What is the cheapest way to transfer money between countries?

What is the cheapest way to transfer money between countries?

Are you looking to transfer funds abroad and searching for a pocket friendly method of international money transfer? Then here ends your search! Overseas money remittances are definitely a costly affair. However, if you ponder on some essential points while you remit money abroad, you can save a lot of money. If you wonder how, here is your answer. The apt way to transfer money between countries without much cost is elucidated below. Read more to make the cheapest money transfer to any part of the world from India!

How to make cheaper fund transactions across the world?

Below are some points to keep in mind while you make a fund transfer from India to other countries. It will help you to save money while you remit funds abroad.

  • Fees: Banks and money transfer agents charge different fees for their services. It may be a fixed amount or a percentage of the amount you are transferring overseas. Fees are also charged depending on the mode of payment you want to use. Payments done with a credit card or debit card rather than a bank transfer to transfer money comes with its own fees. Normally, credit card charge fees are a bit higher than a debit card or bank account transfer. So it is better not to choose credit cards for your international money transfers as it costs you more.
  • Speed: Money transfer agents may charge more if you want to remit urgently. So always try to do the remittances well before the cut off time. Also relying on authorized agents will help you to credit the funds to the beneficiary account on time.
  • Exchange Rate: The exchange rate is basically the value of a currency explained in terms of another currency. It is set by the foreign exchange market itself. The rate is determined solely by the demand and supply of currencies at any point in time. Banks and money transfer agents make money from the difference in the exchange rate of the currency. So having a proper idea about the forex market and currency fluctuation rates can help you to make the cheapest fund transfer to countries across the world.
  • Authorized Service Providers: Authorized service providers used to charge the minimum and provide the best rates compared to unauthorized agents. So you need to ensure that you are approaching the right agent for your remittances.

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    These four are vital points to ponder on while you make fund transfers across the world. Choosing a service provider with nominal money transfer charges, opting for the right mode of overseas remittance according to your need and remitting money while the exchange rate is lower can help you make the fund transfer between countries at a cheaper rate. So, have proper research prior to your money transfer, to make your overseas remittance pocket friendly and money saving.

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