Tips for Sending Your Money Overseas

The world of money transfers is no more an expensive or challenging one. One common mode of transaction is through e-portals, cutting down on time, effort, and costs. The total remittances in 2016 stood at $530 billion, growing at a CAGR of 10.4% since 2000, according to reports published by the World Bank. International money transfer from India occurs most often with the US.

If you are looking for ways to send money abroad from India, here are some tips to help.

Reliable Institution
For outward remittances, choose a trustworthy bank. They will offer quick and efficient money transfer from an Indian account to your beneficiary’s account abroad. Be it to an educational institution or as a gift to your loved ones, professionals assist you in each step. Even if the customer is not associated with the bank, they can easily transfer money at competitive exchange rates. You can choose from up to 14 different currencies and send via internet banking. All you have to do is provide the necessary documents and fill the form to get started.

Check Exchange Rates

Before you send money from India online, make sure to check the foreign exchange rate. This will help determine the best time to send funds overseas. It is crucial to find the lowest foreign exchange rates so that you lose less money on the transfer. You can even use cryptocurrency exchange platforms for a safe and convenient process.

Know the Limits

Whether it is an automatic recurring transfer or a single one, know the limits beforehand. These are either imposed by the banks or the local law of the country. Therefore, make sure to choose a bank that will be able to cater to your transfer needs, without any hassle. It is important to know the limits since the fees will depend on the amount to a great extent. Having adequate knowledge will let you send as much money as you want to, without facing any problems.

Total Cost

Be mindful of the charges and other costs of international money transfer from India. A high fee is only worth it if the exchange rate is high too. While, mostly, the cost is anything between 1%-5% of the total funds transferred, many organizations have charge a higher commission. Banks usually have affordable rates, even if they are offering special services. Whatever you pick, do enquire about the latent charges upfront.

Disbursement Speed

If you want the money to reach the beneficiary as soon as possible, the online transfer is the best option. You can opt for direct transfer to a bank account, which is instant and safe. The offline remittance process might take some time before the receiver can encash the amount. Depending on the urgency, choose the mode of money transfer carefully.

For money transfers from India, GST is levied as per the existing tax slab. Make sure to know the tariff structure levied by correspondent banks before beginning the process. This will help you to calculate the total amount to be paid without any unpleasant surprises.