Singapore is home to several Non-Resident Indians. Hence, they might need to transfer money to India for various purposes. When carrying out a money transfer from Singapore to India, you need to be mindful of certain factors, including the exchange rate. Let’s understand why considering the foreign exchange rate is crucial for a Singapore-to-India money transfer.

About exchange rates

The exchange rate of a currency refers to the rate at which the currency of one country may be converted to another. This usually changes daily and may be affected by a variety of factors. These include the following:

·         Inflation

·         Political stability

·         Terms of trade

·         Rate of interest

·         Government Debt

Reasons to consider exchange rates

When sending money to India, you need to be mindful of the foreign exchange rate due to the following reasons:

·         As mentioned above, foreign exchange rates are affected by multiple factors. They also fluctuate constantly. As a result, it is best to keep track of them for at least a month before transferring money to India. This way, you can make better decisions about when to transfer the money to India.

Usually, the best time to transfer money from Singapore to India is when the Singapore Dollar or SGD is at its strongest. It lets you get more Indian Rupees for the same amount of funds.

·         Since the exchange rates offered by various service providers or banks also differ, you need to research and compare the rates to get the best deal.

Other factors to consider

Apart from the exchange rates, there are also various other factors you need to consider when sending money from Singapore to India. These include the following:

·         Transfer options

One of the essential factors to consider when transferring money is the available options for money transfers. You can select a range of options, including Wire Transfers, Cheques, Demand Drafts, etc.

·         Safety

When transferring funds overseas, opt for a provider that will safeguard your personal information and offer security. Hence, it is best to select a bank or money transfer agency with proper safety regulations when carrying out a money transfer from Singapore to India.

·         Transfer speed

When planning to transfer money to India, consider the speed of the transfer process. Speed is especially critical when remitting money to take care of a medical emergency.

·         Transfer charges

The money transfer fees may vary across banks. Hence, when sending money to India from Singapore, keep in mind the associated fees.

Conclusion

When sending money from Singapore to India, keeping track of the exchange rate is crucial. Apart from this, you also need to be mindful of factors like transfer options, speed of the transfer, charges involved, and security. Once you research and find a reliable transfer option, you can easily transfer your funds from Singapore to India.