If you have someone who is in an emergency and needs to have money in his/her bank account in a foreign place, then do not hurry in selecting a money remittance provider. The number of unscrupulous entities providing money remittance services and praying on the less aware customers is increasing day by day. Find reliable money transfer services in Delhi and for that, you should be doing thorough market research. However, if you have never sent money to a foreign place before, then you should know how the money is sent to bank accounts through banks and trusted forex brokers. 

Whom should I choose for sending money abroad?

You can choose the banks that are authorized by the Reserve Bank of India. However, these days there are many forex brokers authorized by the RBI offering exclusive offers for money remittance. You can choose any of them. If you are selecting a bank, then it might cost you extra because money remittance is not the only service offered by banks. Hence they might charge a bit extra. On the contrary, forex companies offer a fair deal. They too charge extra but that is affordable.

How does money get sent to the recipient’s bank from India?

First, you need to put the recipient’s bank details, bank address, his/her address, and bank name into the transaction platform. After that, you have to put in your bank details. Once you have submitted your bank details and put the amount in, the bank or forex company starts the transfer process. The money is transferred through many beneficiary banks before reaching out to the recipient’s account. Be it a bank or a forex company, the money transfer service does not come for free. The charge is divided among the remittance provider and the beneficiary banks, which proceed with the smooth transaction.

How to find a reliable forex money remittance provider?

As mentioned above, it is best to opt for forex remittance providers. To find a reliable company, make sure to do the following - 

• Check the company’s authorization. A remittance provider should be authorized by the Reserve Bank of India or any other national bank that has authorization power given by the RBI. 
• Ask the company about the charges and how fast they send. These days, remittances can be sent within 24 hours. Compare the remittance time and then select a provider. However, if you are not in a hurry then this criterion might not interest you. 
• Check the company’s customer service. If you are about to send money abroad for the first time, then you need to have thorough assistance from the customer service executives of the company you are choosing. 

Make sure to follow these steps while choosing any money transfer services in Delhi. Stay aware of the scams and try not to opt for airport remittance services since they ask for steep charges.