You are thrilled about moving abroad. There is so much to look forward to—a new culture, a new place, so many new experiences. But you have some worries too. For instance, you might need to transfer funds to your loved ones in India and to continue your investments back home. How will you do that?
Regardless of your gender, money transfer to India from USA and other geographies is easy nowadays. Bank transfers are simple enough. There are non-bank remittance agencies as well that allow sending funds in the form of cash, cheque, or draft. And you can even send money online.
Nevertheless, it helps to have an understanding of the costs involved.
International Money Transfer: What are the Charges?
The charges applicable depend largely on the mode of transfer that you choose.
- Bank-to-Bank Transfers
Money transfer to your Non-Resident Ordinary (NRO) or Non-Resident External (NRE) account could happen within 24 hours. But if you are sending money from a foreign bank to a bank in India, it could take up to five days.
Perhaps your foreign bank has no working relationship with the bank in India. So, the bank will contact a correspondent or intermediate bank that has ties with the Indian bank. The money will be transferred via this intermediary institution.
Here, the standard transaction fee will apply. But the intermediary will also charge a fee for the service provided. The exchange rates may also vary, and this could add to your costs.
- Non-Banking Transfers
Here, you simply walk in to the service provider’s outlet with the cash. The money is wired to your beneficiary within minutes. Your beneficiary simply has to visit the provider’s office and collect the cash.
Because these are so quick, the transaction fee may be rather high. The exchange rate may not be in your favour either. And you could incur an extra charge on using your credit card to transfer funds.
- Online Money Transfer
Online transfer services like RemitMoney let you transfer money to India instantly and at low cost. When you send money online, you get the best exchange rates too. In fact, RemitMoney users get cash points for every transaction. There are additional points to be earned for referring a friend.
Points to note:
- Sometimes charges may decrease as the amount of money transferred increases.
- Certain remittance services may apply a charge to the exchange rates. So, you should compare exchange rates to find the cheapest money transfer deal.
Men vs Women: Who is the Better Deal Hunter?
When remitting money, most people try to find money transfer deals. After all, everyone wants to find the cheapest way to send money.
But does gender have any bearing on your success rate in bargain hunting?
Men and women do have access to the same deals. But the way in which the genders approach the finding of deals tends to differ.
For instance, men are seen to spend a lot more time hunting for deals. Women, on the other hand, tend to zero in on suitable deals more quickly. In other words, male deal hunters take longer to carry out research on international money transfer offers. But women are closing deals more efficiently in a shorter span. They are able to select the right deal by going through fewer pages.
Tips for Finding the Best Deals
If you need to remitmoney to India frequently, explore the available options. Keep these pointers in mind when doing your research:
- Look for services that charge the lowest possible transaction fee.
- Shop for the best exchange rates.
- Keep an eye out for hidden fees and charges.
- Watch out for reward programs that might help you save on future transactions.
Thanks to the growing number of career opportunities abroad, Indians have plenty of reason to move overseas. For these men and women, having secure and convenient remittance services are critical. But getting good deals is important too. Regardless of your gender, you need to zero in on the best money transfer deals. They will help you save in the long run.