If you have recently moved abroad to work, one of the first things you’ll think about is sending money to the family you left behind.
After all, earning a higher income may be one of your primary motivations for deciding to work in a different country. With a more substantial pay, you are in a better position to support your family financially.
And when you’re ready to send money to India or a different country for the first time, doing this without a plan is not a smart thing to do.
You need to be sure your loved ones will receive the hard-earned money you send. Additionally, you have to ensure there are no hidden costs that you or the recipient have to pay throughout the transaction.
You can do this only if you study the various money transfer services and providers available and choose the best one that won’t put you and your family at a disadvantage.
Hassle-Free International Money Transfers
If you want to transfer money to India or any part of the world successfully and safely, make sure you always follow these best practices and tips:
1. Check the reliability of the service provider and their transactions
The first thing you have to do before sending your first remittance is to look for a reliable and reputable company.
Go online to look for remittance companies with great reputations based on customer reviews and ratings. There should be no comments saying that there were unexplained long delays or failures regarding the receipt of the money.
If possible, try to look for information regarding the path of remittance from the sender to the recipient.
Try to narrow down your options to those that have been around for years, since their longevity is a sign of their good track record and trustworthiness. Once you have shortlisted your choices, find out if they are licensed and authorized to carry out the money transfer services they offer.
2. Look for a provider with excellent customer service
When you’re sending your first remittance, you would do well to choose a company known for its exemplary customer service.
Knowing you’ll get help when you encounter problems during the transaction is crucial for having peace of mind when transferring large amounts of money.
Because of this, choose a provider with a responsive, friendly, and accommodating customer service team that can assist you when you experience a delay or failure in the receipt of funds.
Reading online reviews about remittance or money transfer centers will give you a good idea if they have impeccable customer service or not. Check how they respond to both positive and negative comments and reviews and how quickly they do it.
If you know anyone who sends money abroad, ask them which service provider they use and if they always have a pleasant experience whenever they transact with them.
3. Opt for a service provider that offers convenience
Sending money by wire transfer usually means visiting a branch and conducting transactions in person.
Although this may eat up some of your precious time, choosing a service provider with several branches will make the process less inconvenient.
By doing so, you can pick a branch nearest you or one with short lines. This will help you save plenty of time whenever you need to send money.
Some remittance hubs also have mobile apps that allow customers to set an appointment to visit their branches. With this feature, you can select the most convenient time to go to their center and send money at your chosen schedule without waiting several minutes or hours to be served.
Many service providers also allow their customers to send money online using their credit or debit card or PayPal account. With this option, you won’t have to go to a branch to go through the transaction process. You can do this at home or during your work break.
Lastly, it would be convenient for your loved ones if they could receive the money you send within minutes, especially if they have an urgent need for it. For this reason, try to find out beforehand the provider’s speed of money transfer.
4. Choose the best time to transfer money
Whenever possible, time your transfers smartly. Check the foreign exchange rates regularly and send money when the rates are higher to maximize your money transfer.
Additionally, try to avoid sending remittances on weekends and holidays. Bank, public, and local holidays can delay your transfer, which can cause you to lose out on favorable exchange rates, too.
However, many remittance centers still operate during weekends and holidays. If you need to send money during these days, find out if your recipient can still get it on the same day to avoid delays and inconveniences.
Also, remember that weekends in the Middle East and other Muslim countries fall on Fridays and Saturdays. Check beforehand if transfers can be completed within the same day so that your loved ones can receive the money the soonest.
5. Compare different service provider fees
Remittance and money transfer centers usually charge differently based on the amount you’ll send.
Some providers charge higher than others for particular ranges of remittance amounts. Take the time to check these fees so that you won’t end up paying a lot for them.
Additionally, look for a provider that doesn’t charge the recipients any fees when they claim their remittance.
Use comparison websites to check the different fees of service providers and find the most reputable ones with the lowest transfer rates.
6. Ensure you have the correct information needed for sending money
Lastly, make it a habit to double-check the information you write down or input for sending money.
If you are making a wire transfer, make sure you know the correct spelling of the recipient’s name, their contact number, and other details you will be asked to provide.
Keep in mind that providing the wrong details can cause delays.
If you use a bank account for transferring the money, the incorrect information can lead to the remittance going to another person’s account.
To avoid these inconveniences, always double-check the recipient’s details before finalizing your money transfer.
Sending your first remittance to the family you left behind can be exciting. However, you have to make sure that they will receive the money you send without any hassles.
Following these tips can help you have a successful experience whenever you send money to your loved ones. Moreover, you can ensure you and your recipient will have smooth, stress-free transactions all the time.