Remitting money abroad? Do your research to avoid getting fleeced on cost

Select a player that offers complete transparency on both the transaction fee and the exchange rate it is going to levy

If you are transferring money abroad for the first time, say, to pay your son’s college tuition fee, you would have many questions regarding the player you can trust, costs involved, and so on. Especially if the amount you are going to transfer is large, you should wake up early and do thorough research on the pros and cons of various players in this segment.

Multiple options 

Three options are primarily available today for remitting money abroad: banks, non-banking financial companies (NBFCs) like Western Union, Thomas Cook, etc and online platforms like Wise, Bookmyforex, etc.

If the amount is large,