The UK is home to one of the largest Indian contingents in the world. There are a number of Indians residing in UK along with students pursuing higher education and they need to transfer money for various reasons like
- Paying the tuition fee
- Paying insurance for UK student VISA
- Paying for living expenses
- Transferring money to family or vice versa
- Making Investments etc.
Unfortunately, there are frequent blunders that people make in the course of the procedure that can result in frequent blunders with money. Remigos can help you understand and avoid these mistakes. Let us cover the most common mistakes people make while sending money from India to the UK, along with tips on avoiding them.
- Exchange rate research.
- Choosing the Wrong Service provider.
- Not Checking Transfer Limits.
- Not Providing Accurate Information.
- Not Considering Transfer Fees.
- Not Considering Transfer Times.
Let us understand each of them in detail.
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Exchange rate research.
Exchange rate research must be conducted before every transaction, One should start by identifying the exchange rates of the currencies involved in the transaction. and not doing appropriate exchange rate research is one of the biggest blunders individuals make when sending money from India to the UK.
- Daily exchange rates and even provider-to-provider variations are common.
- To receive the best rate, comparing exchange rates from various suppliers is crucial. If you are moving a sizable sum of money, this can save you a great deal of money.
- Research the history of the exchange rate of currencies involved over a certain period, as this will help you make a more informed decision.
- Exchange rates can sometimes fluctuate rapidly, especially in times of economic and political stability. Therefore, it is wise to keep an eye on it.
Investigate the currency rates offered by various suppliers, such as banks and money transfer businesses, to avoid making this error. At Remigos, we have already conducted research on the exchange rate pattern, and as such, this will help in economizing the cost of various purchases like an insurance for UK student visas, tuition fees, living expenses, etc. To compare conversion rates, you can also utilize online currency converters. When comparing pricing, keep in mind that some suppliers could impose additional costs.
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Choosing the Wrong Provider
While the mistake of not doing exchange rate research can make you suffer losses, it is small compared to making the wrong provider selection. This can be a fatal error, as sometimes, in our desperation or at the recommendation of others, we do not conduct our own research and end up giving the money on faith.
Several suppliers provide different exchange rates, costs, and services. While there are quite a few fraud agencies ready to pounce on the gullible. The poor selection might lead to increased costs, extended transfer times, and even financial loss, For example, extended transfer times may lead to not being able to pay tuition fees and rent on time and increase the cost of insurance for UK student Visa. At Remigos we conduct our activities with honesty and transparency, so you can keep your mind at ease and avoid making this error.
To learn more about these agencies,
- Read the reviews of their existing customers
- Meet them in person and ask for their track record to ensure that the service you select has a history of successful transfers.
- Investigate various providers and evaluate their exchange rates, costs, and services.
- These may be small things but will definitely help you prevent financial and emotional losses
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Not Checking Transfer Limits
There are transfer limits for many providers, and these limits can change based on the provider and the transfer mechanism. If transfer limitations are not checked, the transfer may be delayed or rejected.
Check the transfer restrictions of the provider you select to avoid making this error, as prior to relocating to the education field, one might need to make a big transfer like paying university tuition fees, purchasing insurance for UK student visa, rent, making a deposit, etc. You might need to find a supplier that supports larger transactions if you need to send a large sum of money, or you might need to make numerous payments. Plan your money-transfer needs in advance so that you can better communicate with your provider.
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Not Providing Accurate Information
Though this error may not be intentional, it is a very common mistake that can easily be avoided. Inaccurate information, such as the wrong bank account information, misspelled names, and partial documentation, may cause delays or financial loss. This factor is applicable to every piece of documentation sent, as not only will there be rejections in money transfers but it will also lead to the invalidation of insurance for UK student visa. Verify all of the details once again before submitting the transfer request.
Make sure to give proper information, including the exact recipient’s information and bank account details, To avoid making this error double check all the information with the recipient
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Not Considering Transfer Fees
Transfer fees can vary depending on the provider and the transfer method. Not considering transfer fees can result in unexpected costs and lower the amount of money received by the recipient. At Remigos we have displayed information on transfer fees on our website which will make your research on this factor simple.
For example, if the university tuition fee is 1000 BP which converts to 99000 INR if the transfer fee is 1000 BP, then you would have to pay 100,000 INR in total for the recipient to receive 1000 BP. Going by the above example, if an adequate amount is not deposited, it’ll lead to a delay in subsequent payments like tuition fees, insurance for student UK visa, rent, etc., along with the further expenses of doing another transaction. This exchange rate changes throughout the day, as do transfer fees from provider to provider.
To avoid this mistake, make sure to consider transfer fees when comparing providers. Some providers may offer lower exchange rates but charge higher fees, while others may offer higher exchange rates with lower fees. Make sure to choose a provider that offers a balance of competitive exchange rates and reasonable fees.
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Not Considering Transfer Times
Transfer times for international money transfers can vary depending on several factors such as
- The payment method,
- The country of the sender and recipient,
- The currency exchange rates,
- The processing times of the banks involved, and
- The transfer service used
In general, international wire transfers can take anywhere from 1-5 business days to reach the recipient’s account. However, some transfers can take longer if there are delays in the processing or if there are additional security checks required by the banks or regulatory authorities.
If you’re using a money transfer service like Remigos, Western Union, PayPal, or TransferWise, the transfer times can be faster, with some transfers completed within minutes to a few hours. However, these services may charge higher fees and exchange rates compared to traditional bank transfers.
It’s important to note that transfer times and fees can vary depending on the service provider and the specific details of your transaction. Therefore, it’s a good idea to research and compare different options before making an international money transfer.
To avoid this mistake, make sure to consider transfer times when choosing a provider. Some providers offer faster transfer times but may charge higher fees, while others may offer slower transfer times but with lower costs. Make sure to choose a provider that meets your transfer time requirements.
Conclusion.
International money transfer is a must for students as they’ll need local currency for big and small expenses like university fees, insurance for student UK visa, rent, living expenses, transport, etc.
At Remigos we have done our research so that we can keep your needs first and take care to help you avoid mistakes. Taking care and keeping the above factors in mind while undertaking international money transfers will save you a lot of distress, both financially and emotionally.
