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Top 5 things to keep in mind when sending money online

Tuesday, 17 January 2017
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We live in a world where Internet of Things (IoT) is the new normal, where being connected is a given. ÔÇÿOnlineÔÇÖ is a word that even little toddlers are aware of and is part of their lexicon.

Today, a large part of the population lives and works in different countries, so remitting money back ÔÇÿhomeÔÇÖ is part and parcel of the life of expats. While there are several ways and means of sending money transferring money online has become a viable, quick and accepted mode of moving money from one country or location to another. However sending money online has a few requisites that you need to keep in mind, especially when itÔÇÖs currency transfer from one country to another.

Top 5 things
a) Currency exchange rates ÔÇô International money transfers attract conversion and convenience fees.
In a highly volatile market, fluctuations in the exchange currency rate can make a huge difference to the money being received. Ensure you check out reputed money exchange houses to give you best rates on international money transfers.

b) Amount of money transferred ÔÇô For small or infrequent amounts of money transfer, it might be convenient to use your bank to transfer money online. But if youÔÇÖre transferring substantially large amounts of money from your account overseas to another country, you may want to consider using reliable online remittance providers, where you can send money seamlessly at competitive rates.

c) Authorised and legal channels of money transfer ÔÇô There are several illegal and unauthorised modes of sending money from one location to another. These channels are fraught with risk, and there is nothing much you can do about it, since these transactions are unrecorded. There is even a possibility that the funds could be diverted for criminal activities. To safeguard your hard-earned money and ensure that your money is transferred to the right person, on time, send money via trusted, reputed, online money transfer providers who are accountable and reliable.

d) Time taken for transfers - Imagine you had to send money to your family or loved ones in an emergency? Transferring money via banks would usually take more than 24 ÔÇô 48 working hours and thatÔÇÖs precious time which you canÔÇÖt afford to lose. Sending money online is a quickest and safest way to remit in an instant.

e) Transaction fees - Your bank by default is not the only option to send money online. Check for non-bank foreign exchange services and money transfer service providers who can be far cheaper when it comes to remitting international currency. Their charges for the service, conversion rates and exchange rates are better than most banks.

Sending money home from the country of your work need not be intimidating or tedious any longer. By choosing the right online money transfer provider, you can securely and quickly send money, right from where you are, at the click of a mouse. So the next time you want to transfer money, choose wisely, itÔÇÖs your money after all.

Last modified on Tuesday, 17 January 2017 07:26