Tips to keep in mind when sending money abroad to your children

If you have your kids studying abroad, you will definitely be making frequent transfers to them from India. Now it must have been a regular affair for you to transfer money online to a foreign country. Sending money internationally has become easier with the use of internet banking, but there are still a lot of security concerns, hidden bank charges and legal conditions that one should be aware of. Here we have listed a few points for you to know how you can save more time and money while making international money transfer:

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  • Before you zero in on a money transfer service, have you compared all the options available for you? You can make an international currency transfer through NEFT, third-party services and through dedicated money transfer institutions. Compare these to know which party provides the best exchange rate and charges the lowest transfer fees.
  • You must know that transferring a large amount of money in one time would be cheaper than sending small, multiple transfers. Transfer fee is usually standard. With multiple transfers, you will pay a huge amount of transfer fees for repeated transactions.
  • The transfer fee also depends on the amount you are transferring. You must know the upper international transfer limit.
  • Financial experts advise to make large amount of international money transfer only through Foreign exchange companies to ensure one gets the best exchange rates in the market.
  • If there is no urgency in sending the money abroad, do not pay any additional fees to wire the money. Send it through your regular route and avoid paying extra charges for transfer.
  • Before making the international money transfer, check the current rates in the market. Keep an eye on the fluctuating rates. These rates go high and low within a few seconds. Being vigilant of soaring or plummeting exchange rates can help you save a lot of money in your online money transfer.
  • Ask the recipient (your kid in this case) to check with their bank if their bank will charge a fees on the money received from the home country.

Online international money transfer through your personal net banking account is the easiest way of international money transfer but one must be observant of all the loopholes and take maximum benefit of unstable exchange rates. It is important to check the hourly exchange rate with your bank before making a fund transfer to abroad.

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