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A Complete Guide to Send Money abroad

Never miss these tips while sending money abroad.

Sending or transferring money abroad is a process in which money is individuals remit money to their family, relatives or friends. Sending money is a fact of life now as people moving to different countries is very common. There are now many possibilities for consumers looking for the best way to send money to fulfil their dependents’ requirements and needs because the remittance sector has undergone considerable changes and diversification in recent years. 

The marketplace has become more innovative and competitive, all thanks to technology. Remittance is now a matter of seconds. There were only a few choices to remit your money in the past. But today, you have unlimited options. But how do you the best option to send money abroad?

Here are some things to consider before sending money abroad:

  • Cost and Transparency: Looking at the price and transparency is the first thing to consider while sending money abroad. Undoubtedly, everyone must select the cheapest method of transferring funds, especially if you send funds regularly. Transparency is essential to any money transfer business since remitters want to ensure that most of their hard-earned money will reach their home country. In addition to exchange rate markups, some providers may charge clients a backside fee, which means the recipient may be required to pay a fee to collect the money. Look for the lowest remittance charges and ensure there are no back-end charges. 
  • The speed of transmitting: The amount of time it takes to complete a transfer is crucial for both senders and recipients. If you regularly transfer money, you need the money to show up as soon as possible, especially if you need to make an urgent transfer. Recipients may suffer delays, especially if they depend on money transfers for their livelihood. So always choose a reputed and authorized service provider before sending money abroad.
  • Network Strength: The network strength and support of the service provider you choose are important to consider while sending money. Speed should be matched by reach. Unimoni Financial service Ltd. has a network strength of 300+ branches across India, wherein you can reach out from any state. remitforex, an online platform by Unimoni, is even accessible from the comfort of your home. 
  • Reliability and Security: Safe money always matters. You desire assurance that your provider is trustworthy and that your transaction will go as planned. Always look to the trustworthiness of the company in the marketplace before choosing. Today’s technology encourages efficiency and speed and contributes to transaction security.
  • Convenience and customer service: The routes for making international transfers have expanded along with technology and the number of money transfer companies. People visit places with excellent customer service and after-sales services. Select the transfer method that will work best for you and your recipient. Then, go with an operator who can deliver the necessary service while offering the finest possible customer assistance.
  • Finding the best rates: Service operators often charge a markup fee on the currency. The fee can vary between service providers. Walking into any bank and finding rates is extremely hard and costs you high charges. remitforex, by Unimoni Financial Service Ltd. gives you the best rates as it is an authorized money transferring platform. You will pay nothing more and receive the best service possible from us. remitforex is a trustworthy and quick way to send money overseas.
  • Scout for Minimal Bank Commission: The money transfer varies depending on the service provider. Online marketplaces that support international money transfers are more realistic because they provide convenience at cheaper rates and promise speedy transactions. The ability of an online marketplace to eliminate the bank commission will astound you remitforex is an online platform, a virtual business wherein your money is the safest and transferred at the earliest.
  • Online and Paperless Process: If you walk into a bank for a money transfer, you will have to meet many formalities, like filling up forms and applications, which require a lot of time and effort. However, using an internet platform to conduct capital account transactions is reasonably simple. It is almost entirely paperless and conducted entirely online. This is a huge relief and becomes even more significant in light of the COVID-19 scenario.
  • Locking Forex Rates: One must always watch currency fluctuations to lock rates. Rates keep changing every second. The market never sleeps, even for a second. Many service providers allow customers to lock a currency rate to remain fixed during fluctuations. So, one should always check the rates to lock a Forex Rate. Always lock the rates when they are at their best. Depending on the money transfer platform, the forex rate can be locked for 3 days to 1 year. 
  • Transfer Time: This is another thing to consider while sending money abroad. Check the weekly holidays and the receiving time before sending money. Enquire about the receiving time and alternate ways of transmitting when the amount sent will not be transferred on time. Money cannot be sent on Saturdays and Sundays and also on public holidays. Consider all the above factors while sending money abroad to ensure proper Transfer.
  • Avoid multiple transfers in small amounts: Always choose a cost-effective way to send money abroad. Remember that you will be charged GST and bank commissions while sending money. So always avoid sending cash in small amounts as every conversion is subject to GST and bank commission. Make transactions in a single tranche.

Choosing the correct/ right mode of Transfer

Selecting the proper transfer method is very important while sending money abroad. You always need to compare the best possible rates while choosing a platform. You need to check on transfer fees, exchange rates, and speed of receiving the money. Always opt for a reliable mode of Transfer. 

One must always check the rates provided by the money transfer agencies as they provide you with the best rates. Select an agency that uses the most advanced technology to send money abroad, as the speed of receiving the money also needs to be considered. 

Remitforex ensures a quick, reliable and safe transferring of funds. It is an authorized dealer sending money with a vast network of 300+ branches pan India. 

Money transfer agencies

Sending money abroad is now an important activity in one’s life. It has become a fact of our daily life. People send money for various reasons. Friends and family residing abroad are one main reason for sending money.

 Money transfers can be Domestic as well as International transfers. There are numerous money transferring agencies today working both online and offline. Offline agencies need to verify the documents physically, while virtual documents are all performed online.  

Choose your agency or service provider wisely. Choose an operator with prior experience and the most trusted to keep your money safe. Always choose an authorized dealer for sending money or any such financial activity. Unimoni Financial Service Ltd. is the first company in India to get an authorized dealer II licence. remitforex by Unimoni Financial Service ltd. is an online platform wherein you can send money very quickly, with 300+ branches across India. 

E- Cheque Transfer 

E- cheque Transfer is an online form of a paper cheque. It is the same as a paper cheque, except everything is online. The writing, depositing and processing are all online. It is paperless.

  • Withdrawal of money from E- Cheque:Register on the website and fill in all the required details and the amount to send along with the receiver’s details. The amount will be transferred within five working days. 
  • Sending an E- Cheque:Sending an E-Check is a simple process. Enter the website and enter the information needed to send a check. The fund will be processed easily and will reach its destination.
  • Time to clear the E- Cheque: In most cases, it will take one to two working days before your cheques are cleared. 
  • E- Cheque Safety: Since E- Cheque is processed through secure platforms, it is safe and quick. Always recheck the details you fill in and the amount for Transfer before submitting. It will thus ensure the safest platform for sending money. 

Epilogue

Sending money abroad is now an essential thing in everyone’s life. People send money abroad for many reasons like family maintenance, gifts, educational purposes, emigration, shootings etc. 

Instant money transfers from our country to the person living abroad at no extra charge is anyone’s concern. Selecting a proper method of sending money is very important. Transactional limits, RBI policies, staff support, customer service, etc., must be considered when choosing a service operator.

Approaching an unlicensed dealer of money may lead to fraud and other dangers. So, RBI advises everyone to choose an authorized service provider to ensure safety. remitforex by Unimoni Financial Service Ltd. provides you with the best solution for all your financial enquiries. It is an online platform where you can send money from the comfort of your home with no papers. We charge no hidden charges, and we give you the best customer experience. 

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