Contrary to popular belief, sending money overseas is NOT a complicated process.So, lets dispel some misconceptions around the online money transfer process, shall we?
Bust these common myths about international money transfer and be on your way to the best exchange rate.
This is the most technologically advanced era that we live in. Yet, there are several myths which continue to exist about international money transfer. People still opt for old school methods to send money abroad, not realising that times have changed… for the better.
With this blog, we are going to break 8 common myths about international money transfer.
Myth #1 – Online Money Transfer is a complicated process
Perhaps it used to be, but no longer, especially if done online. When you transfer money from India to a foreign destination using the services provided by your bank, here’s what you will have to do:
- Visit a branch of your bank which offers money transfer service
- Carry all the required documents based on purpose (https://www.buyforexonline.com/faqs)
- Fill up the form and make the payment
In comparison, online Forex agencies offer an uncomplicated procedure to transfer money abroad. You can do all the necessary documentation from the comfort of your home.
Myth #2 – Bank Transfers are cheaper than Online Foreign Exchange Vendors
Bank transfers are not cost-effective. Banks generally charge anything between Rs. 500 to Rs.1500 for a single transfer. In addition to that, the recipient’s bank will charge a commission fee which can range anything between a few hundred to a few thousand (in INR). Hence, transferring money from a bank in India to another bank abroad can be really expensive, costing you 2 to 6.5% of the sending amount. Compared to that, wire transfer through Buy Forex Online will cost you as little as 1% of the total amount. Wouldn’t that save you a lot comparatively?
Myth #3 – It is a time consuming process. Transfers can take a long time of a week or more
That used to be true, but times have changed. In this digital age, money transfer from India to abroad is a fairly quick process. It all boils down to the service provider. Before you opt for one, enquire how much time will it take and make sure that they provide you with the information in writing. BuyForexOnline’s international money transfer service takes just 24 to 48 hours.
Myth #4 – You’ll get the same rate everywhere
There are several banks in the country. Do they all offer the same interest rate on a savings account? Does every e-commerce app offer the same discount on identical products? No, right? Likewise, banks and Forex agencies offer different rates. That is why we suggest people to compare the rates. While traditional banks charge up to 6.5% interest, we charge just 1% interest. It is always worth comparing multiple service providers and banks to find the best value.
Myth #5 – Online Money Transfer is risky and not secure
Technology has advanced exponentially over the past few decades. The government has launched the Digital India program, making money transfer not just a quick process, but also safe and secure. Sending money from India to any foreign destination is completely safe. The risk, in fact, is not associated with the process. The sole concern is related to whether or not you should be sending money via wire transfer. A number of people have been scammed through this mode of payment.
Myth #6 – Sending Money Abroad is quite expensive
OK, let’s take an example. Say, for instance, you want to send USD 10,000 from India to the US through our money transfer service. With a 1% transfer rate and zero sending fee, you will incur only USD 100 as charges. When compared to a traditional bank, you will have to pay 2% to 6.5% in the form of transfer rate along with up to USD 20 as the sending fee. All in all, transferring USD 10000 through banks could cost you around USD 220 to 670. Therefore, sending money abroad is quite expensive if you choose the wrong channel.
Myth #7 – Online Foreign Exchange vendors can’t handle high-value transfers
As per the Reserve Bank of India (RBI), the maximum amount that can be transferred from India to a foreign country is USD 250,000 (exception – medical purpose) per financial year. Not only can an online foreign exchange handle that amount easily, it can also make the entire procedure convenient.
Myth #8 – Writing a Check is a better Option
Writing a cheque may be a simpler option, but is not a better option. When you write a cheque, it takes time to get cleared. However, when you transfer money using NEFT/RTGS, the procedure becomes fast-paced.
With the advent of technology, traditional banks are being subsided by online Forex agencies. They are fast, reliable, safe, and cost-effective. Buy Forex Online, being India’s first and only completely online Forex agency, specialises in sending money abroad without any hassle. The experience is user friendly, efficient and completely secure.