Tag Archives: money transfer services in Chandigarh

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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Online Money Transfers – 6 Smart Ways to Save

Transferring money whether internationally or domestically can be costly, both in time and money and banks often require you to visit a branch and fill out forms to send a wire transfer, plus the cost can be high. But the bank is not only the option to transfer money; many money transfer providers let you send funds online more quickly. But before you choose online money transfer services in Chandigarh, here are some important things to keep in mind which can help to save you money.

  • Narrow your Search

When you search for broad and generic terms for e.g. transfer money, you might not get the best results. When you search, include where you are sending money, and you can even be more specific by including a method e.g. transfer money to India with a debit card or send money online to an Australian bank account. The more specific you are the better chances you have of finding the best deals relevant to your search phrase.

  • Locked-in Rates

Sometimes, the exchange rates change so often that what you see when you first hit the transfer button can change by the time your order is processed. It is a kind of bait-and-switch. But you can avoid this and be sure you’re getting the original exchange amount by looking for locked-in rates.

  • Choosing the Best Time

There are some special promotions that happen around holidays. It’s a smart time to transfer money during these periods because the savings are best. Foreign currency exchange in Chandigarh service providers compete with each other for the best rates around Christmas, Mother’s Day, and other major holidays, including those that are country specific holidays like Diwali in India or Ramadan in countries where it is celebrated. Be sure you’re taking advantage of the special pricing during these times.

Foreign currency exchange in Chandigarh
  • The Way you Pay

There are multiple payment methods for transferring money. The main three are a credit card, debit card, and Automated Clearing House (ACH) which means straight from your bank account. The rates for these money transfer modes vary, so it is always recommended to compare them. Typically, credit card transfer will be the most expensive and transferring straight from your bank account will be the least expensive.

  • Comparison Shopping

Compare the exchange rates from multiple service providers before you transfer money. There are free, third party tools to find the best rates. The exchange rates typically change daily, so check right before you’re going to send money. After all, you always deserve to get the best exchange rate per dollar.

  • Referring Others

If you know anyone else who transfers money regularly and your remittance service provider has a referral program, then you can refer them and save money on your online transfer. But always read the details, because you often need to mention the person you referred and enter your email address to collect the savings.

With these important points in mind, you’re sure to save a significant amount of money on your money transfers. Remember, it’s always clever to read any fine print, where certain services will mention their hidden fees and other policy information you’ll want to understand before you use the service.

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6 Things to Remember Before Buying Foreign Currency in India

When traveling abroad there are a plenty of things you need to manage from your passport to visa and your luggage. However, the most important requirement for your trip abroad is the foreign currency of the country you are traveling to. You can contact a reliable money transfer industry in India that can offer you the best travel deal for your holiday. We share with you the most valuable things to remember before purchasing foreign exchange in India.The following tips will definitely get you the best value of the currency you need:

  1. Buy Foreign Currency Well Before Travel Date

As currency rates can fluctuate a lot, it is good to get a foreign exchange at least a week before or in the worst case around 3 days before you are planning to travel. If the rates are higher you can wait for 2 or 3 days to check if the rates are declining any more. Moreover, you can avoid last minute hurry in this case.

  1. Avoid Exchanging from the Counters at Airport

It is not really worth exchanging foreign currency from foreign exchange counters available at the airport as it comes out to be an expensive option. These outlets charge a commission of 10 to 15%. As you are left with no other choice you cannot even bargain. You lose a considerable amount of cash and your plans change even before you begin your travel.

  1. Follow the Best Practice of 30/70

Make a rough estimate of the amount you will need for the entire trip. You can carry up to 30 % in cash that can be used to pay for the taxi and other necessities where cards are not accepted. The remaining 70% can be in the form of Forex travel card. There is better rate available on Forex card and it is safer too. You can order a prepaid card online without any hassles.

money transfer industry in India

  1. Compare the Exchange Rates before the Purchase

Exchange rates vary from vendor to vendor. You must compare the rates offered by at least 3 providers before your final purchase. The exchange rates can easily be compared these days online. Most of the companies offering money transfer services in Chandigarh provide facilities to place the order online. You can also avail home delivery within a day from any preferred provider.

  1. Remember Your International Debit Card is Not a Travel Card

The debit or credit card that is issued in India includes currency in INR. When you swipe it outside India the transaction does not happen in Indian currency. This foreign currency transaction includes a conversion markup ranging up to 5 %. The Forex card is a better option as it carries local currency and is devoid of any such markup.

  1. Avoid TravellersCheques

Travellers cheques are not used frequently these days and have become a thing of the past. They have been replaced by the Forex Travel Card services these days. These cheques are not accepted in several places and most of the overseas merchants or banks that accept them charge nearly 4 to 6 % commission while en-cashing travelers’ cheques.

You can keep a spare Forex travel card with you that can be used in case of any emergency. It is better to consider a RBI authorized Forex dealer. The fund transfer can be used instead of cash payments while buying foreign exchange. The fund transfer makes the transaction transparent and traceable. Just by keeping all these points in mind, you can find better deals on foreign currency.

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