How You Can Get Most of Your Money Transfers

Posted by Reuben Williams on November 30th, 2021

Many people know how to transfer money, but not a lot of them can find out ways to maximise exchange rate benefits. These methods can help an NRI make the most out of their money transfers.

In this article, we will share some tips on how NRIs can get more benefits from exchange rates.

The money transfer process has improved a lot in the last few years. The process has become a lot easier for a customer to use.

There are some ways in which you can improve the benefits of a money transfer. Here are some of the ways in which you can make the most out of your money transfers-

• Look for Lower Exchange Rates

Exchange rates fluctuate every day. Hence, you should track currency movements for your international money transfer. You can track the exchange rates for your selected currency constantly. You can also set exchange rate alerts to remind you to never miss out on getting the best value for your money.

Furthermore, there are banks that allow you to opt for a guaranteed exchange rate. You can get a rate while initiating a remittance. The rate will be applicable on the date of receipt.

• Search for Bank Offers

There are many banks that provide offers to NRIs. Such offers can get you lower exchange rates and other deals. Hence, it is important to check such offers while you make a money transfer to India from Germany.

• Compare Different Remittance Providers

There are a variety of remittance providers that allow you to transfer money overseas, and they all charge different fees and exchange rates. By choosing a remittance provider that offers favourable exchange rates and fees, you can save a lot of money. You should also read reviews from customers on which bank offers the best exchange rates and lowest transfer fees.

• Check Transfer Charges

When you send money, you\'re charged for your transfer based on your location, the receiving recipient\'s location and the type of transfer you make. You might also get charged with high processing fees. Therefore, make sure you know about all the charges. Most reputed remittance providers inform you about all the charges applicable.

• Don’t Send Small Amounts

When you’re sending money abroad, it’s easy to think that the amount you send isn’t important. However, the amount of money you want to send has a huge impact on the different charges. If you keep sending small amounts, then you will keep paying transfer charges. Furthermore, exchange rates can impact your money as it can fluctuate with every transaction. Hence, if you want to transfer money from Germany to India or from any other country, then it is wise to send a huge amount in one time instead of sending small amounts multiple times.

Get the Most Out of Your Money Transfers

These tips can help you get the best exchange rates while sending money to India. Keep track of the exchange rate in order to take benefit from a lower rate.