The advancement in communication technologies and ease of travel globally have made persons worldwide citizens. While working in a distinct nation, an person frequently wants to transfer revenue to his/her family back home.
For transferring revenue, it is crucial to get a very good exchange price and an effective banking service.
“Starting with a visit to the bank and a laundry list of tasks that the bank may give you – queues, limited time available, and the never-ending paperwork and signatures – remittance may appear to be a daunting task,” stated Mayank Goyal, Founder & CEO of moneyHOP.
“What you need is a seamless digital and paperless remittance provider that understands these pain-points,” he added.
Such providers exist and you can come across them by maintaining the following points in thoughts:
Exchange Rates
Not everybody provides you a very good exchange price. These prices hold fluctuating and hidden charges will absolutely have an effect on the final transfer quantity, so hold an eye on these prices supplied by the provider you pick.
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Transfer Fees
If you regularly transfer tiny sums of revenue overseas, you must use a service that charges a charge based on the quantity transferred (the larger the quantity, the larger the charge). If you are transferring a substantial sum only as soon as, you must use a firm that charges a flat charge regardless of the quantity becoming transferred.
Safe and Secure Medium
Whether you use a bank or an on the internet remittance platform, make sure you double-verify it is a RBI regulated entity. That way, you can be particular that your difficult-earned revenue has reached your family in a secure and safe manner.
In case of any challenge surfaces when transferring revenue, it is also crucial to have a very good mechanism in spot to get rid of the glitch and total the transaction.
“When transferring money globally, the safety and integrity of the transaction are a big concern. Hence, it’s advisable to opt for reputed and well-recognised banks or service providers with good reviews. One thing that you should pay special attention to is the grievance redressal policy of the platform. As money has to be sent to a foreign recipient, there could be incidences of errors/frauds. That’s when a quick redressal feature becomes crucial,” stated Pranjal Kamra, CEO of Finology.
“As per the RBI, a person can remit a maximum of $2,50,000 every year. Besides, as it’s an international transaction, exchange rates and transaction fees will also creep in. Tax regulations will also be applicable. Take these factors into consideration while transferring the money,” Kamra added.