To send money via an international money transfer to India requires a remitter and a receiver. There are also a few other pieces of terminology that every person should fully understand before they send any money to their friends or family in India. Here are a few of the basic terms that should be fully understood before proceeding.
Look at Exchange Rates
The first thing to understand is the exchange rate. This is basically the value of a foreign currency in comparison to the Rupee. This number is actually a fluid number which is set daily by the foreign exchange companies. The rate is dependent on a variety of external factors, which is out of everyone’s control. Determine how much money the friend or loved one needs and then be sure to send enough in foreign currency to meet those needs.
An example would be if a person was living in Great Britain and wished to send money to India. The GBP is roughly equivalent to 92 Rupees. If the friend or loved one needs 1,000 then the sender would need to send approximately 10.84 GBP. The international money transfer company can help in determining exactly how much to send.
Know About Fees
The next thing to understand is the transfer fees. This is the money that is charged for performing the service of sending the international money transfer to India. The fees are typically based off of a percentage of the total transaction. These fee percentages can vary slightly from one financial institution to another so make sure to check into this beforehand.
Know the Terminology
A third and fourth pieces of terminology to understand is the delivery location and the delivery time. The delivery location is the actual place where the financial institution is located in India. In other words, this is the place where the friend or loved one visits to pick up the money that was sent to him or her. The delivery time is the actual local time that the money will be made available for pickup. The delivery time can vary depending on the transmission services. Some can transfer the money in a few hours while others may take a bit longer. If the transfer happens in the off hours then pick up will not be available until the next day.
RemitGuru provides financial services for an international money transfer to India. The services are fast, easy, and secure with low transfer fees and exchange rates.
