Best Time to Send Money to India
Money transfer to India can be a challenging task given the high fluctuation of the exchange rates and multiple transfer options which advertise similar offers over the transfer. But the money transfer services have improved in terms of speed of delivery and reliability of the transfer services. While we all do check on some common parameters before we initiate a transfer, here are some points to help you decide a right time to transfer money to India.
It is that time of the month where our bank accounts are filling up with our salaries and we are looking for a way to send some money overseas to India either to manage repayment of your student loans, paying EMIs for our property or just to save it for later use. Since we have many options to do with money in India, you need some advice on whether the money has to be transferred right away or you should wait for the right time. Well, if you are in that situation, then, look no further. This article will give you an idea how to weigh your decision to transfer with some practicalities.
Below are the top 4 factors to determine the time of your transfer:
1. Market research
A proper market research is essential to determine the time of transfer such reviewing past data charts showing the currency rates fluctuations and a comparison between various money transfers options in the market to get the best deal
2. Attention to the top news around the globe
News of politics, natural disaster and war highly impact the foreign currency exchange rates in dramatic way. Keep yourself updated with such important news if you frequently send money internationally.
3. Set up automatic alerts
Set-up automatic alerts if currency exchange rate goes beyond you set minimum and maximum limits. Simply an exchange rate notification on phone or email can save you hundreds.
4. Deals and promotions on money transfer
In today’s competitive remittance industry, more than dozens of online money transfer companies are trying hard to get more user-base and in order to attract a user, they often provide deal and promotions such as high first time user rate, referral bonus, occasional coupons to benefit users. It’s always recommended to compare before sending money home to pick the best available deal in the market.
While all the above factors are important to determine the right time for the money transfer, there are also other important factors which have to be considered like urgency of transfer or deciding on a reliable transfer service even if they offer lower exchange rate, etc. These factors have not discussed in this article and reader’s discretion is needed to determine the best time keeping all these factors in mind.