Important things to consider while doing money transfers

Today, almost every person prefers to send and receive money electronically. Instead of standing in the bank's long queues, internet banking and other apps have made money transfers quick, easy, and convenient. For money remittance, all you have to do is register the beneficiary's name, along with his account number and IFSC code. While there are various easy and quick ways to do money transfers, there are four significant things you should note in order to benefit from the transfer options.

Choose a reliable bank or remittance company: When you're doing money transfers, make sure you select a reliable financial institution or remittance company. Many intermediaries commit to safely transferring your money, but one needs to be cautious of such suspicious companies or middle agents.

Pay attention to the transaction costs: You have to incur transaction costs and expenses when you want to carry our international money transfers. For this purpose, gather information on the prevailing exchange rates so that you're prepared to pay for the added costs. Such hidden costs can be avoided, especially at the time of certain seasons and festivals. If you're deciding to remit money in parts, you would be charged for every transaction; therefore, it is best to transfer larger funds in a single transaction.

Select a convenient transfer option: Once you have chosen the best remittance company and evaluated transaction costs, the next thing you need to do is select a convenient money transfer option. It is accessible and easy to use for both sender and the recipient. While picking, consider factors like transaction cost, speed, exchange rates, direct transfer to recipients account, etc.

Consider the speed of money transfer: There are times when your loved ones may require immediate access to funds for medical emergencies, invest in a deal or pay urgent college fees. In such a case, you can opt for ICICI Bank's Money2India facility that allows you to make money transfers quickly and easily. Using the service, you can conveniently send money to your friends or relatives in India – whether you're staying in the US or Canada or any other country.

Ensure you have accurate recipient details: This is one of the most significant things one should keep in mind while doing money transfers. To reduce the possibility of errors, do a double-check of the beneficiary account details, IFSC code, and others. Also, one should note that many transfer apps/facilities levy a cooling period during which you cannot do any transactions. This is for the bank's verification purpose. If there is an instance of money transfer to the wrong person, you should inform the bank at once. This is where good customer service plays an important role, which means the remittance company should help you in the event of glitches.

Whichever option you select for money transfers, make sure you communicate with your recipient to avoid misunderstandings. Make sure you research well to find a reputable remittance company and select suitable money transfer options that work for you and the recipient. If you keep in mind these important pointers, you can perform safe and secure transactions.