Whether you want to transfer money from India to Canada, the USA, or the UK, the process of sending money abroad has become easy and convenient, thanks to the internet. With the increasing competition in the market, you will find service providers that offer a safe, quick, and reliable way to send money abroad.

However, the processing time and the overall cost of making an international money transfer depends on factors, such as the service provider, foreign exchange rates, processing fees, transfer fees, transfer amount, location, etc.

Before making an international money transfer, you will have to be mindful of the following factors to save both time and money:

  • Compare money transfer services

Before sending your hard-earned money, you will need to compare different service providers in the market. This way, you will find a money transfer service that offers the best foreign exchange rates, competitive transfer fees, and quick processing time.

  • Find out the transfer limit

If you want to transfer money from India to Canada, you need to figure out the laws concerning the transfer limit. Besides, it is worth noting that many times the transfer fees depend on the transfer limit. It is better to know about laws set by the Reserve Bank of India for sending money abroad. If you send money abroad beyond the set limit, you will have to incur higher transfer fees.

  • Do not expedite the transfer time

Keep in mind that you will have to pay higher transfer fees if you expedite the transfer. So, if you are not meeting an urgent requirement, it is better to follow the standard transmission procedure.

  • Know the foreign exchange rates

Not all service providers offer the same foreign exchange rates while transferring money abroad. Besides, the foreign exchange rates keep changing due to market conditions. You will need to keep an eye on the foreign exchange rates and choose one that best serves your needs.

  • Avoid transferring money through a credit card

Needless to say that using a credit card to transfer money from India to Canada or anywhere can cost you more in transfer fees and foreign exchange rates. Before making an international money transfer, make sure to research the costs involved.

  • Opt for demand draft

If you do not have to meet a deadline, it is advisable to send money through a demand draft. It generally takes about 10 to 15 days for the money to be recieved in the recipient’s bank. However, it is the best method to save money. You will need to draw a bank draft in the name of the recipient and send it to him.

  • Cross-check refund policy

If your recipient is unable to collect the money on time, you should be able to get a complete refund of the transfer amount. So, before making an international money transfer, you will need to double-check your service provider’s refund policy.