Are you aware of the ways to get best exchange rate to India

It can be a daunting task to get the best exchange rate when remitting money to India. To make this process easy, here are five tips to help you get the best deal:

1. To get the best exchange rate to India you need to find out what the current rates are. It is necessary to have a reliable baseline with the help of which you can compare the rates offered by different remittance companies and banks. There are various websites on the internet that offer this facility so make sure you do some research to find a reliable conversion resource online. It doesn’t cost to see the live conversion rates on these websites and most reliable sites also feature currency conversion calculators that are free to use.

1. The next tip that you need to follow is to compare rates being offered by different remittance agencies and banks. You need to start comparing by asking for a quote. Remember, getting the best exchange rate is only half the battle won. At times, it becomes a difficult task to get the best rates because many money transfer services offer competitive exchange rates but charge a high transfer fee. If the remittance company that you have chosen charges you a high transfer fee, you might still lose out. So you need to compare service providers in order to make a final choice by asking for quotes from each company on your list.
2. You need to make sure that you are comparing the rates with accuracy. You will be required to register with a money transfer agency in order to find out the most accurate rates available. This is because if you don’t register, you are more than likely to see only the indicative exchange rates being offered by the service providers.

4. When you send money to India you can make use of a forward contract under which you can lock in an exchange rate for making a transfer which will be taking place in the future. In most cases, it is easy to lock in a rate for approximately 12 months in advance. This ensures that the sender doesn’t receive a poor exchange rate when they make a money transfer in future. This is quite a useful tip if you don’t have any hurry of sending money and you can afford to wait. Since this option is not available with all money transfer agencies, you need to consider this when comparing rates of different service providers.

5. It is recommended to make large transfer than making several small transfers if you wish to save money on each transfer. This is because remittance agencies tend to offer better rates if the sender is remitting a large amount through their agency. Their transfer fee is also lower for large transfers so don’t forget to get more information on this from your remittance agency. Low transfer fees is also offered during Christmas or Diwali.