Several people living in foreign countries find it difficult to send money to India; they face many challenges like high transfer fees, low exchange rates, and finding a reliable money transfer service. The service that you opt for may not necessarily be the best one. Sometimes, money transfer services have many hidden charges, which reduces the transfer value.
If you are based in any foreign country, especially in Asian countries like Singapore, you must take your time to find the best money transfer service. Here are a few tips you may consider when you transfer money from Singapore to India.
- Charges Involved and Exchange Rates Offered
Before choosing the money transfer service to send money from Singapore to India, you must take your time to collect information about the latest exchange rate and the various charges levied. Some financial institutions may charge a flat rate for the transfer, which may be advantageous if you wish to transfer a large amount.
Also, it is better to ask the service provider beforehand if the charges are the same for all locations; some money transfer services may charge a higher rate if the beneficiary is based in a remote location.
- Reliability of The Service
When you transfer funds from Singapore to India, make sure that the fund transfer service you choose is reputed and is reliable. Often people choose the service that offers the highest exchange rate. But, such agencies may be fraudulent. So, don’t choose the money transfer service based on the transfer fee and exchange rate alone. The reputed companies may impose a higher transaction fee, but you can be assured that the money will reach the beneficiary.
- Plan the Transaction Before Time
Often people make last-minute decisions to send money, and they usually choose a money transfer service that may be located close to their home or office. But, such services may not be the best one and may charge a high transfer fee for priority transfer service. So, it is better to plan the transaction well in advance so that you have sufficient time to look for a service that offers the best rate.
This is another critical factor you must consider while choosing the money transfer service to send money to India. The transaction must be convenient for you, but it should also be easy for the recipient. Does the transfer service remit the funds directly into the recipient’s bank account, or do they have to visit the company’s office to collect it personally? Take these factors into consideration and make the right choice.
- Quality of customer service
Suppose you have any doubts about the process or have any issue with your transactions like delay in the funds’ remittance, the quality of services offered by the money transfer matters a lot. A reputed money transfer services have a dedicated customer service professional to cater to the customers’ issues.
When you initiate a fund transfer transaction, you would want to ensure that your hard-earned money reaches the desired recipient safely. Consider the above factors when you choose the money transfer service, and you can be sure that the transactions are done safely.