In today’s hyper globalized world, transferring money across national boundaries has become an essential need for many. Be it parents sending money to their kids who’ve enrolled in international schools, or those who’ve settled in other countries sending money back home or maintaining their NRI account, international transactions have multiplied and so have the avenues to make them happen.
Yet, we know that transferring money internationally can be nerve-racking. Here are five things to consider while sending money abroad, for your convenience and peace of mind:
- Find What Works Best for You
With wire transfers, money orders, bank drafts, and foreign exchange platforms, there’s no dearth of options for international transfers. Some can be more expensive and faster; others can be more affordable but slightly time-consuming. It’s important to make an informed decision and pick what works for you. If you’re going to send money overseas on a regular basis, it might be a good idea to do it through a reputable and reliable bank. South Indian Bank, with its extensive network of exchange house tie-ups, ensures swift deposits.
The exchange rate is the charge applied to convert money from one currency to another. It can often fluctuate depending on many global factors. It’s critical that you check the exchange rate on the day of the transfer. You should also compare rates, because some facilities can offer a lower conversion rate.
- Ask about Overhead Charges
Don’t forget to inquire about overhead charges or transaction fees that are levied in addition to the exchange rate, some of which could be hidden. The best way to avoid this is to go through a trusted facility like your bank, where you might already have a savings accountor a familiar customer representative, so you can get complete transparency.
- Double Check Personal Details
This might seem like a given, but always look over your personal details, like bank account number or SWIFT code, as you are making the transaction. Check what you’ve typed in twice or thrice, and one more time for good measure. The last thing you want is unnecessary delays in transfers, or even worse, the money going to the wrong account.
- Be Aware of the Transfer Speed
Try and avoid bank holidays, religious holidays and weekends, which could delay your transfers and prevent you from making the most of your desired exchange rate. Usually, international money transfers can take anywhere from 24 to 72 hours. But if you use a well-established network like the one offered by South Indian Bank, you could get your money deposited instantly.
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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.