Do you wonder WHY you don’t get your hands on the best money transfer deals?
Or let me ask this…
Have you even realised that you aren’t?
Sit tight and read through as I reveal some bitter truths in this post about how you’re missing on getting the best deal on your overseas money transfers.
Take this with a grain of salt and take action to get a better exchange rate and save money on your next money transfer to India (or anywhere for that matter!)
Why am I doing this?
I thought to do this because no one coached me when I came to the UK back in 2010.
And many of my friends and colleagues I spoke to had no idea or were completely surprised after knowing about alternative better ways of moving money abroad.
I had to do this so that you know why you get bad rates and end up sending money to India using unnecessarily expensive methods.
Even worse, you haven’t yet realised the deal you’re getting isn’t the best for you and that there are better alternatives out there.
So let’s jump right in.
Top 5 Reasons Why Don’t Get the Best Deals on Money Transfers
#1. You trust your bank blindly
You could be wrong!
But you won’t realise it because you need to make an effort to compare the rate offered by your bank against an alternative.
Do you think banks give you the best possible exchange rate?
You need to know the truth behind zero fee bank transfers and do some research before sticking to your bank.
It’s not that difficult.
An easy start is to get a quote from your bank to compare it to others.
Sit down and make a simple like-for-like comparison of how much amount you get in your recipient’s overseas account.
Be prepared to be surprised.
On average, for a £1000 transfer, the difference in some could be an average of £30-£50 in fees – hidden in the exchange rate behind that ZERO FEE transfer promotion.
Add a comment below with how much difference you see.
On the contrary, alternate money remittance services like Wise (review) use the mid-market exchange rates and charge low transfer fees, not adding any additional markups.
For money transfers to India from the UK, I have only seen SBI bank money transfers that come close to these alternative money transfer companies disrupting the forex transfer market. Rest all add huge markups cutting into your remittances.
Keep an open mind and make a sound decision.
Stop trusting your bank blindly and start questioning your options based on facts.
There is nothing wrong with starting with a small transfer with a new company and comparing yourself!
This tip alone will save you a lot of money over the years.
Let’s move on to reason #2.
#2. You don’t have the patience
You need the patience for research and seizing the best deal.
But, as I mentioned in the first point, it won’t take you long, and it’s worth the effort.
For just a few minutes of your time, you could save anywhere between 3-10% on each transfer!
Please read my article on sending money to India where I explain this in detail.
The Internet is all full of deals and offers – be a little patient and do some shopping around to land yourself a good deal.
#3. You have a lot of money lying around
Don’t give it away in a bad exchange rate and unnecessary hidden fees to banks if you do.
There isn’t any harm if you don’t care much about money. But if you don’t, show the same attitude when you get a JustGiving donation link to contribute towards a good cause. Or when you look for the lowest denomination in your pocket when you see a homeless guy on the street.
Better, save that extra spend on unnecessary fees and donate the money saved to a good cause. If you have a good source of income and don’t mind sparing a few pounds/dollars, better put it to good use!
#4. You don’t plan ahead
If you are a person who does all the things at the last minute, first things first – you are like me! 😛
I can understand you sometimes cannot plan your transfers if a sudden need arises, but if you can, plan.
If you need to transfer a large sum in the future, planning makes all the difference!
Related: When is the best time to transfer money?
You need to plan things if you know you’ll need to transfer a large amount to India in the future.
#5. You don’t care about deals and promo discounts
Money remittance is a crowded market, and there is huge competition among these money transfer companies.
That is if you avail the opportunities.
These money transfer companies are great alternatives to banks and come up with new deals now and then to acquire new customers.
For instance, the Azimo voucher deal gets you a £10 Amazon voucher when you transfer £100 with Azimo. Similarly, Xendpay and InstaReM give you £10 off your first transfer.
Almost all money transfer companies offer first transfer free – make use of these offers and send your first transfer fee-free at a better exchange rate than most banks.
These promo deals even defeat SBI against the total amount that reaches your Indian bank.
Here are a few fantastic deals to get you started:
- InstaReM offer – £10 off first transfer, £0 fee and £7.20 off next transfer
- Xendpay £10 off first transfer plus £0 fee transfer
- WorldRemit Promo Code: Three Transfers Free
- Azimo £10 Amazon voucher & Zero fee transfer
You can also bookmark our money transfer deals page and activate the latest deals.
I hope this post made you realise the reason why you are losing so much of your hard-earned money in hidden charges on overseas money transfers.
If you see yourself making any of the above mistakes, it’s time to act now.
Try these bank alternatives that are disrupting the overseas remittance market, bringing transparency into the market.
Can you think of any other reasons why others could lose getting a good deal on their money transfers to India (or any other corridors)?
Drop a comment below, and if you find this post helpful, please consider sharing it with your family members, friends and colleagues.