Sending money abroad through foreign currency exchanges in Jalandhar has become a major part of business for many individuals and businesses. Money is remitted to various countries all over the world for numerous reasons. Education fees, medical expenses and gifting are some of the major personal ones. Investment in assets in foreign countries is also quite common. All these transactions can be done easily with the help of a reliable and efficient money transfer service. At the same time, sending money abroad is quite a lengthy process that involves a huge amount of money. Therefore, the right decisions must be made after gathering all the necessary information.
Choosing the Right Mode of Transfer:
When it comes to remitting money abroad, people are spoiled for choices. There are a lot of ways to send money to foreign countries. Depending on the purpose, some are best suited while others, not so much.
Banks are well-known institutions for being the channel through which people transfer money abroad. However, they are not always praised for being friendly on the pocket. Banks levy a number of charges on transactions involving foreign currencies. These additional fees bear down heavily on the persons or parties initiating the transaction.
There are brokers who are capable of sending money abroad. Many people avail of their services due to their rates and charges being considerably lower than banks. However, in the long run, this actually costs them more since it is not an entirely safe way. Only companies and institutions approved by the Reserve Bank of India are permitted to deal in transactions involving foreign currencies within India. Such approval is not granted to these brokers making the choice, not a viable option.
Companies like RRSB Forex are approved institutions that can transact foreign currencies. Not only are these channels genuine, but they are also light on the pocket and save a lot of money.
Obtaining the Best Forex Rates:
The entire process of sending money to foreign countries revolves around the singular important factor of foreign currency exchange rates. Simply put, the better the rate, the more the preference should be given to. There are a number of companies approved by the RBI which can help to send money abroad from Jalandhar. Narrowing them down can be done easily and quickly based on what forex rates are being offered. RRSB Forex offers the most competitive rates and is a prime choice for customers because of this.
Pick the Right Time:
Money remittance is all about timing. Forex rates keep on varying. A little research and study will go a long way in predicting the trends of exchange rates. This will help to determine the best time to send money abroad from Jalandhar so that you get the best rates. Also, it is best to avoid transactions on weekends and public holidays. This is because the rates of the last working day are locked for these days. Money remittance services charge extra to avoid suffering a loss in case the rates go down once the market reopens.
Commission, Mark-Ups and Miscellaneous Charges:
Commissions are quite a common charge levied by companies that remit money abroad. Usually, it is not that high of a charge but some are exceptions. Avoiding them would be best. Mark-up charges for money remittance companies are significantly lower than that charged by banks, saving a ton on every transaction. Hidden charges, often listed as “miscellaneous” is a concerning matter. Before the transaction is finalized, a detailed invoice is provided, breaking down the charges. Make sure to clarify the miscellaneous charges before proceeding with the transaction.
To Go Online or Stay Offline?
The question of whether to do transactions online or take the offline route is one that continues to pose a question mark. Online transactions omit the massive paperwork, cut off the middlemen and costs less in terms of time and charges. COVID-19 has been a nightmare with the virus spreading widely and rapidly. Online transactions through foreign currency exchanges in Jalandhar also have zero transmission risk which is especially important during this time. Taking all of the benefits into consideration, it is safe to say that the debate is satisfactorily settled with online transactions being clearly the better option.
Aug 28 2021