Remittance is an expensive affair and currency conversion can be extremely costly if you have not given enough importance to the currency rates and the kind of charges that come along. There are various remittance options available to send money overseas. Many times choosing the right money transfer services becomes a tiring job. Sometimes the service you always opt for may not be the best one for all the transactions. It is vital to be aware of all the hidden costs and exchange rate fees charged by banks versus financial institutions. Invest your time and explore various services for money transfer based on the given below factors before sending money overseas.
Consider these factors before sending money overseas:
1. Plan the transaction way in advance
People usually make last-minute changes in their decisions to send money overseas and the ultimate choice may necessarily not be the best choice. With the exception of emergencies try to plan your remittance ahead of time. Search for the best offered exchange rates.
2. Dependability of the transaction
Research about all the services available, then make sure that the company of remittance you choose is trustworthy. Check the agency or the agents, they might be unlicensed. Banks are usually known to not only charge higher but also have an exhaustive list of documentation needed to send money overseas as opposed to an authorized money changer. Never make a company your choice of remittance because of less transfer fee or higher exchange return. Examine the remittance process and the pricing terms from the sender to the recipient thoroughly.
3. Expenses and the rates offered
Research and collect information on the latest exchange rates and service charges prevailing in the market. Some financial institutions might ask for a flat rate for some services but they might also have hidden costs accompanied by the currency conversion or location you want to send the money to. There are discounts available during certain seasons and festivals, take advantage of those. It is also advisable to transfer larger amounts in a single transaction to cut down the expenses in some cases.
The convenience of the sender and the receiver needs to be taken into consideration while transferring money. Select the best option to send money considering factors like means of sending money (going in person, or online check), transaction cost (rates of the service, transfer fee, rate of exchange), transaction speed (emergency non-emergency), and the recipient’s convenience (direct transfer to the account, cash pick-up, or doorstep delivery).
5. Customer Service
Keeping help at hand is always advantageous just in case you have to face problems or have doubts. Choose a remittance company that has reputable customer service in times of glitches like delay or non-arrival of funds. You have to ascertain that the remittance is carried out in a trustworthy manner for your hard earned money.
Take these 5 key factors into consideration prior to the money transfer, you can safely move ahead about sending money overseas safely and securely.
How can WSFx help you?
The financial market has grown much more active as the world has gone digital. Wall Street Forex is here to help you with safe and secure transfers for remittances for education abroad, or any other purpose through its strategic network of 17 branches pan India or through its digital application the WSFx Smart Fx App and Portal.
Wall Street Finance Limited (WSFx) is a Reserve Bank of India (RBI) licensed, Authorized Dealer Category II Foreign Exchange House. WSFx is headquartered in Mumbai.