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5 Factors to Consider Before Sending Money Overseas

Updated on Apr 12, 2022
Stacking remittance money

There are many remittance options available for sending money to India. Oftentimes choosing a money transfer service becomes a tiresome task. It is not necessary that the service you routinely opt for is the best available one for all the transactions. It is essential you take charge and be aware of hidden costs and exchange rate fees provided by banks and financial institutions. You should invest time and explore the various money transfer services based on the following factors described below before making an overseas international money transfer:

1 Reliability of the Transaction
Make sure that the remittance company is reliable. The agency or the agents involved might be unlicensed. Banks and financial institutions might impose a higher fee but are mostly trustworthy. Don't let less transfer fee or higher exchange rate determine your choice of remittance. Investigate the path of remittance right from the sender to the recipient.

2 Plan the Transaction Ahead of Time
Many a time people make last-minute decisions to send money and their ultimate choice may not necessarily be the best choice. Barring emergencies try to plan the remittance ahead of time. Look for the best possible exchange rates offered. The less the time you have to send money, higher the transfer fee and cost of remittance.

3 Rates Offered and Expenses
Gather information on the latest exchange rates and charges of services available. Financial institutions might charge a flat rate for certain services but there might be hidden costs associated with the conversion of currency or location you want to send the money to. Take advantage of the discounts available during certain seasons and festivals. It is also a good idea to transfer larger funds in single transaction to reduce the expenses.

4 Convenience
Convenience of the sender and the recipient should be taken into consideration while sending money. Choose the best option to send money based on factors like medium to send money (online, check, or going in person), cost of transaction (rates of the service, transfer fee, exchange rate), speed of transaction (emergency or non-emergency), and convenience of the recipient (direct transfer to account, cash pick- up, or home delivery).

5 Customer Service
Having help at hand is always beneficial in case you face problems or have doubts. Make sure that the remittance company you choose has a reputable customer service in the event of glitches like delay or non-arrival of funds.

When you have worked so hard for the money, you have to ascertain that the remittance is carried out in a reliable manner. If you take into consideration these five key factors prior to the money transfer, you can be rest assured of a safe, secure, and advantageous transaction.

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