How do you save when sending money overseas?

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There are many ways to transfer money abroad. Figuring out the cheapest one depends on the amount you are sending, its destination, and how fast you need to get it there

There are many ways to transfer money abroad. Figuring out the cheapest one depends on the amount you are sending, its destination, and how fast you need to get it there. While plenty of service providers and reputed banks offer this service, opting for the right one requires patience, careful consideration of the charges, and transfer speed.

When using a remittance service, always consider hidden exchange rate costs, ensure you get the best rates, check and compare competitors, and read the fine print on the website or app. While the cost is hefty, having a clear idea of the tips to save money is beneficial. The following is a list:

Money transfer companies

Nowadays, millions of money transfer companies operate online and provide fund transfer services in India and overseas. Plan and use delayed transactions. If the money transfer is not urgent, schedule your transfer to take two to four days. The fees payable are at least 20% cheaper.

Bank-to-bank transfers

Currently, major banks in India offer wire transfer services in at least 25 foreign currencies. Depending on the country, some banks will transfer money directly into the recipient’s account. It might take up to five business days, and you might also need to provide your and your recipient’s bank details, saving a lot of hassle. Another benefit of using this service is secure, stress-free transfers and 24x7 availability, thanks to the International Money Transfer app.

Bank drafts

You can draw a bank draft in the recipient’s name and courier it to them. It takes slightly longer for the recipient to receive the money, sometimes up to 15 days. Nevertheless, it is the best method to save on fees in a non-emergency situation.

Email money transfers

You can also send money using the Internet and an email ID. You can initiate the transaction by email, notifying the recipient that the funds are available. You do not require the recipient’s Bank Account number. The recipient needs to answer a security question before fund retrieval. On the other hand, it is always better and safer to use a reputed transfer provider to transfer money to Canada from India seamlessly.

Currency exchange brokers

Using a reputable currency broker may often be cheaper when transferring larger amounts of money for purchasing a property, starting a business, or sending regular payments abroad. You need to open an account with the company and fund it by linking it with your Bank Account or Credit Card.

If perplexed, the bank remittance option is readily available to fulfil your needs. By opening an account with a reputed bank with branches worldwide, you can gain confidence and access to multiple tools and resources to receive or send money to another country.

Conclusion

Whatever transfer method you choose, ensure it is safe, convenient, and easy to use. After all, money is an asset for everyone worldwide.

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