4 money transfer mistakes to avoid while sending money abroad.

Transfer money abroad has become a very common foreign exchange transaction these days. This can be attributed to the number of Indians moving abroad in the pursuit of better education, high paying jobs and improved standard of living.

Accompanying this increase in overseas remittance is the rise of the Internet-linked Axis Bank Money Transfer services which allow potential customers to sort their needs quickly and at much lower costs in comparison to traditional remittance modes, all this without even setting a foot outside their homes. 

Thus, sending money abroad has become both, a common-place transaction as well as a convenient process. However, despite this, numerous individuals still end-up losing money, waiting for days for their transfer to be carried out & enduring hassled forex transactions only because they commit certain mistakes during their transfer process.

This article will highlight 4 of these common mistakes and outline ways to stay away from them in order to provide you a cost-effective remittance experience without hassle or complications.

1. Keeping money transfers for the last minute.

This is probably one of the most common remittance errors. People leave their money transfer tasks for the last minute and are then forced to settle for poor exchange rates, thick commissions or long transfer times solely due to dearth of options available to them at the eleventh hour.

Stay away from committing this error by planning your transactions for at least a week before hand. Monitor exchange rates, compare commission charges and verse yourself with the transfer times of the various services providers and make an informed and timely decision.

2. Not going online for your money transfer needs.

Even though the internet promises to ease the overseas remittance process, there are many potential remitters that choose to stick with traditional forex service providers such as banks or real-world foreign exchange vendors.

Banks aren’t very favorable as they normally entail a good amount of running around, paperwork and documentation. On the other hand, real-world forex vendors will provide you poor rates in combination with thick commission margins to turn a profit from your transaction. Moreover, both these options will require you to go counter-hopping to compare rates, commission charges and transfer times.

Online services providers on the other hand offer near inter-bank exchange rates along with minimal commission charges and lighting fast transfer times.

3. Making too many small transfers.

This is another common mistake people make. Smaller transfer amounts invite the highest commission charges. Make them more often and you will also be paying higher charges, more often. Some people don’t know this and end-up making impulse transactions as and when the need arises. You can avoid this by making large, less-frequent charges. Not only will this be less of a hassle, but larger transactions also invite the lowest commission charges making it very cost-effective as well.

4. Timing your transactions.

This is a common mistake with people who choose Buy Forex Online services to sort their money transfer needs. Though the services of an online forex portal might be available to you at any time of the day or night, the timing of your transaction is very important.

If you initiate a transaction on public holiday, then your request will be taken up only when working hours commence. Similarly, if you initiate a transaction after working hours, the process will proceed further only the next day when working hours commence. Therefore, to get quick transactions, always make your remittance during working hours of the service provider.

Stay away from these 4 common money transfer mistakes and you should enjoy a hassle-free, cost effective and smooth remittance journey. Good luck and all the best!