In these uncertain economic times making international money transfers at the right time has become important. Going by the current currency fluctuation in Rupee, exchange rate is changing rapidly. When you send money, you want to get the best possible exchange rate and save money on the transfer.
So, when is the right time to send money to India? The remittance tips given below can help you make a wise decision about when is the best time to send money to India:
1 Ask a Currency Expert or Broker:
A currency expert or broker can advise you about the best time to send money. The currency specialists understand your need for money transfers and their services can be availed at no extra costs compared to the banks. They can advise you, clear your doubts, and answer your queries. They even provide services where you can set a minimum rate at which your currency will be exchanged, a fixed rate at which you can buy or sell currency, and also assist you with regular overseas payment.
2 You take the Responsibility:
You can take the matters in your own hands and keep an eye on the market trends and the currency exchange rates. You can also sign up for e-mail or text alerts for your desired rate through online sites that also help you compare various remittance services.
3 Historical Data:
The market is always unpredictable. But you can study the history of market ups and downs and its effect on currency exchange rates. Analyzing the historical data can help you predict the fluctuations in exchange rate. The decision on when to send the money also becomes easier if you can approximately calculate the time when you will get the possible exchange rate.
4 Promotions and Deals:
Sending money can be advantageous if you keep a lookout for deals and promotions offered by various money transfer services. Gift cards, referral discounts, free transfer if you exceed a particular amount of remittance, and various other promotional deals will definitely save you money.
Planning your remittance will always save you money and time. But an urgent need to send money should not necessarily lead to loss. Wait for a day or two if you can, keep an eye on the exchange rate trend that changes in seconds, find the best possible exchange rate, do a quick comparison between various money transfer services, and send the money.
The right time to send money will require patience on the part of the sender and the receiver. But coinciding remittance with perfect timing will definitely help save lot of money.