Compared to a few years ago, international money transfer today is a much faster and simpler process. It is more accessible and in line with the perceptible shift towards digital payments. However, there's a caveat. Money transfer fees for international remittances vary widely, so sending small amounts to family and friends can prove costly. And you also have the ever-fluctuating currency exchange rates to contend with.
Related Read: Check CompareRemit For Best Exchange Rates
If you are new to international money transfers, don't fret. We have compiled a ready reckoner of practical tips to help you get the best possible rates the next time you need to transfer money anywhere in the world. Read on to know the safe money transfer practices that you should follow:
You can expect to pay three primary types of fees for international remittances: the transfer fee itself, a conversion fee, and a processing fee. The money transfer fee is usually a percentage of the remitted amount, but it can also be a fixed sum. The conversion fee is the difference between the benchmark mid-market exchange rate and the rate you need to pay. This makes up the margin earned by the bank. Other processing fees may also apply, so scan the fine print for any hidden charges that are not immediately obvious. Refrain from paying unnecessary charges that are not explained when sending money abroad.
When sending money home, expedited international money transfers can push up the cost quite a bit, and so can the payment amount and method of delivery. So, choose between online and in-store options carefully.
Funds can be transferred in cash, or through a Debit/Credit Card, bank transfer, or e-wallet. You can choose to transfer money by having the transferred funds credited to the recipient's local bank account, e-wallet, or prepaid card. Alternatively, they can collect it in person from a designated money transfer agent. Pick the mode that is suitable for you and the recipient.
A little bargain-hunting won't hurt. It may be worth your time to compare different rates. At the same time, remember that these offers might be valid for a limited period only. The benefits of
online money transfer are quite rewarding. So grab them before it's too late!
Given the fees involved while making international money transfers, it does not make sense to use it for small amounts. Instead, opt to send bigger lump sums at quarterly or half-yearly intervals, depending on your needs of sending money home.
ICICI Bank's Money2India is one such option, which lets you send up to USD 300,000 in one transaction.
This goes without saying. Transfer fees can vary according to the mode of delivery, the amount, and the prevailing rate of exchange. For example, if you use your Credit Card to make payment for the money transfer, the combined cost of the Credit Card fee, lower exchange rates can make the overall cost high.
End-to-end encryption of data is one of the key benefits of doing online money transfers. Users are required to authenticate themselves through a multi-step identity verification process fully. This includes monitoring transactions, generating automatic alerts when a new device is used for logging in, etc. And to ensure safe money transfer, stay away from payment requests from unknown sources and phishing scams.
Choosing the right money transfer service can help you save both time and money when you wish to make remittances to friends and family anywhere in the world. ICICI Bank's Money2India is a low cost and trustworthy international money transfer service that lets you transfer money to India from around the world (including United States of America (USA) in a few clicks. If you are a first time user, you need to register and submit the KYC information. Then, add the beneficiary (friends or family in India), select the bank account you want to pay from, click confirm and off it goes - simple and effortless! And with the Money2India Loyalty program, you can win rewards and benefits.
Keep the above tips in mind the next time you need to do an international money transfer and choose ICICI Bank to stay worry-free.