Best Way to Transfer Money from Malaysia to India

The current global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023 according to the World Economic Outlook. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic. However, this is not the case deemed for global money transfers. In fact, global money transfer has been on the raise recently. Sending money abroad has traditionally been an arduous and expensive task, exemplified by a never-ending chain of middlemen, manual paperwork, and hidden charges. Fortunately, the developments in the industry over the past couple of years mean that individuals and even small-to-mid-sized companies can now enjoy faster, cheaper, and value-added foreign money transfer services. The market of international money transfers has been growing considerably at a Compound Annual Growth Rate (CAGR) of 10.4 percent since 2000. USD 530 billion is transferred each year - (Finance, Mauro F.Romaldini).

Moreover, there are many ways to transfer money to another country internationally. These ways include online international money transfers. Secondly, we have international wire transfers in person with the bank. Followed by international wire transfers by phone. Lastly, making an international wire transfer through a remittance company. However, after some assessment, the best way to send money overseas is through remittance. Remittance is when migrants send home part of their earnings in the form of either cash or goods to support their families. These transfers are known as work or migrant remittances. They have been growing rapidly in the past few years and now represent the largest source of foreign income for many developing economies- (International Monetary Fund). Remittance is the best way to transfer money internationally because this method can help the sender avoid steep fees and banking routing delays – (CIMB).

There are a few factors to keep in mind when transferring money overseas. Firstly, the foreign exchange rate. The foreign exchange rate is the first thing to check before sending money abroad since it is very volatile. At Lotus Remit, we provide competitive rates for international bank transfers. Secondly, we have the transaction fees. Everyone is looking for the cheapest way to send money internationally. So apart from the exchange rate, the transaction charges should be transparent as well. Every forex intermediary charges a fee. At Lotus remit, we charge our clients a minimal transaction fee. Next, it is very important to look into the reputation of the money transfer intermediary used. Money transfer intermediaries these days are more reliable than banks. However, it is vital to survey how legal and authorized a currency specialist is before dealing with them. To avoid money transfer fraud, it is important to check the legitimacy of the company. At Lotus Remit, we comply with the guidelines issued by Bank Negara Malaysia (BNM) and consistently follow the same to support the BNM’s efforts to promote monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy. This shows the credibility of the organization. Finally, the service provider’s ease of use is an essential factor to look into. We are in the age of technology where no one wants to stand in a queue to transfer money. The rise of fintech solutions worldwide has created ease in the world’s financial and economic sectors. With the help of fintech, money transfer agencies have apps. Lotus Remit has their apps both on google play and the app store which is user-friendly and very efficient for our clients to use.

Furthermore, living in Malaysia all by yourself can be tough if you are alone. If you feel the need to send money abroad regularly, it can be overwhelming to choose the best service provider. At Lotus Remit, we offer the best exchange rates that can be compared to any other transfer and remittance service provider. We are a trusted name in the industry with a loyal customer base who rely on us for all their international money transfer needs. Here we are going to walk through the steps of how to transfer money to India. With Lotus Remit, you can easily send money to your receiver’s bank account in India. All one needs to do is keep the following things in mind. Keep the receiver’s bank details handy, which will include information such as the receiver’s bank account number and code. Visit your profile and make the transaction, register your profile if you have not already. Fill out the international money transfer either via your debit card, credit card, or bank transfer. When the transaction is successful, you will receive an email with the details. You can use it to track the transfer.

In conclusion, there are many ways to transfer money internationally as mentioned above. However, remittance is deemed to be one of the most efficient and safe ways to send money overseas. There are also many factors to take into account before choosing the right money transfer organization for you. Nonetheless, at Lotus Remit we are known to provide top notch and secure service. Lotus Remit has its own loyal client base and is always welcomes new clients with complete transparency of charges and competitive rates.