Is There a Best Transfer Rate to India?

Anyone who is familiar to money transfers and remittance would know how difficult it is to find the best deals. You may have often wondered if there is indeed any such thing as a ‘best transfer rate’. The answer is, Yes. The challenge is- to find it.

Like with all other financial matters, money remittance too requires patience and understanding. The patience to wait for the best deals and the understanding to know how the markets work. What makes it more challenging is the fact that you have the choice to make money transfers through banks as well as nonbank money transfers. Both operate through their independent networks. So bigger the network, better the service and rates would be. In order to get the best transfer rate to India, you need to compare both these options and choose the one that’s best for you.

How fast is your transfer?

Thanks to digital technology, sending and requesting money has become as fast and easy as sending a message. Fast transfers will obviously attract more transfer charges. As such, you must use this option only in case of emergencies or only if the bank or the operator has specified that fast transfers are free with no additional cost levied on your transaction. Both banks as well as money transfer service providers offer same day and same hour delivery options and instant delivery is also becoming extremely popular. The best transfer rates would also include the best exchange rates when it comes to money remittance to India. As such, you need to research for the desired rates, follow trends, understand the jargons and the language, and plan accordingly.

Hidden fees

The amount you pay for your money transfer would automatically be less if you are prudent enough to ask for the rates involved upfront. Unreasonable commission rates can cost you a lot of money, especially if they are not revealed in the very beginning.

Some tricks and tips

The only way to find the best transfer rate is to shop around. You may be tempted to opt for operators that advertise their deals as zero commission deals. But this could just be a trick to lure you and you may be getting a bad exchange rate in the bargain. Money transfer services usually decide the transfer fees to be charged on the basis of the amount you need to send, how the recipient wants to receive it, the timeline and whether it's one big payment or one that's split into regular payments. A fairer rate is your right but you can get it only if you are willing to take the necessary efforts in understanding how operators earn on each transfer. The rates offered are usually marked up and unless you are a seasoned player, you would not know the difference. The simplest way to find the best transfer rate is to talk to a broker or financial advisor. Being experts, they would be able to review your situation and advise you correctly.