With the advent of the internet, sending money abroad has become more convenient and hassle-free. You can send money from India to anywhere in the world from the comfort of your home. All you need is a laptop and a sufficient balance in your bank account, and you are good to go.
However, if you are opting for an India to Dubai money transfer, you need to be well-informed about certain factors, such as foreign exchange rates, transfer fees, transfer limits, etc. Whether or not your India to Dubai money transfer is seamless depends on the purpose of your transfer, total transfer amount, etc.
Here are crucial things to be aware of before sending money abroad from India:
Compare service providers
Before sending money abroad, it is imperative to choose a service provider that best serves your needs. Not all banks and NBFCs offer the same benefits and rates. So, you will need to compare different money transfer services, their rates, and other offers. Choose a service provider that offers a reliable, quick, and inexpensive way to send money abroad.
Know the purpose of transfer
It is, in fact, the first thing you need to consider before going for an India to Dubai money transfer. The purposes you can send money abroad are – education, immigration, employment, visa, medical emergency, family maintenance, arranging travels and tours, and opening a business.
Know the transfer limit
Each service provider allows you to transfer money abroad based on a certain limit. So, before making an international money transfer, it is crucial to know how much you are allowed to send money abroad. It is worth noting that if you wish to send a large sum, you will have to incur higher charges and go through a lengthier transfer procedure.
Avoid expediting the process
It generally takes about two to four working days for your money to sit in the recipient’s bank account. But, if you want the money to reach the recipient sooner, you will have to incur higher charges. So, do not expedite the transfer processing time unless it is necessary.
Look for foreign exchange rates
Since you are sending money in foreign currency, you will have to incur foreign exchange rates, which are subject to fluctuations due to market conditions. So, it is advisable to keep an eye on the foreign exchange rates before sending money abroad. Opt for an India to Dubai money transfer when the rates are in your favor. It enables you to save money while sending money abroad.
Choose to send a large sum
If you need to send multiple smaller amounts to multiple people, it is better to send a large sum to one person instead of sending smaller amounts of money. You can then arrange to distribute the transfer amount to the receivers through one person. The best part about this method is that you can save significantly on the transfer and processing fees.
Choose to send money through foreign currency demand draft
If you have ample time to send money to your loved ones, you can choose to opt for a foreign currency demand draft. Generally, it takes about fifteen days for your money to sit in the recipient’s bank account. However, you can avail yourself of the best foreign exchange rates, transfer fees, service tax, etc. You will need to visit your bank to draw a demand draft in foreign currency and send it to the recipient. Once he submits the demand draft to his bank, the transfer amount will be debited to his bank account.
