There are a lot of companies out there that offer the service of sending money to India. The services offered are basically the same, but the fees associated with each of these offered services can vary from company to company. When looking for the cheapest way to send money to India be sure to do a complete comparison of the service or services offered and then see which one has the cheapest cost.
Exchange Rates
The first thing to look at before committing to a company for money transfer services to India is the exchange rate. This exchange rate is set at a fixed rate each and every day. It gives a person a baseline on what to expect total costs when sending money to India. One thing to be careful about is companies that offer very low fees. They may advertise that they have the lowest fees around but may actually backload the fees onto the exchange rate. This is a hidden trick that is used to offset the costs incurred from offering such low rates. Knowing what the baseline exchange rate is beforehand will help in determining the cheapest way to send money to India.
If the company does not tack anything onto the exchange rate, then all of the fees will be shown on the transfer fees. Within this grouping may be some other fees such as a commission fee (usually charged if the money transfer is done through an agent), and even a receiving fee. Some financial institutions may actually charge a certain amount in order to receive funds and then distribute those funds to the recipient.
Fees
It is imperative to know and understand each of the fees that could be associated with a money transfer. This is the only way to ensure the cheapest possible cost for the money transfer.
RemitGuru provides financial services for the cheapest way to send money to India. The services are fast, easy, and secure with low transfer fees and exchange rates.
