5 Sure shot Ways to Save Money in Money Transfers to India

Posted by remit2india68 in Finance on August 31st, 2017

International remittance can be a costly affair whether you are sending money to India or any other country. If you are remitting money on a regular basis, then you will have to bear a certain cost every time you initiate a transfer.

You need to ensure that you are not losing money on money transfers to India because small amounts can add up to huge losses in the long run. If you wish to save on the expenditure and make remittance cost-effective, then here are five tips to help you with it:

  1. It is very important to study all the available money transfer methods if you want to find one that doesn’t burn a hole in your pocket. For instance, sending money through a bank can be costly because banks charge a high transfer fees. Their FX rates are also high compared to other money transfer methods. So you can choose to send funds through an online remittance agency. Most reputed agencies offer competitive FX rates and their transfer fees are also low. Make a list of all the available options and look into the merits and demerits of each option. Choose an option that offers you lesser fees and better currency exchange rates.
  2. Planning ahead is the second effective tip of saving money on international remittance. Urgent money transfers can be expensive so unless it’s urgent, don’t make it a habit to initiate transfers at the last moment.
  3. Third tip is to take into account factors like- where the beneficiary lives because the location will determine or influence the cost of money transfer. For instance, if the beneficiary is in Meghalaya, the cost of remittance will be higher as compared to a cheap transfer to Delhi. Convenience of the beneficiary should also be taken into account because he/she should not face trouble in collecting money. For instance, if the beneficiary resides in a village, the postal method will be cost-effective. Frequency of the remittance also determines how much you will be paying for money transfers.
  4. Online remittance is another effective way of saving money when you initiate a money transfer from UK to India or any other country. There are several ways in which you can save money with online money transfers. Firstly, there is no need to drive and go to the bank or an agency every time you wish to send money.
  5. In order to save money, it is recommended to remit large amounts in one go because the charges involved in remittance are inversely proportional to the amount that is being transferred. Which means, if the amount is high, you will be charged less for transferring it and vice versa.

So the next time you send money to India from UK or any other country, make sure you are following the above-mentioned tips and tricks for saving some money. Also, research and find a reputed agency if you want to send money online.


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Also See: Money Transfers, Money Transfer, Send Money, Save Money, Transfer, Remittance, Money

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