Best way to Transfer money for Immigrants
First of all, we need to understand what is Immigration and what are the reasons immigrating to different countries?
What is Immigration?
Immigration is a process of settling permanently into a different country. It’s is the process of individuals become permanent residents or citizens of another country. Immigration visas are issued by different countries based on various criteria depending on its demographic, economic or other needs.
What are the reasons for immigrating?
- A desire for economic prosperity
- To find a paid work
- To the better standard of living
- For family reunification
- Lack of local access to resources
- Political oppression
- Economic hardship
- Freedom from religious persecution
Which is Do countries have most immigrants?
The immigrant’s ratio varies considerably from one country to another. In 2019 last year, the United States has the highest number of immigrants with 48.2 million.
Money transfer tips for immigrants from India:
Life building in a new country is excitement, adventure, and potential uncertainties. Having funds in hand is certainly an advantage while settling in a new country. But carrying cash or card has limits set by RBI. So, the need of sending your money to your new place is a definite requirement of many immigrants.
First, you have to start thinking about options for transferring money abroad. Check various available options and don’t pay high fees on international fund transfer. The best exchange rate will save your money and managing in a new country. As you settle in a new country, very easy to fall in or end up overpaying for some services like outward remittance.
We will give you international money transfer tips which help to find the best exchange rate, save money every time when you send money abroad.
- Currency rates are constantly fluctuating; a rate may drop or soar in a very short period. So, keep an eye on the exchange rate
- Check fees prior or pay attention to fees: While transfer it may not include transfer charges. Some miscellaneous service charges or possible receiving fees are debited at the receiving end.
- Should know about the transfer limit. A fee of each transfer varies depending on the amount transfer by you.
- Do not solely depend on your bank as the rates may be very high. Compare multiple money changer forex services having an AD category II license from RBI.
Why Indians immigrate to Canada:
People around the world consider Canada as one of the most suitable country to immigrate. Canada has earned a reputation for an immigration friendly nation. Canada is one of the most developed countries. It is considered to be land of promising opportunities with a healthy climate, safe neighborhoods, world-class education and a high standard of living.
Best way of transfer money for immigrants to Canada:
If you’re looking for immigration to Canada from India, you need to plan for sending or transfer money to Canada.
Best ways are
- Foreign currency demand draft: DD
- Telegraphic transfer /Wire transfer
Transferring money to abroad via DD ( demand draft ) is a good option.
TT is a widely used and most secure way of transfer. It enables to get funds at the beneficiary account within 48 hours. Repatriation of funds can also be processed.