How to transfer money to India without losing money?

With the advancements in technology, sending money from one country to another has become very easy. However, compared to sending money to someone within the country, international remittance can be quite expensive. If you don’t research and compare transfer rates and FX rates, then money transfer can burn a hole in your pocket.

So, you need to be extra careful and smart in transferring money. Only then you will be able to save money and your recipient will get maximum of what you are sending. You need to research and figure out the cheapest mode of remittance; however, the total cost of money transfer depends on various factors such as, the amount you are sending, the destination and how quickly you want the money to reach the recipient. Consider these factors when you transfer money to India or any other country and make your international remittance hassle-free and cheap.

Here are few different ways to make it happen:

You need to take the exchange rate costs into consideration when sending money overseas. If you manage to get competitive rates, then your recipient will get maximum of what you are sending after currency conversion. 
Ensure that you are getting the best rates when it comes to transfer fees. Even if you get competitive FX rates, your remittance can become expensive if the agency or bank is charging you a high transfer fees. Always read the small print and check if you are being charged any hidden fees. 
Since there are several money transfer agencies out there, it is best to do some research and choose one that has a good reputation in the market and offers low rates. 
It is recommended to use delayed transactions if you are in no hurry to send funds to India. Schedule transfers that can take at least two to four days. This is because fees for such services are lower compared to urgent transactions. 
If you have to buy a property in India and you wish to transfer funds, then it is recommended to use the services of a reputed currency broker. Reputed brokers are experts at international remittance and they can get you good rates. 

Remember, you can easily save money in international money transfers by making some smart decisions. For instance, you can use the services of a remittance agency instead of remitting through a bank. Banks charge a high transfer fees. Their foreign currency exchange rate is also high compared to what remittance agencies offer. You can make a cheque transfer to India but it can very time consuming. Instead, opt for an online agency that will send money quick and offer you good rates.

Security is equally important if you wish to transfer money without losing money. The device you are using for initiating remittance should be virus free. Also, never make the mistake of sharing your online banking passwords with anyone. Keep the passwords a bit complex so that it isn’t easy to guess for hackers.


Jack works for a remittance agency. He also writes articles on cheque transfers to India and how to transfer money to India safely.

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