6 Factors to Bear In Mind Before An International Money Transfer

Posted by Arjit Chalmela on July 5th, 2019

With the rapid strides in technology, money transfer from overseas is now just a click away and any individual can transfer the money internationally in minutes. Individuals now do not even need access to a computer for transferring funds. If an individual has internet access on their phone, they can easily conduct an international money transfer without any hesitation.

With the growing popularity of internet banking, transferring money within or outside India is now easy. Online international money transfer is probably the best option for a smooth and fast transfer of funds across the countries. Some of the convenient and sought-after methods of transferring money are listed below:

1. Paypal
2. Google wallet
3. Bank transfer
4. International money order
5. Transferring money
6. Bank draft
7. Checks

While all of these measures ensure a smooth and fast transfer of funds across countries, there are certain factors that individuals must keep in mind.

6 factors to bear in mind before an international money transfer are:

1. Checking the exchange rate:

When conducting international money transfer, an individual must cross check the exchange rates as the rates tend to fluctuate often. It is especially important when an individual is transferring large sums of money. It is preferred that an individual check the present exchange rates with the multiple money transfer agents to get hold of the best deals. A lot of companies also offer the convenience of booking an exchange rate in advance.

2. Security:

The security of the transfer is of the utmost importance, suppose an individual is going to send money to India, it is essential to ensure that the transfer is secure and is made through a secure network and there is a multiple layer authentication for ensuring good security.

3. Time taken for transferring funds:

Before selecting a particular money transfer service, it is critical to ensure that besides being secure and safe, the service is quick as there may be times when an individual will need to transfer funds for emergency purposes.

4. Checking charges and looking out for hidden costs:

Before deciding on a particular service for an international money transfer, an individual should conduct a research about the charges which are associated with the transfer of funds. There are certain services which charge both the sender and receiver. It is advisable that an individual run through the company policies for enquiring about the hidden charges like late penalties. In most of the cases there is a cancellation charge involved if the transaction has been initiated and cancelled, so check for such conditions as well.

5. Document requirements:

Before opting for the service provider, any individual should ensure that they have collected all the essential documents, like the passport, address proof etc. This is important to make sure that the money is in safe hands for an international money transfer.

6. Limits on transactions:

There are certain limits on the minimum and maximum number of transactions that an individual can conduct every week of month.