Home / Brand Post / The art of remitting money abroad

2020, the year of the pandemic impacted our lives in more ways than one. While in some cases it kept us far from our loved ones, in others it brought our overseas studying kids back home – away from their life and colleges. Thus, seeing a significant impact on international money transfers, students being one of the biggest use cases for the financial product. The industry had seen a significant drop in remittance volumes during the lock down in India and countries around the world.

But with the world opening in the later part of last year and under the liberalized remittance scheme Remittance bounced back to pre-Covid levels in the month of September 2020. As per RBI data, outward remittances by Indians hit a seven-month high of $1.65 billion in the month of September. And now, with the promise of the vaccine and most countries expected to open international travel overall remittance is expected to grow significantly. There is also an increasing trend of retail investors leveraging the liberalized remittance scheme to invest in equity markets abroad.

As we slowly move towards normalcy and reasons to send money abroad increase it is prudent for us to take a step back and look for a partner for sending money abroad. From navigating remittance platforms to assessing exchange rates, sending money abroad could turn out to be a complex and confusing affair. Most people do not spend enough time and effort in identifying the right partner which just adds both cost and time significantly to the process of remittance

Keep these four things in mind while choosing your Remit Partner

How much time and effort is required?

Remittance might seem a daunting task – starting with a visit to the branch, a laundry list of tasks that the branch might hand to you – serpentine queues, limited time available and the unending paperwork and signatures. You need a partner who can make sure your experience is completely seamless – and entirely digital and paperless

Would Transfer be instant?

This is a very critical point that we often undermine. Many banks have a cooling period for add-ing a new payee. While others take 1 or 2 days to process payments. This can be very painful in case of emergencies and the times we live in. Hence, it is important for money transfer to be instant.

How much money will the loved one finally get?

There are many hidden charges that remit providers may levy and not even tell you about it, for example, some providers might charge hefty processing fees, while others will advertise “zero processing fees" but give you very poor forex rates. On top of that, you never know how much money will your loved one finally get. Hence, being cost effective as well as transparent are key criteria.

Are there any restrictions on how much you can transfer?

There are situations that require sending large sums of money at one go – both for regular as well as contingency needs. In such a case, restrictions in transactions amounts can be frustrating, and may sometimes require multiple transfers. Hence, keep a watch out for a partner that pro-vides higher transfer limits.

digibank by DBS is your instant, intelligent and intuitive financial partner that makes remitting money abroad as simple as sending an email! Here is why Remitting money abroad with digibank makes sense

Paperless & Effortless

You no longer have to get caught up in endless paperwork, branch visits, unwanted delays and old-school hassles. We bring to you an entire bank in your phone 24*7

Instant Fund Transfer

There is no cooling period. Payments can be initiated immediately and you can expect the same day delivery if sent before cut-off time.

Cost effective & Transparent

digibank by DBS guarantees full value credit to payee. No charges levied to beneficiary. The Fx rate is frozen 24*7 ensuring full transparency.

Higher Transaction Limits

digibank by DBS takes care of all your needs. The bank allows up-to USD 25,000 per transac-tion, so your loved ones’ life is un-delayed.

Overall, selecting the right remittance platform could go a long way and translate into significant savings. Evaluate your options carefully and choose a platform that ascertains safety, security, and reliability.

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