As Indians are shifting abroad, money transfers have become a necessity, especially with an increasing population of Indians visiting and moving between countries. Nowadays, sending money to India is a common practice as people work with clients from across the world and money transfers have become a necessity. Using bank services is the first option that springs to mind when it comes to money transfers. Although all banks have their own policies for money transfers, one thing is always the same – charges that you have to pay for such transfers. In addition to that, banks may also charge you with hidden fees that occur in the form of unfavorable currency exchange rates. Every bank has its own exchange rate fee that applies when you transfer money from one currency to another. You have to pay attention to the bank’s exchange rates and their currency conversion fee.
Singapore is one such country, which has a good amount of Indians in terms of population. Sending money from Singapore to India doesn’t have to be expensive. Compare the transfer fees and exchange rates of money transfer methods to get the most for your money. When you need to send money to a loved one back in India, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. A money transfer service allows you to send money to someone who is residing overseas. Generally, you can choose a bank or transfer service to make the transfer, allowing your recipient to access the money online, in their bank account or in person at a specified location. As an NRI, you may need to send money to India at some point while you are living in Singapore. Whether you’re sending money to friends or family or transferring funds overseas to manage finances back home, there are multiple ways to send money to India. Unfavorable exchange rate is the major reason for differences between declared and real fees that you pay to a bank for sending money abroad. The ability to support one’s family is a driving factor in the decision to relocate for work, but getting money home can be an arduous process.
When it comes to option to be considered while you send money to India from Singapore, from e-transfers to traditional methods of money transfers, various options are available to send money to India from Singapore. However, it is important to do some research and make sure you make the best choice to send money. Online transfer is the easiest way to send money. All you need is an internet connection and use of local banking services to transfer money to an account in India. You will need information including the name and address of the account holder or the recipient, information about the financial institution the money is being sent to, and the IFSC code of the recipient bank. This method is especially recommended if you do regular transfer of funds. You can avoid the steep banking charges and the transaction can be done from the comfort of your home. Transferring money via online money transfer services, can provide some advantages when sending money abroad. If both you and your recipient both have an account you can often transfer money online instantly, even taking funds directly from your bank account so you don’t have to arrange anything else.
When deciding the best way to transfer money abroad, a little research and planning can go a long way. Each money transfer option has benefits and downsides so you need to weigh them according to what you need, whether it’s speed or a low fee, based on how much money you have to transfer and how quickly it needs to be sent. Pick the right provider for your needs and you can enjoy simple, fast and cost-effective international money transfers. Having more choice is always good news. The mode of transfer depends on the sender’s priorities like speed of transfer, amount of money transferred, whether the money transfers are regular or one-time transfers, cost of transfers, and the receiver’s convenience. Finally, the sender and the receiver have to communicate well to decide on the best way to send money.
