Remitting money to India is surely a costly affair. But you can reduce the overall cost if you can devote a bit more time before you send money to India.
Following are the saving tips that the Send Money India team recommends for all remitters. Make sure that you are not missing anything during your next remittance to India.
Tip#1 - Don't wait for the Last Minute to Make the Remittance to India
Some of our readers ask, "I want to do an urgent money transfer to India. Please suggest a cheap method." It is true that sometimes you need to make an urgent transfer, may be for funding a medical bill payment, but not always.
Don't make it a habit to pay at the last minute. If you have plenty of time in hand, you can research on the various options and find the best one that suits your need. So always make the remittance on time rather than waiting for the last minute
Tip#2 - Study of the Money Transfer Methods Available
The must do thing before doing a money transfer is to understand what all options are available. Look for the merits and demerits of each of them. Now you will have a fair idea of the procedure of each and of course the fees involved.
It is easy for you to now shortlist the ones suits best for you. Please try to prioritize those who offer good exchange rates and lesser fees.
We, the SendMoneyIndia.org team have reviewed most of the methods, making your short-listing process simpler.
Tip#3 - Go for the Cheapest Option
Once you have short-listed the best options, now you can look for the cheapest one. Here remember to think about the destination. For example, the money transfer service which claims for a cheap transfer to Gurgaon may not be the cheapest one for Meghalaya.
So look for the cheapest option near your hometown. Also think of the convenience of the person who will collect the money. If it is some village the postal method will be cheaper and they will mostly do a home delivery. This will save huge amount if he had to collect it from a bank in the city.
The cheapest option also depends on the frequency of your remittance. Say if you are planning to keep aside some money for your parents monthly. It would be better if you can go for a pre-paid debit card remittance system like iKobo. The one time investment will let you transfer money to the card any number of times.
Tip#4 - Do the Remittance Online
Doing the remittance online will save you in many ways. You don't need to go to the bank or any other financial institution to make the transfer, thus saving on your petrol.
Most of the remittance methods have a secure online window to do the transfer from anywhere in the world. There are some internet money transfer systems, that involves least intermediates making the transfer charges even lesser.
To know who all offers online money transfer visit: www.SendMoneyIndia.org
Tip#5 - Remit Larger Amounts in One Go
The charges involved are inversely proportional to the money transferred. That means, higher the amount lesser the charges and vice versa.
So you can save a lot of money if you can send huge money in one go rather than sending small amounts frequently. In simple words, make your remittances quarterly or half yearly than monthly.
Tip#6 - Check for a Companion
It could be quite possible that your apartment mate or colleague too wants to send some money home. And if you put them together you will be charged less for the transfer.
No need to say that the destination has to be same to do this. Please remember to do it together from the start, so that everything is clean and clear for both of you.
Tip#7 - Look for Good Exchange Rates
Everything happening in the financial world has its impact on the exchange rate. So do follow the economy to speculate a positive exchange rate fluctuation.
Who doesn't want more rupees for a dollar? Please keep in mind that the exchange rate offered by the transfer company usually vary from the official rate. Do confirm the rates before initiating the money transfer.
Tip#8 - Ask for Reduced Charges
If you are a returning customer you may be eligible for a discount. Do talk to the customer care executive and convince him to give you a better offer. Businesses want more customers, if they understand the point you will be saving here too.
Tip#9 - Look for Seasonal Offers
Most of the remitting companies put up discounted rates during the festive seasons, say Diwali. More remittances happen during this time and they can do it at a cheaper rate then. Always look for any seasonal or promotional offer to do the transfer at cheaper rates.
Remitting money to India can be for any reason. If you can take care of the little things mentioned above, you will be saving a lot.
Author Resource:
Jyotsna K is a contributing writer for Remitting money to India website. You can read the original: "9 Ways to Save Money While Remitting to India " article on this website.
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