Getting the Best Exchange Rates to India

The best way of getting a good exchange rate when sending money from one country to another is to use a specialist money transfer service.  You also need to shop around if you want a good rate when remitting money.

With the help of international money transfer services, it has become easy for NRIs (Non-Resident Indians) to send money home on a monthly basis. From medical reasons and marriage of children to education and buying a property, there are various reasons to send money to India from abroad.

One of the most important factors of international remittance is finding the best possible currency exchange rate. This will ensure that you get value for money and the recipient gets maximum of what is being sent.

Let us first understand what an exchange rate is. The exchange rate shows the value of one currency when compared to another. For instance, we all have seen in the newspaper how the value of US Dollar or British Pound is shown in comparison to other important currencies, such as the Euro and Japanese Yen.

There are various factors on the basis of which exchange rates get influenced. Some of the factors are: consumer confidence, interest rates, political stability, inflation and so on. For instance, investors can achieve better returns in a country if the interest rates are to rise in that particular country. This will also lead to an increase in the demand for that country’s currency. Eventually, value of that currency will also go upwards.

There are two ways in which currency exchange rate can impact our everyday lives. It can impact the cost of everyday goods that we buy. If the goods were purchased from overseas by a retailer or if made using foreign materials then the fluctuation in exchange rate will surely affect the rate of the good. Another way in which this rate can impact us is when we travel overseas or send money to another country.

Tips on Getting the Best Exchange Rates to India:

Finding the best exchange rate is very important when sending money to another country. Here are a few ways to get the best rate for your remittance:

  • Make sure you are checking the market conditions in order to get an accurate idea of how good a certain remittance agency’s rates are. There are several websites on the internet that offer currency conversion tools and live rates to help senders check the value of various currencies at any given time
  • You need to get quotes from different money transfer agencies in order to get a good deal. This can be done quickly and easily online through comparison sites. Most agencies offer the quote with all types of fees attached to the transfer. This gives a better idea of how much the money transfer transaction will be costing you at the end
  • Make sure you don’t get fooled by inter-bank rates. Many online exchange rate calculators display inter-bank rates and not the rate the providers offer to their customers

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