Time has changed, forex being a luxury of the rich to a necessity of the common man. So, it is now important for everyone to know everything about sending money abroad.
First, you need to know about your forex dealer. Make sure that your forex dealer is an RBI authorized service provider. Know about their customer service and their tractability. You can read reviews about them for that. Also, know about their experience in the forex market.
Second, you need to know about forex charges and exchange rates. The exchange rates keep fluctuating and it is important you get the best rates to get maximum value for your money. The forex charges are specific to the dealer, so compare between different service providers to get the lowest charges and zero hidden fees when you send money for overseas education or when you transfer money to close relatives.
Third, you need to know about the ways you can send money abroad from India. You can send through Wire transfer, demand draft, and forex card.
In a wire transfer, the funds are exchanged between bank accounts without any external factors via the SWIFT network. In demand draft, the Remitter is provided a draft by the forex dealer, which he has to send to the receiver via mail. This method is slower compared to wire transfer.
A Forex card is a prepaid card. You can recharge it and utilize it like an ATM without attracting any extra charges. The beauty is, you can reload it from anywhere through online modes offered by the forex company.
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