Points to Remember When You Are Going to Send Money to India From USA

With so many job opportunities in USA, it is not uncommon for individuals to settle abroad and work there. Such individuals travel abroad and settle down with their respective livelihood. However, it is not uncommon for such individuals to send money back home to their families whenever there is a requirement or on a daily basis.

So what are the points one must remember when one would want to send money to India from USA?
Here are a few points one can consider:

Forex companies offer better exchange rates than banks: 

When you would want to send money to India from USA, you would definitely want to opt for an option that will allow you to save funds rather than spend more. It makes more sense to opt for a cheaper option rather than reputed but expensive one. In this case, the forex institutes are the best options to send money home as they get preferential rates from banks for money transfer.

Check out online forex companies: 

With the progression in technology and economics, there are plenty of online institutes that offer forex services. These companies offer guaranteed best exchange rates to send money to India from USA, as they do not require any physical transmission to be made, thus reducing any possibility of service charges.

Shop for rates online when low to save big: 

The finance market is always volatile. Rates often fluctuate depending on different influencing conditions. You would need to keep an eye out for these different rates to know when the best time to send money is. Some institutes especially the online institutes offer a service wherein one can freeze rates before you can send money to India from USA. All you need to do in such a case is set an alert when the rates are low thus alerting you and allowing you to make the transfer.

Save on remittance charges: 

Just like currency exchange rates, remittance charges of the bank and different forex companies often change. The amount may wary from a few hundreds to a few thousands. Always check the separate remittance charges before making your transfer.

Corresponding bank charges: 

in case of wire transfers, most international banks that receives money charge a foreign correspondent fee of a fixed figure. This makes wire transfers expensive. Unless you need to send the funds on an urgent basis, you can opt for a foreign currency demand draft where the fees is not high. But keep in mind there will be considerable delay in the delivery of this fund.

Now that you are aware of these points, you can now make money transfers safely and conveniently from USA to India.

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