For exporters, money transfers are a very critical part of the overall transaction. And given how tricky and expensive foreign exchange and international money transfer services can be, exporters can lose up to Rs 8-10 Lakh rupees annually on international transfers from money transfer services used by the foreign buyer or importer.
The high fees are not just because of the choice of money transfer service but also because of the multiple parties involved at both legs - foreign bank and domestic bank. For any exporter, money transfer fees for receiving around Rs.10 Lakh can easily work out to Rs.60,000 or 6% of the value. So if an exporter receives 2 international money transfers of Rs.10 lakh each every month, the fee itself works out to a whopping Rs.14 Lakh.
With Tranzily, you can actually receive export business payments for free in terms of transaction fees. Even in terms of the foreign exchange on the international money transfer, we charge just about 1% which means your annual savings could be as much as 11 Lakh in the above illustration.
So don’t get lured by fancy names when looking for the best money transfer service to India. Choose a reliable and cost-effective option like Tranzily
Wire-transfers for international money-transfers are one of the most cumbersome ways of receiving money. Apart from the high fees and poor exchange rates, the entire process of receiving money through wire transfers is fraught with inefficiencies that it normally takes 2-3 business days for the money to hit the Indian bank account of the exporter.
Most import-export payment services are built keeping the foreign buyer or importer in mind hence are extremely inconvenient even when receiving payments from overseas at best rates. The ‘cost’ of the inconvenience somehow makes even a very attractive pricing seem like a losing proposition when receiving export business payments for free.
Here’s why: The sheer inefficiencies in the system due to multiple intermediaries in an international money transfer via bank wires means that receiving money is akin to a black hole. Once the foreign buyer initiates the money transfer (or says that they have initiated the international transfer), the exporter has no way to track till the time when they will receive money into their bank account in India.
There are some horror stories in the past where transfers have been ‘lost in transit’ for even 30 60 or 90 days after they were supposedly initiated by the sender!!
With Tranzily, the days turn into hours and you can actually track the money online.
Another critical aspect of international money transfer is the choice of service provider and how secure and reliable the money transfer service is.
This includes how secure it is to open an account, whether the international money transfer service is licensed or not, what mitigants they have in place in case of a risk of non-payment, which partners help in the currency exchange process, is there a trusted collecting bank in place etc.
Luckily, Tranzily ticks all of the above boxes. It is licensed under RBI’s OPGSP scheme, has a secure, https transaction portal, has reliable partners like CurrencyCloud, and ICICI Bank etc.
So if you are looking to receive money for your export transaction, choose www.tranzily.com.