Children grow quickly. It sounds cliché but is true. It feels like yesterday when you were holding your little girl in your hands for the first time. Today, she is a grown adult who is appearing for her foreign university exam. She wishes to pursue her higher education abroad. As a parent, you support her in all possible ways and fulfil her aspirations.

Since this is the first time your girl will be away from you in a foreign land, you would worry. You would want your little girl to have everything she needs. You can assure this by making a Foreign Remittance. It lets you send money to your girl that she can use to cover her education costs, living expenses, and other expenses. Of all modes, Cash Remittance is one such method that has gained popularity.

What is a Cash Remittance?

Cash Remittance is a simple financial transaction. You deposit the desired amount at the Remittance provider’s local centre. The deposit amount is paid out to your beneficiary living abroad. Let us understand this with an example: Suppose you send INR 1 lakh to your daughter studying in New York to cover her house rent. The following steps follow:

·         Opt for a reliable Remittance partner

Today, all banks offer Remittance services. You need to thoroughly access the aspects to choose the right Remittance partner. Look for a partner with higher transaction limits, extending preferential exchange rates, affordable processing fees, and other benefits.

·         Lock-in the exchange rates

Your Remittance partner will request you fill out a transfer request form. Do not make any mistake while filling out the form, as the Remittance partner considers the form details to carry out the transfer. Before doing the transfer, check the locked-in exchange rate. Generally, you enjoy preferential exchange rates as an NRI Account holder. You can open NRI Account to remit and do other banking activities in a hassle-free manner.

·         Amount deposit

Once the exchange rate is locked, you need to deposit the amount. You can deposit through cash or by swiping your Debit or Credit Card. You may need to pay a transaction fee upfront. This fee depends on the location and value of the transfer.

·         Message to the receiving Remittance partner

Your local Remittance partner sends an electronic message to the foreign Remittance partner. The foreign Remittance partner then transfers the request to the nearest branch to your daughter. The entire Money Remittance process can take up anywhere between a few hours to days.

·         Getting the transferred amount

Your daughter can get the transferred amount by visiting the foreign Remittance partner’s branch. She should show her identity and address proof for the same. She can also have the amount directly credited to her Bank Account or e-wallet.