Do you feel stressed every time you send money from overseas to India? Worried whether your hard-earned money will reach your family back home in India safely? Check out these expert tips for safe and stress-free international money transfers.
Irrespective of the method you use – SWIFT transfers, wire transfers, money transfer apps, banking accounts, demand drafts, cheques – there’s that nagging feeling that something would go wrong and your hard-earned money would end up in the wrong hands.
Additionally, there are several factors to consider – exchange rates, speed of transfer, transfer fees, hidden charges, and more. All this makes even the most tech-savvy individuals feel overwhelmed and panicked while transferring money overseas.
Worry not, here in this guide; you can find the best safety tips for safemoney transfer to India from anywhere in the world.
- Look beyond your Bank
For years, people had to visit a bank, stand in queues, submit endless forms, and pay high fees for international wire transfers. Today, several other transfer service providers offer a better deal while sending money to India from overseas. Shop around and research to find the right service provider who offers a better rate than banks.
- Reliability Matters more than Exchange Rates
Some service providers lure customers with low exchange rates. But, these companies aren’t reliable as they don’t offer you transfer tracking services. With real-time transfer tracking, you can know exactly where your money is every step of the way.
Choose reliable service providers who comply with all the rules and regulations and do not indulge in unlawful practices.
- Freeze Exchange Rates
Let’s say that you find a preferable exchange rate today, but you will be making a transfer only after a week. It’s highly likely that the exchange rate would have fluctuated by then and the chances of getting this rate a week later are slim.
Some transfer service providers let you freeze a live exchange rate for future transfers. You can lock-in this rate and enjoy this rate for the transfer you make a week later.
- Customer Service is Paramount
There are plenty of variables in international money transfers. There are plenty of things that could go wrong. Your transfer may get delayed, or you may experience a technical snag while making the transfer. Having a reliable and efficient customer service team helps you overcome these challenges with ease.
Look for a transfer service provider who excels in customer service. You must be able to contact the customer support team 24 x 7 via different communication channels like email, phone, and online chat.
- Finally, Convenience
The transfer method you choose must be convenient to both the sender and the recipient. Also, it’s not safe for the recipient to receive large amounts in cash, as it increases the chances of theft and robberies. While searching for the best service providers to transfer money to India online, look for services that send the money directly to the local bank account of the recipient.
With the advances in digital banking, today it’s easier and more convenient than ever before to send money to India from overseas. With that said, following these steps will ensure that you send your hard-earned money safely and securely, without any extra stress.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”