of America, there is a limit of $14,000 per person per year. If you send any amount beyond the limit, you are liable to pay a gift tax in the United States.
Being aware of the tips mentioned above will make money transfer online a cakewalk for you.