Are you looking to remit money from India to the USA or any other countries? Then you are at the right place. Sending money abroad is a service offered by all the major banks and all the money exchanges available in India. Before choosing a bank or a money exchange, you need to know what are aspects you need to look for to find the best provider among them.
The major aspects are
- Security and Safety,
- Exchange rate,
- Transfer fees,
- Processing time,
- User experience,
- Reason of transfer
Let’s see how to use these things to find the best player in the market. When it comes to security and safety, both banks and money exchanges offer the best. Because they operate under the RBI guidelines. So, they are 100% secure and safety is assured. But for this security purpose, bank bills higher amount as service charge but currency exchanges are not like that. They bill much lesser service charge to make their customer satisfied with their service.
The next aspect is the exchange rate. This is said to be the most important factor while doing remittance. Because your exchange rate has a direct impact on the money that you are transferring. Usually, in banks, the exchange rate will remain fixed for the day. But in the foreign currency exchange, they used to prefer the live exchange rates concept. So, you can enjoy the maximum exchange rate while using the money exchange.
Typically banks transfer money to only other banks. So, the fees such as transfer fee, sender fee, and the receiving fees all will be accounted for while sending it through banks. When it comes to foreign currency exchange, they won’t work in such as way. So, the overall transfer fees in the foreign exchange are much less compared to banks.
You may have a thought like this much benefits means going through currency exchange is a difficult process or it will take more time than banks. It is completely incorrect. Transferring money overseas using money exchange is as simple as ordering a product online. You just need to sign in to the online portal of the money exchange and provide your basic information along with a verified KYC document and the amount to transfer and then a single tap, you are done.
Money changers with appropriate RBI approval are allowed to send money for 17 different reasons with exclusive discounts based on the reasons.
Are you looking for a forex card to send money, currency exchange also has a solution for that they offer low-cost forex cards with a lot of features. These cards also come up with many discounts such as free swippings, service charge free recharges, etc.