Money-saving tips while sending money to India

Remittance
21 May 2024
7 mins read
Written by pranit

Many Indians living abroad need to send money to India regularly to support their families and dependents. However, transferring funds across borders can become complex if not handled correctly. Many factors need to be addressed when moving money to your home country, from deciding on the right fund transfer method to evaluating the transfer cost, from factoring in the exchange rate to looking for options that take minimum time. 

 

In this blog, we will share some effective international remittance tips to help you save on transaction costs and transfer funds securely and without obstacles. 

Understanding the costs associated with sending money to India

Before moving on to the money-saving tips, let’s first understand the various types of costs you must pay when you send money to India.

  • Exchange rates

One of the most common and crucial costs associated with international fund transfers is the exchange rate. It is the value of one currency in terms of a foreign currency. As we all know, exchange rates fluctuate constantly based on several underlying factors, such as economic indicators, demand and supply, government policies, and so on. 

 

For example, if the value of 1 USD was 83.38 INR on 23/04/2024 at 15:00 HRS IST, it may not be the same the next minute.  

  • Transfer fees

Depending on the money transfer method used, you also need to pay the fund transfer or service provider fee, which can vary from one provider to another. The most common international fund transfer methods are wire transfers, bank transfers, and online cross-border money transfer platforms like Instarem. All these charge different transfer fees for their services.

  • Bank charges

Apart from the costs mentioned above, you may also need to pay the intermediary bank charges over and above the transfer fees. These are some of the common charges associated with international fund transfers. Let’s now find out how you can avoid unnecessary charges and send money to India affordably .

 

Also Read: 10 best countries to migrate from India

Important money-saving tips to keep in mind when sending money to India

Below are the most useful money-saving tips for Indians living abroad:

  • Opt for cost-effective money transfer methods

There are hundreds of fund transfer services available out there. However, it is crucial to remember that using an unreliable platform with higher charges can result in huge financial losses. For this reason, always work with reliable and cost-effective money transfer methods like Instarem. 

  • Compare international transfer charges

The cost of sending money from abroad to India varies based on factors such as the source and destination country, total amount, type of payment option used, and so on.

As mentioned earlier, banks and other traditional fund transfer options charge a higher transfer fee as compared to specialised services providers like Instarem. To select a budget-friendly fund transfer solution, it is advisable to compare different services and select the one that offers the best value for money. 

  • Schedule your transfer

As mentioned above, currency exchange rates fluctuate constantly. You can leverage the benefits of such fluctuations by transferring your money at a time when exchange rates are lower than usual. This simple step helps you reduce your overall transaction cost while also ensuring a higher received amount in India. 

  • Look out for hidden fees and charges

Some fund transfer services charge multiple hidden fees in addition to their transfer fees. These charges significantly increase your transaction cost and also impact the total amount received by the recipient. Hence, it is crucial to work with a provider or service that offers a clear and transparent cost structure. 

  • Make large transactions

Many fund transfer service providers offer great discounts on larger transactions. If you send money to India regularly, consider making a large transaction instead of multiple small ones. This will help you save a lot on your transaction fee.

 

Also Read: How to transfer money from USA to India without tax?

Send money to India: What makes Instarem the best option for sending money to India?

Instarem is one of the best ways of saving on transfer costs. As one of the most reputed international money transfer service providers, Instarem offers a reliable solution for moving money across borders in a transparent and affordable way. 

 

Here are some of the reasons that make Instarem stand out:

 

  • Competitive exchange rates: Compared to other fund transfer options, Instarem offers competitive exchange rates to ensure you get the best value for your hard-earned money when making international transfers. 
  • User-friendly application: Instarem is also an intuitive and user-friendly application. Anyone can easily operate the application and make seamless cross-border transfers at their fingertips. 
  • Low transaction fees: Above all, Instarem offers affordable# transfer charges as compared to other money transfer services. 
  • Transparent charges: With Instarem, you don’t have to worry about the hidden costs that often decrease the value of your transaction. The service offers a clear and transparent process for convenience and peace of mind. 
  • Multiple payment options: Instarem allows you to select your preferred mode of payment method. You can choose from wire transfer debit and credit cards, direct debits or by using ‘Instarem as payee’ mode.
  • Low transaction time: Most traditional money transfer services take up to five days to complete the transaction. On the other hand, Instarem lets you complete the transaction relatively faster* (depending on the currencies involved and other factors). This means, your intended recipients can receive and utilise the money without waiting several days. 
  • Security: One of the most important aspects while choosing any money transfer provider is to consider the security and privacy it offers. Instarem is licensed and regulated in 11 counties, offering enhanced security in the form of advanced encryption technology and biometric authentication. It also ensures complete customer privacy with an option to control the privacy settings.
  • Discounts: On every international transaction, you can earn reward points called InstaPoints with Instarem. These rewards can be redeemed as a discount on your future international transfers. Additionally, the higher the transaction value, the bigger the discount.

 

Also read: What makes sending money with Instarem  simple

FAQ’s

Q. What are the typical fees associated with sending money to India?

The most typical charges associated with sending money to India include exchange rates, currency conversion fees, service provider fees, and intermediary bank charges.

 

Q. How do exchange rates affect the total amount received by the recipient?

Exchange rates greatly affect the total amount received by your intended recipient. The higher the exchange rate, the lower the amount received, and vice versa. One of the best currency exchange tips to consider is to keep a check on the exchange rate to time your transactions.

 

Q. Are there specific times or days when it’s cheaper to send money to India?

While there are no specific days or times when sending money to India is cheaper, you can keep an eye on the exchange rate and make the transaction when it is favourable. Additionally, if you want to transfer money abroad, you can consider using cost-effective and efficient services like Instarem.

 

Q. What are the different transfer methods available for sending money to India, and which one is the most cost-effective?

The common methods of sending money to India include wire transfers, bank transfers, UPIs, and international fund transfer services like Instarem. While methods like wire transfers and bank transfers are reliable, they are time-consuming and expensive. On the other hand, services like Instarem offer same-day transfers at an affordable price. 

 

 

Disclaimers:

This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

* Fast meaning 75% of our transactions are completed in 15 minutes. Depending on the funding method.

#When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly.

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.