Key elements to consider for a hassle-free remittance

Sending money overseas may seem like a simple task but there are many vital factors that you need to consider if you want to ensure a hassle-free remittance experience. International remittances are more than just selecting a money transfer agency and initiating a transfer. You need to monitor the fluctuations in foreign currency exchange rates and also do some research to find an agency that is charging you low transfer fees.

Here are a few key elements that play an important role in international remittances. Make sure you consider them every time you initiate money transfer to India. This will not only help you send money but also save money.

  • Instead of making multiple transfers of small amounts, remittance experts recommend sending a large amount in a single remittance. This is because each time you initiate a remittance, you will be charged a transfer fee. Also, you need to be aware of the transfer limits because the transfer fees charged to you usually depends on the amount that you are transferring
  • There is no point in sending a large amount to India through a service that caters to smaller amounts because you won’t be able to get good exchange rates and fees. The total cost of the remittance is another important element that you must keep in mind. The incurred fees may be less but the FX rate may be high. You will have to make a calculation of the final amount that your recipient will get. Remember, if you are getting a good exchange rate, then a high fee could be worth it. So keep these factors in mind when transferring money
  • Unless you really need to, avoid paying additional fees for expediting the transfer. It is recommended to choose a standard transfer in order to save money on unnecessary charges. This is especially required when the funds don’t have to be wired within a few hours
  • The best way to send money online is to compare different money transfer agencies. Don’t end up selecting an agency just because it is offering you the cheapest FX rates. You need to ensure that the agency is licensed to carry out international remittances. It takes just few minutes to compare agencies. This comparison will not only help you find a reliable service provider but also get you the best exchange rates and low transfer fees
  • Besides comparing agencies, compare the FX rates and transfer fees being charged. Some agencies claim to offer low rates but they have hidden charges, so you need to be careful. There are several websites on the internet that offer a list of FX rates being offered by reputed money transfer agencies. Once you have made the comparison, you can get in touch with the shortlisted agencies, asking for the transfer fees and other charges

Keeping these points in mind would surely assist you in making a safe, secure and convenient money transfer.

Remit2India’s FXvoucher ‘the power to get EXTRA’ is back


Currency fluctuationshave been one of the prime concerns for NRIs when they look at sending money home. If one looks at the trend of the US$ in the past few months, it has been extremely volatile. From INR 44.5 in Feb’11 to touching highs of INR 49.3 a few days back against 1 US$, the fluctuations impact a NRI. This is true for most currencies and markets around the world. Compare that with the increasing inflation that has gone up from 1.5% – Feb’11 to 3.75% – Sept’11 in the US. The Inflation in India has also peaked to 8.43% in recent time thereby increasing the cost of living. NRIs who remit money to their family back home need to shell out extra, which becomes an expensive affair.The volatile nature of these currencies coupled with increasing inflation makes a NRI anxious to maximize his remittance.
At Remit2India, we understand this concern and to aid it, we have launched the FXvoucher– an assured way to earn EXTRA money. It helps a NRI gain 3 times as much back of the initial investment he makes. This festive season we re-introduce the FXvoucher with improved features and hope our NRI customers make the most of it.

Click here to purchase the FXvoucher

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