25 November 2020 | 4 min read

Best Time To Send Money To Your Loved Ones


How many Indians you know have moved to Canada or London? Well, shifting base and moving countries to explore richer lifestyles and smoother career paths are super common over the last few decades. The fundamental aim for most people who step out of their comfort zone, leaving the family behind is to send money back home. This makes foreign remittance an extremely important process. It empowers an entire family thousands of miles away, all in one click. Moreover, uplifting your country back home as the bigger picture.

Consequently, you work hard to achieve monetary rewards, which is why navigating exchange rates and hidden fees related to transferring money to your family is a task! It may come across to you as middle agents and banks wanting to cuts off your earnings with their exuberant fees. But no, there are unavoidable fees to be paid so you can make regular transfers. Timing is everything if you want to tackle the issue. Factors like interest rates, inflation, political events, trade imports and exports, worldwide economic trends, interbank exchange rates, and much more influence exchange rates. Although tough to predict, there are various parameters based on which you can transfer money back home in the most beneficial ways, and we have a whole guide to enlighten you with the same.

1. Tackle the obligatory fees

Remittance Fee – Live More Zone

Most foreign remittances take a flat fee to let you make a transfer, and this charge is absolutely unavoidable. As much as money transfer companies might be considerate and charge reasonably, you will always have more profitable options if you look beyond. So, find your sweet spot by looking for a platform that gives you the best flat fee, especially if you send money to your loved ones regularly. It may sound small now, but when accumulated, you will come to realize how much money you have actually saved. Most importantly, it’s the best time to send money back home when the host country has its currency flying at the maximum height. Pro tip: Always keep your eyes open and look for the smallest fee on different currency exchange platforms for the ideal money-saving trick.

2. Start a mid-month cycle

Transfer money in mid month – Live More Zone

Sending money back to your home country regularly does not only mean taking care of loved ones but also contributes to eradicating poverty, helping national development, and uplifting local businesses. So if you’re already doing this, pat yourself on the back. And if you are wondering how much of your earnings will get lost in mid-way fees, here are some tips for you. Firstly, try making decisions based on exchange rates, even during emergencies and spontaneous transfers. This might optimize your return on value. Secondly, plan your money transfer cycle in a way where it starts n the middle of the month. Most people send money back home as soon as they receive their monthly salary and this creates havoc, plus room for extra fees. So break from the clutter and time your moves to save money as well as your time.

3. How much does the exchange rate matter?

Exchange Rate – Live More Zone

Here’s where you dig in to understand what exchange rate movements are based on. These fluctuations depend on developments in the international markets. The shift in a mere decimal point might not affect smaller or regular transactions against the value you receive. Although, most people who settle abroad remit funds during preconceived financial commitments, emergencies, and other urgent moments. At such times, waiting for drops in the exchange rate might not matter. To manage such times, you need to play smart and make a plan B instead. The hack is to have some liquidity and keep it aside. This way, you can keep an eye on drastic drops in the exchange rates and send a lumpsum amount of money back home as safety. For instance, take advantage of a weakened rupee fluctuation in your home country. Alternately, when you notice a change in global economic factors, reach out to providers for the transfer options available. Moreover, to save time as well as money, you can set up a recurring monthly or weekly payment structure.

4. Choose quiet weekends

Weekends for money transfer – Live More Zone

Considering how tough the financial situation got in 2020,

Indians sent a record of $344 million in March for the maintenance of close relatives abroad. Hence, using the right platform to transfer your hard-earned money is crucial. But when is the best time? Why do you think remittance providers have quiet outlets during the week and crowded ones during the weekend? This is because most transfers take place during the business days and the weekends are comparatively quieter. This way, you can choose a convenient location from your foreign currency exchange organization’s network, show up there over the weekend and make transactions quickly. This factor drives a lot of people towards the physical stores with the desire to transfer funds home instantly.

5. Is there a right time in the day to transfer money?

Transfer Money in day – Live More Zone

Some money exchange platforms let you transfer funds instantly, while some take 1-5 business days for the same. However, same-day transfers can be made seamlessly if the bank’s business cut-off time is adhered to. So make sure to make your funds transfers within your bank’s cut off time on business days and BAM! Your money will reach your loved ones immediately. On the other hand, do consider public holidays and weekends since banks don’t maintain the same timing windows on those days. Most importantly, plan your transfers in a way where both you and your family can pay monthly bills on time and hassle-free.

For a comprehensive guide on remittance transfers, click here.



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