Sending money overseas doesn’t always have to leave a dent in your wallet. Many people end up spending more than they should simply because they lack awareness of better options. You may be helping your parents back home, covering your kids’ university fees or handling payments for a side hustle. Whatever may be the reason, how you send money matters more than you think. The trick? A few smart moves. For instance, selecting the right transfer service and timing can stretch your budget further than you would expect.
Here are five ways you can save more on international money transfers:
Choose authorised dealers for smarter money transfers
The Reserve Bank of India (RBI) permits authorised dealer category-II companies (Wall Street Forex, Prithvi Exchange, Zenith Forex) to provide limited foreign exchange services such as student payments, travel forex, and outward remittances.
These dealers offer industry-leading exchange rates, reduced fees, and low-cost, transparent pricing, compared to traditional banks, making them more economical. “One of the most important benefits is that they do not have hidden markups that are usually charged on exchange rates by banks. These make them particularly useful for personal remittances, tuition fees, or small business transfers. To obtain the best value, always cross-check the precise exchange rate and charges before finalising any transaction,” says Pavan Kavad, managing director of Prithvi Exchange (India) Limited.
