Sending money to India without including overhead and hidden charges is really one of the most difficult and painstaking task in financial dealings.The wired transfer of money to India always involves overhead expenses like direct charges or poor exchange rate losses. So if you are an individual working in Hong Kong and facing problems wiring your money to your family in India, a keen research on the money transfer services in Hong Kong, is therefore required.But worry not, because we are here with easy steps to solve your problem.
Avoid transfer of money through banks: Sending money to India through banks might not be a good idea as it involves high transaction charges and a very low transfer rate. Besides hidden charges like service tax at your destination, in this case India, also make the retrievable amount pretty low.
Better and easier Alternatives
1) Online transfer
Major companies dealing in the money transfer services in Hong Kong, to India through online procedures operate by letting you place the money transfer request with them and pay them in Great Britain Pounds from your local Hong Kong bank to their UK Bank account and then the money is transferred to the company’s account in India from where its locally transferred to the recipient bank account.This helps you save about 5-10% service or hidden charges.
In case you are an NRI, don’t use your resident savings account for payments to India. Therefore, choosing the correct account also needs to be looked after.
2) Choosing the best suitable service
Choosing amongst the various money transfer services in Hong Kong after comparing them when sending money to India, is an important and difficult task.With such an overcrowded financial market and a multitude of companies providing the transfer service choosing the most trustworthy company with your money is an uphill battle. Always consider the following points for a good company:
- It should offer you the best price for each Pound/Euro/Dollar
- It should charge the lowest fees and be transparent about the overall figure you will receive in your destination bank account in India after deducting all fees and charges.
- It must give you a plethora of options to choose from to suit according to your needs –For eg. Bank Account Transfer, Cash Pickups etc.
- It must be quick in delivering money quickly and should stick to the agreed timelines.
1.Worldremit– It usually gives a better price than TransferWise.
2. XendPay – It generally gives a better price option than Worldremit or TransferWise
It gives great mid-market rates and the option of paying ‘NOTHING’ in fees. They however, recommended a small fee to pay for better services.
3. Lebara : It also provides good transfer rates and a 17£ discount on your first transfer which is even better.
4. Azimo: is the another way to transfer money. Either collect the money in hard cash or transfer it directly to a bank account. Go with the option that suits you.
5. InstaRem: InstaRem is also one of the safest options to transfer money to India from Hong kong. There is no transaction charge that is levied and so it is relatively the cheapest and safest amongst most of the banking and financial institutions. It provides features like Zero remittance fees, 72 hour refund policy, no hidden charges, transfer within 2-3 days, live clients services and many more. The transfer rates are also the most profitable for the customer.
In conclusion, always evaluate the service and the company you need. Read all the terms and conditions and always enquire about the fees even when they say its free as there may be hidden charges involved.