Do you need to learn how to send money to India? If you routinely plan to pay freelancers in this area, it’s a good idea to learn more on this subject.
Paying Through a Bank Transfer
Knowing how to transfer money to a freelancer overseas is important. You might find a freelancer from a country such as China or India, so with that being said, kowing how to send money to India as an example, is a major asset. This is all the more true when it comes to paying freelancers for their work. One of the most common ways to pay freelancers is by making use of your bank account.
However, you should be aware that there are some serious issues associated with using this method. The truth is that banks are a very slow and complex method of making an international money transfer. There are many potential fees that could make this a very costly experience.
Some of the fees may include an outgoing transfer fee that you have to pay as well as an incoming transfer fee that the recipient will be expected to fork out. There may also be other types of fees, including a fee that covers the transfer of money between banks. Meanwhile, there is also a likely exchange rate mark up to deal with.
Paying Freelancers Through Paypal
Another commonly adopted method of paying international freelancers is to use Paypal. Keep in mind that this type of payment is usually quick and convenient but may be subject to certain types of fees. For example, if you are a contractor, you could be charged withdrawal fees for transferring payments into your own bank account.
You also need to be aware of the exchange rate. You may lose quite a bit of money right off the bat due to this difference. The exact exchange rate is something that you will need to research for yourself in order to decide if this type of payment transfer works best for your needs.
You will need to keep in mind that a service like Paypal will not go out of their way to offer you the mid-market rate, i.e., the best possible exchange rate. In fact, the rate that they do offer you may take up to 10 percent from the amount that you send to your freelancer in India.
Paying with a Trusted Online Platform
Your best bet will be to pay your freelancer via an online platform that comes with a long pedigree of trust and reliability. A service such as Western Union will offer the best deals backed with the best level of service.
The main benefit that you will receive from dealing with a trusted source will be lower transfer fees. If any such fees do exist, they will usually be predicated on the best possible rate of exchange. This will be the best deal for sender and receiver.
For all of these reasons and more, your best bet will always be to pay freelancers overseas with a trusted online platform. This will give you the results you need to keep freelancers happy in India and anywhere else you send money to.