When international bank transfer fees are included, the expense of sending cash across borders may rapidly pile up. It doesn’t have to be that way, though. Whether you’re sending a significant quantity for a one-time purchase or making frequent overseas currency transfers, there are two primary methods to save money: obtaining a good exchange rate, a lower fee, and the best method which suits your need. If you’re seeking the cheapest way to send money overseas, keep reading to learn how to save money on money transfer charges.
When you send money overseas from India you need to compare the exchange rates and service fees of several forex dealers to find the best exchange rate and lower fees. The exchange rates are never static and keep fluctuating based on the business ties between nations. At lower rates, you may sometimes lose a hefty sum while doing an online transfer. And it is also the place where most forex dealers make money by quoting a lower exchange rate. So, keep track of the exchange rates to save your hard-earned money.
The next thing is the method, there are many methods for outward remittance. You need to know about them so that you can opt for one which suits your need the most. For example, if you need to send money for overseas education, you can send it via a demand draft if you have ample time and if it’s not urgent. It can save some extra charges you may come across when you opt for other services.
Keep these two points in mind to save big in your next transfer.