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Ria Money Transfer

Home Money Transfer Ria Money Transfer
Updated: 10-01-2024 05:51:59 AM

The global economic scenario has completely changed in the 21st century. The world has become a global village where boundaries between nations are diminishing day by day. People want to explore more, they want to visit places, work there, exploit the opportunities, and make their lives better. In such situations, sending money nationally or internationally is common. You can use your mobile banking application for sending money across the country to anyone you want. With some special facilities and permissions, you can even send money abroad with the same banking application.

However, it is always better to opt for a specialized approach while sending money internationally. This is because there are certain factors which people ignore often such as exchange rates, tax compliance, standard and experience of the company, credibility of the money transfer company, additional services it offers, and several money transfer norms and tax laws of both the countries, among others.

Money Transfer Company:

Money transfer companies are the ones who remit money on the requests of people in or across nations. Such companies are highly professional and well-informed about national and international money transfer rules and regulations. A few popular examples are Ria Money Transfer and Western Union Money Transfer. Both the companies have significant experience in the field and transfer money with a number of delivery options such as direct bank account transfer, payment through cheque, or cash pick-ups. Such versatility along with top quality services sets them apart from most of their competitors.

Ria Money Transfer:

Ria Money Transfer is a 30-year-old company that originated in New York City and is headquartered in the USA. The company, a unit of Euronet Worldwide, was established with a goal of helping people send money to their loved ones across the globe. The company now has a global presence with branches in 146 countries and 3,24,000 locations. Ria Money Transfer functions as an electronic money provider to banks, retailers, service providers, and individual customers.

Services Offered by Ria Money Transfer
How Money Transfer Works
International Money Transfer Charges
Factors to Consider in an International Money Transfer

Services Offered by Ria Money Transfer

  • Money Transfer: Ria offers global money transfers through its network of over 3,24,000 locations.
  • Currency Exchange: The company offers currency exchange service at highly competitive rates
  • Mobile Top Up: Ria also allows family and friends to pay money to top up the prepaid mobile balance of customers
  • Bill Payment: Though not available in India, Ria offers bill payment options for its US customers
  • Cheque Cashing: Again a service that is not provided in India as yet, the cheque cashing service from Ria allows customers to cash their cheques, money orders and even refunds

How Money Transfer Works

International money transfer is not as simple as local money transfer. It requires certain essential documents and accurate transfer details such as bank information. Money transfer companies also charge a small fee for the purpose. The fee may vary on the basis of the respective countries.

International Money Transfer Charges

As explained previously, the charges for international money transfer vary as per the respective institution and countries. The charges range from $11 to $30. This includes transaction charges, transaction tracking charges, cancellation request charges, and charges for changing details.

Factors to Consider in an International Money Transfer

No matter how easy it has become, international money transfer always involves a few intricacies which you need to consider. Some factors are explained here that will guide you through Dos and Don’ts of international money transfer.

  • Plan the Transaction in Advance: Many people make the mistake of performing international transactions at the last minute which is definitely not the best choice. If it is not an emergency, then you can certainly plan such tasks ahead of time. This allows you to search for the best possible exchange rates and lowest transfer charges.
  • Choose a Reliable Company: This is one aspect of which you have to be highly careful. You have to ensure that the company you have chosen is reliable with proper permissions and license. Do not deal with the companies that hesitate in showing you their credentials. It is always a better choice to choose banks and credible financial institutions over the others as paying slightly higher prices is better than losing all your hard-earned money.
  • Check for Exchange Rates and Additional Expenses: The foreign exchange market is one of the largest markets in the world, accounting for transactions of approx. $5 trillion per day. Such high volume money transactions make the industry highly liquid and reactive to even small changes in global economy. In such situations, getting the true and best possible exchange rate becomes vital for getting the true value for your money. Sometimes, even the established private financial institutions can offer you an exchange rate which seems impossible for a bank. In this case, do not choose the bank just because you are used to it. This is because you have to be flexible while choosing the right company by choosing the most credible, beneficial and honest service provider.
  • Money Transfer Speed: International money transfers usually do not take more than 24 hrs to 48 hrs. However, the transfer may also extend up to 96 hrs in the case of any technical problem. Reputed money transfer services such as Ria Money Transfer employ high-tech equipment that are designed for super-fast money transfer. Such companies usually transfer money within a day or so. These companies always come handy in situations where you need to send money for an emergency.
  • Convenience: The company you are choosing to send money internationally must have a variety of ways to deliver money as per the convenience of the sender and receiver. It can be a cheque, direct transfer to the bank account, cash pick-up or cash delivery. This also concerns a number of previously explained factors such as money transfer speed, exchange rate, charges, etc.
  • Tax Clearance: Most companies give DA (Discretionary Allowance) and FIA (Foreign Investment Allowance) to their employees. These allowances can be used for tax benefits. However, one has to be sure that he/she has proper documents to show such allowances and also to show the source of income and money transactions. Fulfilling such legal requirements ensure a safe transaction and most of all your peace of mind.
  • Customer Service: Good customer service is also a crucial aspect of a money transfer service. Money transfer is not as simple task as it seems. It involves a number of variables that can affect the process at any point of time. In such situations, people always have doubts and questions in their minds and they need to be answered promptly. Having someone at your side to answer all those questions and doubts is always better. A reputed international money transfer company will always be there to aid you in any of the situation.
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