• Tips to send money to India from abroad

    Most of the Indians like to work abroad as these onsite opportunities give them better exposure to their work and greater financial stability as well. If you are one of them, you would obviously want to work hard and earn a lot of money so that you can send it back home to your family in India. When you are planning to send money to India, you should be very careful and know the basic processes involved in this. There are lots of banks and financial institutions that help you do these transfers at attractive rates. Here are a few points that you need to keep in mind when you want to send your hard-eared money to your family back home.
     
    Choose the right partner to help you in money transfers
     
    You have to do your homework when it comes to sending money to India from any foreign country, Choose a reputed bank that has enough experience and expertise in handling with international remittances. You need to partner with a bank that has branches in India and in the foreign country from where you propose to send money to your family. In case a bank doesn’t have an international branch, it should have a tie up with a branch there so that remittances are made easy and professional. You have to analyse various banks and their guidelines for money transfers before you take the final call.
     
    Processing time
     
    Another important tip that you need to follow when choosing options for money transfers is the processing time. More often than not, your family might be in need of some urgent cash to meet medical expenses or sudden financial commitments. During these times, it is very important that they get to receive the money that you send, within a specified time. Hence, you need to choose banks that offer instant money transfers like direct transfer, wire transfers and the like. In this method, it takes just a few hours to transfer money from your account in the foreign bank to your account with the same bank’s Indian branch. This is why choosing a reputed bank that has branches all over the world, works wonders for you.
     
    Processing cost
     
    While we do agree that you have to choose a player that helps you transfer money quickly when there is a need for it, you should also look into the factor of processing costs. When you send money to India from UK and when you want to get it down within a day or so, does the bank or the money transfer agency try to take advantage of your desperation and charge you heavily for it? To be aware of whether you are being exploited or not, you should know of the existing interest rates for transfer options through wire transfers and other speedy online transfers. For quick services, you obviously need to pay more. However, the extent of this “more” is what you need to assess and take a wise decision. Never allow these agencies and banks to take a higher commission from you.

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    Bank of Baroda UK
    32 City Road
    London
    EC1Y 2BD,United Kingdom
    020 74571515
    020 74571505
    mktg.uk@bankofbaroda.com