Sending money abroad can be very overwhelming. With fluctuating exchange rates, fees and charges, limited knowledge about the process, the traditional channel v/s digital channel debate, reviews and suggestions, and moreover the sheer value of your own funds and doing it for the first time, securely and right.
Here are a few tips to help you choose the right partner to process these payments with –
Safe & Secure
- Assure the service provider you choose is a Reserve Bank of India (RBI) Authorized entity.
- Assure the service provider is accountable for not only your money transfer but is also worthy to share your critical information with. Data can be misused, and it is best to go ahead with someone who is ISO 27001 certified, i.e. someone who is known to be following strict data protocol and protects your data first.
- While we live in a new pandemic struck environment, one’s physical safety is of prime importance, choosing a partner who can execute this digitally with contactless measures is the best way to go forward with.
- Always trust someone who has been in this field for while with a proven track record and with legitimate dealings to be doubly safe of your money.
The Transfer
- Banks – your local bank may or may not offer this provision. Having said that, if they do, it comes with a series of documentation that needs to be filled, hefty rates in disguise of processing fees, exchange rate margins, transactional fees, and the list can go on.
- Authorized Forex Dealers – Exchanges houses licensed by RBI to deal in foreign exchange/remittances, these can be smaller exchange houses that may or may not be listed and can be bigger, listed and legit ones. Normally, the smaller houses process these with the bigger, listed and legit ones making your money do several merry-go-arounds before it actually goes overseas.
- International Players – While international players claim to be 10x cheaper, they really aren’t and it is difficult to get a hold of someone immediately should anything go otherwise due to their exhausting centralizer customer support systems that care superficially. However, these players are authorized to manage only small value transfers for you.
- It is best to transfer with someone who has both a physical presence and a digital presence and is listed by the RBI and is known in the business with direct access to customer support.
- Most players will have a fee for this service. The fee structure can be based on the volume of your funds, the processing charges, currency mark ups, and other hidden charges. It is advisable to know this and compare this between each player, before you proceed to conduct a transfer.
How to Transfer
- With any player, you will need to have your KYC details, beneficiary details and a payment mode in place.
- With WSFx, one of India’s leading authorized foreign exchange dealer, you can do this via the WSFx Smart Fx App digitally, within a few easy steps.
- If you plan to transfer funds towards paying your university fees, the WSFx Smart Fx App already has over 700 legit universities listed making this process one step shorter.
- If you are sending money to support a loved one abroad, you can remit easily with the app and also call the support team at any time for any assistance.
For any further questions on sending money abroad, do write to us at info@wsfx.in and we at WSFx will be happy to help you. For forex solutions at your fingertips, download the WSFx Smart Fx App, and fulfil your forex requirements at home.
