Indian expat working professionals living in foreign often have to send money back home to take care of the living expenses of their families. If you are in the same situation, you may have to do that as well. And we all know it can be challenging to transfer money to India without spending too much on transaction costs.
Aspects like high exchange rates and hidden charges increase the transaction charges significantly. But there are ways to overcome this challenge by dealing with money transfer service providers that offer transparent exchange rates without hidden charges. Let’s look at how you can do that.
What are the hidden charges in exchange rates?
Exchange rates (for example, MYR to INR) are the value of one currency in comparison with the other. The rates fluctuate constantly, and the ones offered by currency exchange service providers usually have mark ups. These mark ups aren’t illegal as service providers need to add their profit margin. However, what makes the situation worse is when these mark ups are high for an International bank transfer.
Furthermore, other hidden charges increase the overall cost of the transaction. Dealing with service providers with high mark ups and hidden charges will lead you to pay a significantly higher amount. The recipient will also receive a lot lesser amount than what you transfer.
How to choose the best exchange rates to get transparent rates
Here are some tips to get the best and most transparent rates for transferring money abroad.
- Exchange rates
Always look for reliable money transfer service providers that offer transparent rates. They also provide real-time exchange rates, which means, there are no mark ups and hidden charges involved. Different service providers charge varied mark ups based on their convenience. You thus need to research well to find the most competitive rate for an international bank transfer.
- Processing fees
Processing fees decide how much more you need to spend on each transaction. The fees will vary depending on the payment method you choose. In some cases, the processing fees will depend on the transfer amount. While most other service providers also charge a flat fee that gives you more convenience, especially when you want to transfer a higher amount.
Other aspects to consider when selecting the best money transfer service provider
Besides getting the best rate for money transfers to India and processing fees, you also need to know these two aspects to get the best value for your money.
- Transfer time
The time it takes for the recipient to receive money depends on several factors like the payment method, destination country, security checks, etc. It can even take 3-5 days for some service providers to transfer the amount. However, reliable money transfer companies often do it within a day.
- Fund security
The safety of your funds should be of paramount importance. You should choose money transfer service providers with valid operational licenses and abide by local laws and regulations.
A reliable service provider will offer security measures like encrypted transfers that guarantee the safety of your funds.
Get real exchanges rates today with Lotus Remit
Lotus Remit is a leading money transfer service provider that offers you the best value for your money. Our services will help you transfer money to India most seamlessly, and the recipient can expect to receive the funds within a day. We also offer the best rate for money transfers to India and provide personalized services to assist you at each step. Contact us today to know more details about our money transfer services.
