What To Look Out for In an International Money Transfer Service?

Posted by Shashank Bhaskar on April 12th, 2022

In a world that is getting smaller due to expanding technology, moving money should be fast, simple, and safe. Whether you send money home for the festive season or are a monthly remitter of your family living in another corner of the world, you should understand the costs and media supporting this.

Thankfully, banks and digital payment providers have developed safe and swift ways for international money transfer. You can remit money to and from India to any country on time by approaching reputed and reliable money transfer services. With so many digital options available, deciding the best one requires research and patience. The following are some factors to consider:

Transfer fees and exchange rates

Despite the annual increase in the global Remittance market, the transaction costs are high. These costs add up with the number of intermediaries. Select a bank offering operational transparency in exchange rates and transfer fees. Most of them do not include hidden costs or other unpleasant surprises. You can see the recipient amount before transfer and get complete control over finances.

Security

A security guarantee is paramount for choosing and trusting an international money transfer app. You require a reliable channel that guarantees encryption technology to keep your financial data and money safe for secure transactions. It does not compromise your financial and other confidential information and ensures a smooth transfer.

Transfer speed

Time is an essential factor when you transfer money from India to the USA. Your loved ones need funds urgently for medical emergencies, college fees, or completing a transaction. You can use the transaction tracker feature on the app to check the status of funds at each stage until the intended recipient collects them.

Better rates

Keep hopping until you find a provider offering great rates for each transaction. Usually, the larger the amount, the higher the fees. Foreign Remittance should be economical and not cost a fortune. Nowadays, all banks offer online transfer facilities to their customers while maintaining transparency on the rates.

Customer support

Customer experience is the heart of all services, from enquiry to completing a transaction. You require a trustworthy service provider who understands your concerns and proactively resolves the issues while initiating a money transfer from India. They should have a 24x7 customer helpline and respond to emails actively for a pleasant experience.

User experience

Money makes the world go round. And being able to send it wherever you want, as quickly as possible, is essential, especially when the world is so interconnected. It is essential to go through the user reviews and ratings before finalising the provider. Ensure to get the highest possible service at the lowest costs. After all, everyone understands the value of support during a financial crisis.