5 Things to Consider Before Making an Overseas Money Transfer

When deciding to send money overseas whether, for business or personal reasons, the first instinct for many of us is to use a bank. However, depending on the level of funds to be transferred, you could end up making significant savings taking into account all of the options available.

Whether you are a business owner making regular international payments or a personal customer making a one-time purchase, check out the top five things you should consider before making that important transfer.

• Check the Exchange Rate

The fluctuations in foreign exchange rates, even in a very short space of time, are not uncommon. Getting the best exchange rate possible is supreme in order to secure the best value for your transfer. Remember, a more favourable exchange rate on a large sum of money could save you a significant amount of money. Foreign exchange company in North India give more favourable rates than banks so it is important to do your research.

• Fees and Charges

Fees and charges are very important cost factor when sending money abroad. Both banks and currency specialists charge fees so you will need to be aware of transfer charges and overseas bank receiving fees. Ask about the entire fee, so that you do not end up paying more than expected because the fee can make money transfer expensive. Some banks have set amount to transfer any amount of money. The fees vary from one bank or money transfer organisation to another, and even by the country where you want to send money.

Foreign exchange company in North India

• Reputation of Transfer Provider

Providers of money transfer services in Chandigarh are becoming a popular alternative to banks when making overseas payments. Before engaging in a foreign currency transaction with any specialist or bank, it is both overriding and easy to determine whether a particular firm is authorised by the appropriate regulatory body to carry out money transfers. The customers should check the register to see if the transfer specialist is authorised or registered by the Reserve Bank of India (RBI). Authorised firms usually afford higher protection as they safeguard client’s money by keeping it separate from company funds. Strong balance sheet and a long trading history are also good indicators that the company is reliable.
• Check for an Online Option
Most money transfer companies now offer an online platform for customers. You will need a photo identification proof, proof of address details and further possible documentation for compliance purposes but once you are set up with an online account, transfers can be made 24/7 from the comfort of your own home. Beneficiary details are also stored for subsequent transfers and payment history can be viewed at the touch of a button.

• Customer Support

Having help at hand is always beneficial in case you face problems or have doubts. Keeping you informed is a vital component of the entire money transfer process. An efficient customer support team should be available to assist you with the initial account setup. The team should address any issues with transfers from initiation to receipt of funds by the beneficiary. Before deciding on which company you use, make sure that you are comfortable with the customer support service by making a few calls to the firm.

Considering these points will be helpful when you look to transfer money overseas. And also, doing a little research can help you find the best companies offering money transfer services in Chandigarh.

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