A checklist for the next time you making cash transfers to family back in India
Indians have always had close ties with families back home while at the same time, assimilated to life in their adopted country. For every Indian working abroad, sending money back home is an important part of their monthly commitment.
And working hard for every dollar that they earn, it’s important that each Indian knows the tips and tricks to optimise their money transfers. Here are a few to get you started:
– Avoid cash transfers: Transfers from an Australian bank account to an Indian bank account are always more cost effective than using cash through an agent. You also get more competitive rates meaning your receiver gets more. Plus, you don’t need to physically visit agents during their working hours, take off from work, look for parking etc.
– Save on high international wire transfer fees: An international wire-transfer from any bank involves multiple intermediaries thus pushing up the cost. A normal transfer could cost anywhere between A$25 to A$40 in terms of fees, which translates to as much as INR 1,900 at current rates. The best alternative to this is digital transfers.
– Go online: Like with everything else that you do, your money transfers should also be online. You get the benefits of low or no fees, competitive exchange rates, live tracking and near-instant payouts that some service providers like Remit2India offer. More importantly, you save on time as these services are available 24×7 and you don’t need to step away from your laptop or smartphone to make the transfer.
– Don’t compromise on your (or your family’s) safety: Safety of your transfer needn’t come at a price. Avoiding cash while sending and receiving eliminates a lot of risks. Additionally, the encryption norms that most online transfer services have make your information significantly more secure as compared to physical forms that you would fill at agents or for a wire transfer.
– Look for deals: We all love deals. And the online world lets us find and get the best options of cost-effective, convenient and safe transfers with the added advantage of a great deal. For example, Remit2India is currently running an offer for customers to try the online service by giving A$35 Coles Voucher for every first transaction along with fee-free transfers and a guaranteed extra benefit of at least 40 paisa per A$ that you send. So, if you send A$2,000 in your first transaction, you can save A$48 in the form of fee saving, the gift voucher and better rates.