You may be a freelancer or you may have relatives who earns handsome amount living in abroad. This article will guide you as to how to save money on international money transfer.
Almost most of the people use their saving account to send and receive money internationally. However, very rare numbers of people think of best way to send money to India and maybe other countries.
You must have alternative ways and means while thinking of home loan and car insurance. You may not have used your saving account for the purposes of home loan and car insurance etc. similarly, you should not use your saving and salary account to have international money transfer.
Almost majority of the people handle their monetary affairs by means of their bank account. However, majority people finds alternative resources for maintaining home loan, personal loans and car insurance with various alternatives. If we use alternative ways for other financial affairs, then why should we use our bank account directly to have international money transfer? Probably, we are not aware of the money that we pay for remitting and receiving money in our bank account.
When we think of getting money from overseas, we think to receive money in our personal banking account. However, there is some restriction from the government as for the amount of money you should receive annually. There are different restriction in different countries. Getting money in the saving account can be heavily taxable if you received too much of money every month.
Hence getting money in your spouse’s account could be a good idea to avoid heavy tax. Also you should take into account as to the banking charges and exchange rate. You can have a comparison in the market. Internet could be the best idea to find comparison chart and money exchange rate.
As a rule, the bank sells their currency at a higher rate which cannot surely be beneficial to you.
Sometimes the money even gets deducted up to 7% from your actual amount. For example; if you get money by the help of PayPal, then you need to pay the money to PayPal and also your local bank as per the rule of the Government. Similar rule may be applicable to send money to Sri Lanka and other countries even.
Today, there are huge competition in the market since the third party companies have been mushrooming in the market. Due to competition these companies have now started sending your money at a competitive price.
Therefore, you have to keep in mind few things like checking currency rate that banks sell you. The charges for senders and receivers. All these charges you can find on the internet. Even, you can get such information in the social media sites like Qoura and Yahoo answers. Many people might have similar questions those who have been discussing about the international money transfer.
If you take few things into consideration you can save huge amount of money annually. Sometimes, you also have to be extremely careful about receiving and sending money since there are a lot of fraudulent companies have come to the market. They can steal all of your money instead of sending money. Hence, you should check the background of these fraudulent companies before sending money.
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