With the advent of the internet, the process to transfer money from India to the UK or anywhere else has become straightforward. You can send money abroad for education, business, immigration, visa, and family maintenance from the comfort of your home. All one needs is a smart device and a sufficient balance in their bank account. However, while sending money abroad, it is imperative to be mindful of errors that can cost both time and money.
We have prepared a list of mistakes you must avoid to avail of a seamless transfer of money from India to the UK, USA, and other parts of the world.
- Beneficiary details
It is worth noting that one petty mistake while entering beneficiary details can delay the process of funds. You may even lose your money if the amount to some other bank account. Be mindful of the following details while sending money abroad:
- The recipient’s name, account number, and home address.
- The recipient’s bank’s SWIFT code.
- Comparing money transfer service providers
The transfer fees, limit, and forex rates vary across different service providers. Ignoring to compare service providers while sending money abroad may cost you a lot of money in transfer fees and foreign exchange rates. Therefore, it is crucial to compare different providers and choose one that offers better services.
- Purpose of transfer
It is the first thing you need to do before transferring money abroad. You will need to check whether the purpose you are sending for is permissible by the Reserve Bank of India or not. Generally, you can send money for education, immigration, business, visa, medical emergency, family maintenance, etc.
- Transfer limit
It is worth pointing out that the transfer fee depends on how much you are sending abroad. If you wish to save money in transfer fees or avoid delays in your transfer, make sure to send money within the set limits. Every money transfer service provider has a set of rules inspired by the RBI’s instructions.
- Expedition of the transfer time
All international money transfers take between 2 to 4 working days to complete. However, you can expedite the process if you wish to, but for that, you will have to incur higher fees. If you do not have to meet a certain deadline, it is advisable to ignore expediting the transfer time. This way, you can save a significant amount on transfer fees.
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