Remittance tips to consider if you are planning to transfer money abroad: Prune
Remittance is costly for you if you don’t know enough about the currency rates and the kind of charges involved.
Here are some important factors that you should keep in mind before sending money overseas.
Choose the right money transfer service
Compare different money transfer service providers as it helps you to find the, lowest transfer fees and best exchange. While checking out rates with banks, you must also check the rates offered by trusted websites. Banks offer wholesale rates to these companies and thus these companies offer better rates. So, without wasting your time you can trust online services that will give you a hassle-free experience.
Find out the best rate
Online money transfer providers keep a fee on remittance that you transfer, it can vary between 0.5% to 3% between various service providers.
If you transfer money overseas with a bank, you will have to visit the branch and complete all the offline formalities. However, the process of online money transfer abroad is easy and almost paperless.
Lock forex rates
The forex rates keep on changing every second so keep a close eye on the forex rates and lock the rates when they are the best.
Checking the transfer time
Check transfer time before transfer money overseas. ask your money transfer provider about the procedures if your money is not transferred by the specified date.
Avoid small transfers
Due to the bank commission and GST, you send money in a single transfer rather than multiple transfers of smaller amounts. It will be cost-effective for you.