The world is truly becoming a global village with concepts like foreign education, month-long vacations and immigrations becoming terms used in common parlance. Connectivity across the world and simple money remittance methods have ensured that a situation does not arise ever where you are stuck in an unknown country and need financial assistance. However, with this ease also comes the doubt of getting stuck with a dubious forex provider who may try to charge extra money for the services rendered since you are unaware of the rules.

So, here is your quick guide on the remittance rules for you to stay updated and be in control of your money:

Need for disclosures: As per this rule, all remittance transfer providers have to disclose the currency exchange rate or the conversion rate, the remittance fees, total amount that will be received by the beneficiary and the date on which this money will be received. These four parameters have to be disclosed at all times. Reputed forex and forex service providers not only get the best conversion rates for you, their remittance charges are also 2-5% less than most of the bank’s rates. Moreover, the money is received by the beneficiary in just 24 hours.

Cancellation Option: Once the remittance has been initiated, there is a window of 30 minutes given to the consumer to be able to cancel it without any charge being levied on them. There can be instances when a consumer can make a mistake with respect to the amount being remitted or cancel the transaction altogether. So, this option is available as this service is provided as a rule of remittance.

You May Also Want To Watch:

Option for correction of errors: Any error is the accountability of the remittance provider. If the same is brought to light by the remittance sender within 180 days, it is the responsibility of the remittance provider to investigate the matter and rectify the error. To reduce the probability of this possibility, it is always advisable to transact with a reputed remittance transfer provider

Gone are the days when remittance of money became a matter of concern for the sender and he had to track the money until it reached the account of the receiver. The facilities provided by remittance transfer experts ensure that you are kept updated with the status of your transactions and all that you need to do is check the status. So, be updated, be confident and trust your remittance provider.

The author is CEO & Co-founder BookMyForex