8 International Money Transfer Tips Nris Should Know

[Shashank Bhaskar]

According to the law, a non-resident Indian is some holding Indian citizenship but residing out of India for employment, business, study, or other purposes for an unknown period. There are plenty of growth opportunities available overseas. But your family residing in India relies on you during an economic crisis.

Therefore, international money transfer assists your loved ones even while distant. You may need to send money frequently, so you expect the process to be quick, efficient, and safe. The best service lets you do so anytime and anywhere. Consider these tips for seamless transfers:

Exchange rates

Select a partner with transparent and competitive rates. You can also consider premium banking services offering preferential rates to customers. Since they constantly fluctuate, you can use the online currency converter to check the values.

Taxes and conversion fees

Some banks charge service taxes, conversion fees, and receiving charges in India for every transaction. For clarity, check the hidden costs before sending a Bank Remittance. Sometimes, the sender and receiver must pay for a smooth fund transfer. Although the payment amounts vary between banks, you can consider and compare them thoroughly.

Foreign bank partnerships

Several banks partner with their foreign counterparts to facilitate fund transfers. Ask the bank’s customer support for the list of financial institutions they have partnered with in foreign countries and keep it handy. These are helpful, especially during a medical emergency or urgent fund requirement.

Transaction speed and time

Check how quickly the transaction completes to ensure the beneficiary receives the money on time. Ideally, you would prefer a bank taking the shortest time to send money abroad. Transactions can take a few hours to a few days to complete depending on the transfer mode. Opt for the one suiting your urgencies.

Transaction limits

Banks limit the money and the number of transactions you can remit abroad in a year. Know the limit before making international transfers. Enquire about it with the respective bank to avoid transaction failures.

Currency list

Check whether your international money transfer app caters to the currency you wish to transact in. It is convenient, hassle-free, and user-friendly. Currency conversions are involved while sending money overseas from India like INR, USD, SGD, CAD, GBP, and EUR.

Holidays and working hours

Banks do not conduct operations on holidays. So, have a calendar to schedule your transfer accordingly. Note the bank’s working hours and ensure you initiate the transaction within the period.

Beneficiary details

When you make a money transfer from India, banks ask you to add the details of the beneficiaries. Provide correct information about the recipient’s Bank Account number, name, address, bank branch name, Indian Financial System Code, and SWIFT code. Verify the details and prepare them.

Sending money is relatively easy with the right banking partner. Open an NRI Account to facilitate transactions abroad and experience the fastest transfers at preferential rates.