Five things to keep in mind when sending money overseas

Faster and smarter technology has allowed the world to be digitally connected on an unprecedented scale. The movement of goods and capital across the world is easier than ever before, and this is true of international money transfers as well.

International transactions have now become commonplace, thanks to how much easier, cheaper and faster they are compared to even a decade ago. You may want to carry out an international money transfer to help out family or friends living overseas, pay for medical treatment, or fund your child’s education amongst other things.

Because of the relative ease and popularity of international transactions in the current market, there are several providers available to you for this service. It is therefore essential that you weigh out your options and evaluate them based on the cost, the process and the documentation involved to make sure that it’s a hassle-free experience for you. Here are five things you should keep in mind when transferring money overseas:

What is the level of service support provided by your bank?

Here’s something to think about while evaluating a provider: do they offer the best experience you can get? Most private and public banks will offer you international transaction services, but you should do your research and decide which bank will provide you the best quality of service and value for your money. This includes the support they offer even before you have chosen a provider. For instance, many banks tend to direct you from one counter to the next just to answer the doubts you may have about the money transfer process. However, with RBL Bank, you have access to a one-stop support service to answer all of your questions quickly and efficiently.

What is the amount of documentation your bank needs?

With increasingly hectic and fast-paced lifestyles, filling out hefty documentation may become a deterrent for customers to access a particular service. Minimal documentation is likely to attract more customers to a service provider. In case of international transactions, documentation can run up to multiple pages, so do check what your bank’s documentation process is like. With RBL Bank, the documentation is easy and minimal, making your experience completely hassle-free.

How much time does your bank take to process, especially during emergencies?

Today, we have the freedom to transfer money anywhere in the world except for countries where remittance is prohibited by international regulations. What’s critical for you to find out when selecting a service provider is how much time they take to process your transaction. Some banks can transfer your money within a day, which can be crucial if it’s an emergency. Some banks take up to 2 or 3 days to process your transaction.

How much are you being charged in processing fees?

It is important for you to compare the processing fee for various banks to make sure you’re getting the best value for money, as well as the best experience and service. Being aware of processing fees levied by various providers can also help you save on cost. For instance, RBL Bank waives off processing fees for education-related money transfers.

Are you getting the best exchange rate on the transaction?

The exchange rates listed on bank websites can be misleading, since they are often much higher than actual rates. Be sure to directly speak to your bank and other service providers in order to figure out where you can get the best rates for your transfer.

RBL Bank’s international money transfer services offer you a hassle-free experience. You can send money to your friends and family anywhere in the world with RBL Bank and avail credits to the beneficiary account in a smooth process. Not only are international transactions with RBL Bank convenient, they’re also cost-effective. Particularly if your money transfer requirement is recurring, you can look forward to high savings with RBL Bank. To know more, visit their outward remittance page here.

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