Things you must know before making an international money transfer

The process of sending money abroad can be complicated and daunting if you are doing it for the first time. Therefore, you need to be well-researched before sending money abroad to avoid paying hefty fees.

So, if you do not know how to send money from India to the UK, this might be your first time. In such a case, it is imperative to be aware of the factors involved, such as transfer fees, foreign exchange rates, and the RBI’s rules and regulations.

Here are things you must know before making an international money transfer:

• Consider the purpose of transfer
• Visa
• Immigration
• Maintenance of Close Relatives
• Medical
• Overseas Education
• Gift
• Know the transfer fee
• Look for a reputed service provider
• Prioritize the safety of your hard-earned money
• Consider your and the receiver’s convenience

The first thing you need to know before knowing how to send money from India to the UK is finding the purposes that you are allowed to make a transfer. The Reserve Bank of India (RBI) has certain rules and regulations to ensure legal transactions. Some of the purposes of outward remittances are:

The transfer fee is another factor that you need to consider while sending money abroad. Banks and money transfer services charge differently to transfer your money to an overseas bank. It can range between Rs. 500 and Rs. 1500. Being aware of the transfer fees involved can put you at ease before making an international money transfer.

While sending money abroad, you will need to be wary of the transfer service providers that offer the lowest transfer fees and unmatched foreign exchange rates. They are too good to be true. Make sure that your money transfer service provider is licensed, no matter how good the foreign exchange rates are. Ask for their credentials and check their online presence to ensure their legitimacy.

It is worth noting that not all international money transfer services have the same security standards and protocols. So, before sending abroad, you will have to choose a money transfer service that ensures the safety of your hard-earned money. Look for services that are RBI-regulated. If not, it is a cause of concern.

To make an international money transfer, do you have to visit a physical location, or can you make a transfer from the comfort of your home, using the internet? Also, how conveniently can the recipient receive the fund? Do they have to wait for too long to withdraw the fund from their accounts? So, you need to set your priorities and then choose a service provider.

In short

If you do not know how to send money from India to the UK, visit a money transfer service nearby or your bank branch to assist you. However, before sending money online, ensure that you are well-informed about the whole process.