Banks Vs Online Forex Platforms: Which Is A Better Option For Sending Money To USA?

Given that the United States is a bustling hub of opportunities, it witnesses a huge influx of Indian migrants all year round. Indians travel to the USA for a variety of purposes like pursuing higher education, boosting career prospects for a better lifestyle etc. Since immigrants have to take care of numerous expenses overseas, availing money remittance services becomes an absolute necessity.

When it comes to sending money abroad, people get confused whether they should approach banks or online forex platforms. There is no denying that banks have long been the traditional means of transferring money to foreign countries. However, most people are hardly aware of how private banks leverage false advertising tactics to lure customers into availing money remittance services from them.

In this article, we will highlight the reasons that make online foreign exchange platforms ideal for money remittance services. Before we proceed any further, let us discuss why you should never go to banks for remitting funds to the United States.

Why You Should Avoid Banks For Money Remittance

• Hefty transfer fee: When you make an international fund transfer via a bank, the services you avail are subject to an unjustified transfer fee of up to 5% of the order's total amount. Moreover, banks offer poor exchange rates and their money transfer process can take up to 6 business days to complete.

• Time-consuming paperwork: Private banks demand loads of paperwork that can rob you of your valuable time. They incorporate hidden charges in their documents in such a manner that it is impossible for a layman to spot them. What adds to the hassle is the fact that you must be an account holder to avail money transfer from a particular bank.

Instead of getting duped and losing your hard-earned money at a bank, you can use an eminent platform like Bookmyforex.com to transfer money from India to USA. BookMyforex is one of the best forex platforms for sending money to the United States at the lowest charges possible. The platform collaborates with reputed banks and currency exchangers, and offers real time exchange rates for international money remittance.

5 Reasons Why Forex Platforms Are Better Than Banks For Money Transfer

Here are the top 5 reasons why forex platforms are better than banks, especially with regard to money transfer services.

1.Fully online remittance process

Since the world we live in today is powered by modern technology, online transactions have become more common than ever. Leading forex platforms have leveraged technological advancements to make the remittance process fully web-based. The good news is that you can now send money to the USA from the comfort of your couch. Boasting unmatched user friendliness, the online remittance process offers ease of convenience to customers.

However, you must have a decent network connection at your place to ensure a seamless money transfer experience. Online forex platforms feature an intuitive design and have well-organized sections to ensure easy website navigation. You just have to visit the website and all the details will be presented to you in one place. Once you fill in your transfer requirements and upload the necessary paperwork, your money remittance order will complete within a few minutes.

2. Live rates and zero hidden charges

Online forex platforms outperform banks when it comes to offering the best exchange rates. They compare rates across reputed vendors in your vicinity and offer the most competitive deals, thus saving you a lot of time and effort. The nicest part about web-based foreign exchange marketplaces is that they do not rip off customers through hidden charges.

Notable online forex platforms function in a transparent manner and list out all the charges in advance so that there is no last-minute confusion among customers. Availing money transfer solutions from foreign exchange platforms can boost your savings in the long run and help you reap the benefits of live exchange rates.

3. Facility to lock-in exchange rates

There may be times when you might be unhappy with the prevailing exchange rates in the forex market. If you choose to send money internationally through a bank, you would be left with no choice but to accept the ongoing rates. However, the story will change altogether if you resort to using a long-established forex platform.

Online foreign exchange marketplaces give users the golden opportunity to lock-in favorable currency exchange rates. Whenever the rate you desire goes live, you can freeze it for 3 days straight. In case the exchange rate of your choice is not available at the moment, there is no need to worry. You can take advantage of the rate alert feature to solve this issue.

Once you set up alerts for your favorite rate, you just have to sit back and relax. The moment your preferred rate becomes available, you will receive notifications either via mail or SMS based on the mode of communication you have selected.

4. Faster remittance processing time

Without a doubt, we are all part of a fast-paced environment where almost everyone is running short of time. The worst part about dealing with banks is that they usually take several days for the fulfillment of money remittance orders. Long processing times can frustrate customers and spoil the user experience to a great extent. But with an online forex portal at your disposal, you can expect to enjoy faster remittance processing times.

There are 2 different ways to transfer money to the United States: demand draft and wire transfer. You should avoid demand drafts at all costs because with this method it can take up to 10 days for the beneficiary to receive the funds. The best way to go about international remittance is to opt for wire transfer which facilitates money transfer within 24 hours.

Online foreign exchange platforms slash all the hefty charges associated with wire transfer services. On the other hand, banks have long been infamous for charging up to ₹2000 on wire transfers. If you are keen on saving money, make sure you stick to a trusted online forex platform for all your money remittance needs.

5. Doorstep document pick up service

A majority of private banks typically require customers to visit their local branch to submit the needed documents. Visiting physical branches of banks can lead to the wastage of your precious time. However, you can cut through this hassle by relying on a renowned online foreign exchange platform that has a proven track record.

Instead of heading to the bank branch and signing up documents individually, you can schedule a pickup arrangement absolutely free of cost. The forex platform's representatives will show up at your place at a time of your choice to collect your documents. After your documents are successfully picked, the money remittance process will be initiated right away.

Traveling to the United States can pave the way for fun packed memories. However, things can get chaotic if you run out of money during your stay. This is why you should always transfer money from India to USA beforehand using a reliable online forex platform. Not only will a trusted forex platform give you better rates than banks but will also help you evade exorbitant charges, which would otherwise take a heavy toll on your pocket.

Disclaimer: No Deccan Chronicle journalist was involved in creating this content. The group also take no responsibility for this content.