Looking for International Money Transfer Tips? Here is Some Helpful Advice
You work very hard thousands of miles away from your loved ones in the bid to create a better future. It is but natural to expect that your hard-earned money reaches your family in India securely and conveniently. The tips discussed in this post could help fulfil your remittance expectations.
A large number of Indians move to foreign countries every year in the bid to build a more rewarding and financially stable future for themselves and their families. The majority of the Indians, after moving to a foreign country, send money to their loved ones in India regularly with the help of an international remittance service.
Naturally, they’d want their hard-earned money to reach their families most securely and conveniently. But the rising number of remittance scams are a cause of concern.
If you’ve recently moved to a foreign country and are concerned about the safety of your fund transfers, here are a few tips that are sure to help-
1. Never Overlook the Importance of Reliability
Unfortunately, it only takes scammers to advertise higher exchange rates to attract customers. While you definitely want to get maximum value for your money, it is never wise to overlook the reliability of the service provider to get better exchange rates.
No matter if this is the first time that you’ll be using a remittance service or have been using it for years, there can never be a replacement for reliability. Make sure that you always select a reputed remittance service provider for secure transfers.
2. Understand the Transfer Process
There are now many different ways to send funds to India from all the different parts of the world. As a result, the transfer process between two service providers can vary significantly. After selecting a reputed service provider, make sure that you thoroughly understand their transfer process.
You can generally find detailed information on steps to make a transfer on their official websites. Only initiate a transfer once you are fully aware of the entire process. You can always get in touch with their support team in case of a query.
3. Make a Smaller Transfer First
To make sure that the service provider is actually offering what it promises, try first to send a smaller amount to your recipient in India. This will help you confirm the exchange rate, transfer fee, and transfer duration. You will also get a first-hand experience of how the transfer process works.
It is not advisable to risk a larger amount in your first transfer. Once your recipient in India receives the funds as expected, you can then consider sending larger sums of money.
4. Always Save the Transfer Receipt
A transfer receipt is generated every time you use a money transfer service. The receipt has a transaction number and other details of your transfer. Make sure that you always save this receipt. It is generally displayed on the screen after a transaction is initiated successfully.
Some of the service providers also send a copy through email. You will need this receipt in case if you have any queries about your transfer or if the funds fail to reach your recipient on time.
Making Safe and Secure Fund Transfers to India
The majority of the risks associated with international remittance can be effectively eliminated by selecting a reputed service provider. Compare a few top remittance services and then choose one that best meets your requirements.
Most of the NRIs now prefer fund transfer services of top Indian banks as they are highly secure and offer competitive exchange rates. You can consider them as well to ensure that your funds reach your loved ones in India in the most convenient, safe, and cost-efficient way.