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The increasing smartphone and internet penetration has made it easier for anyone to transfer money online. The best part is that you don’t even need a bank account number and IFSC code to transfer money. Up to a certain limit, you can send money anywhere in the world. Some people come to India to work and then learn how to transfer money from India to Nepal, their hometown. However, attached with every new thing are its risks. You don’t want to make a mistake and get into the hassle of trying to retrieve your money. There are several tips you should follow while transferring money:
1. Fee
Every bank and non-banking financial company (NBFC) charges a fee for transferring the money. While the entire process seems easy to you, the bank or the NBFC has invested a lot in setting up that system and maintaining it. As a result, they charge a fee for transferring money. It is your responsibility to find out how much fee the bank or the NBFC you are transferring the money through is charging. The fee is generally minimal, but knowing it will help you know the right amount you are sending to your friend or family abroad.
2. Know the Exchange Rate
Every country has its currency. When you transfer money from India to Nepal, it is first converted from Indian currency to Nepalese currency before being reflected in their account. Knowing the exchange rate will help you know the precise amount that your friend or family outside India will be receiving.
3. Know the Transfer Limits
The RBI has set some limits on the amount you can transfer in a year. This varies for a person who does not have a bank account and the person who has a bank account, etc. Knowing the limit of the money you can transfer will help you keep a check on how much money you have transferred in a year and how much can you transfer in the remaining year.
Banks and NBFCs have made it immensely convenient to transfer money online. You can transfer it anywhere in the world at a minimal fee. As long as follow the aforementioned tips, you will face no problem transferring money anywhere.
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