26 Dec 2022
An estimated 126 billion USD was sent in international remittances in 2000. This amount grew steadily until 2020, reaching USD 689 billion despite the coronavirus epidemic and a rise in global unemployment. For more than ten years, mainland China and India have received the most remittances from abroad, and more people from the US send money to India than any other nation in the globe.
Overseas workers and expatriates frequently have similar concerns about exchange rate swings and transfer speed, regardless of where you send or receive money. Cost, security, and convenience should also be taken into consideration. How can you ensure that the funds you transfer abroad are transferred as efficiently as possible? Keep reading to find the answers.
Few measures that should be taken while making cross-border transfers are mentioned as follows:
When sending money to India occasionally, you might not be picky about the method you use—bank draft, wire transfer, money order, or internet remittance. You should prioritise what matters to you among the various possibilities available. While others are quicker, some are more complicated. Other transactions are faster, but they cost more. Use only a reputable and trusted money transfer service like ACE Money Transfer.
It might be more convenient to use just one service, such as ACE Money Transfer, that can handle your financial needs if you know you'll be sending money to several foreign places regularly. ACE enables its customers to transmit money to over 100 countries worldwide with 375,000 payout locations.
The foreign exchange rate is the exchange rate used while exchanging money from one currency to another. Exchange rates fluctuate over time and can alter based on the bank or money transfer service you employ to do the transaction.
Global occurrences like natural disasters or political upheavals can impact the world's currency markets. For instance, the pound sterling fell 10% versus the US dollar overnight when it was revealed in 2016 that the UK would be leaving the European Union. Exchange rates can also be influenced by inflation and interest rates. Even minor differences might add up to a significant difference when transferring large sums.
Consider the following factors while making a money transfer to India from overseas:
By organising your foreign money transfers, you can guard against currency fluctuation. Your money will go further if you time it correctly. Bank, public, and religious holidays may cause your transfers to be delayed, costing you the opportunity to take advantage of a favourable exchange rate. Both the sending and receiving nations are affected by this.
Weekends are the worst time to transfer money because markets worldwide are closed. However, remember that weekends only sometimes occur on Saturday and Sunday. Some Muslim nations, like Egypt, have a Sunday through Thursday workweek.
Currency and exchange rate variations may have an impact on your international assets. The loan cost would increase significantly if you exchange your weaker home currency for a more robust foreign currency to make the payments on your overseas mortgage. These are just a few things to consider when financing a property abroad.
Even though digital wallets or peer-to-peer payments may only need an email address or phone number, compatibility concerns can cause issues. It's possible that the recipient won't be able to use your service.
Were you performing a wire transfer? Delays may result from entering incorrect data. And to make matters worse, the US Internal Revenue Service sent over 13 million government stimulus payments to closed or invalid accounts in January 2021, resulting in your money potentially ending up in someone else's account.
If you accidentally send money to the wrong person, contact your bank or service provider immediately. Suppose you send money to India online via a trusted remittance provider like ACE Money Transfer. In that case, you avoid all hassles and get the most benefits, such as the highest exchange rates, the lowest transfer cost, the most secure transactions, and the facility to track your transfers.
Make sure the service provider is reliable and that the service fits all your needs. Something is genuine if it looks too good to be true.
You may be the victim of a transfer scam if you are:
Check that the transfer company is approved by a regulatory body, such as the Financial Conduct Authority (UK), the Consumer Financial Protection Bureau (US), or the Financial Consumer Agency of Canada.
With 375,000 payment locations, ACE Money Transfer is a reliable company that serves its customers in more than 100 countries. ACE values the efforts of its international customers and offers them the safest and most affordable transactions available, putting their hard-earned money to good use.
In today's modern world, international money transfers are no longer burdensome. Choosing the right remittance partner is the first step if you wish to avoid various troubles. Join ACE Money Transfer to make a secure, fast, reliable, and convenient online money transfer to India from the UK, Europe, Canada, Australia, or Switzerland. ACE Money Transfer strives to provide its customers with the best money transfer experience possible. Remember the measures mentioned above, and you are good to make the desired global money transfer.