Don’t Get Scammed when Transferring Money to India

There are many people who still fall prey to money transfer scams. Most people who lose money to scams are victims of advance fee or money transfer frauds. Often, old people or vulnerable people are targeted by conmen.

So how do these scams work?

The victim may get an unsolicited phone call or receive an email or text in their inbox from some random person. This person notifies them that they have won a lot of money. Here, the scammer tries to gain the trust of the victim, asking him/her to send a small sum of money in order to collect their winning amount. This small sum is usually asked for paying the taxes or processing fees. This is where the conman tries to scam the victim. If the victim ends up sending the money, he/she never hears from the conman again.

At times, the victim receives an unsolicited cheque or money order. It comes with directions to deposit the money or make a wire transfer in order to cover the taxes and processing fees. When the victim deposits the cheque, he/she gets to learn weeks later that the cheque was counterfeit. But since he/she has already wired the money to the conman, getting it back becomes impossible.

There are a few tips that you can follow if you wish to save yourself from getting scammed. Remember, if something sounds too good to be true, then it probably isn’t. Don’t be in a rush to send the requested funds in order to get the winnings. Always take your time in finding out the details. This will save you from wasting money. For instance, ask yourself, is there a chance that you may have been specially chosen for this kind of offer? If the answer is no, then you’re probably on the right track.

When transferring money to India or any other country, it is always best to go with a bank or a reputed money transfer agency.

To know more about fraud awareness, check out Remit2India’s fraud awareness page.

The Many Ways of Online Remittance to India

Sending money to India is a major concern for those living abroad. Moving your finances is never easy, since the currencies are different and there are a lot of nitty-gritties involved when it comes to money transfer. Clearly, there is no ‘one size fits all’ kind of solution for money transfer and you need to figure out what works best for you. While looking for the best money transfer services, it’s important to choose licensed transfer operators. If you are looking for the best possible ways of money transfer, here’s a quick lowdown on everything you need to know.

While looking for money transfer services for online remittance to India, you need to understand that not all companies operate worldwide. Before going any further, make sure that the company has a robust network and operates in the country you want to send money to. Your own bank could be a good starting point since most banks now offer international money transfer services to their customers. And the best part is that you are eligible for a whole lot of special privileges and discounts if you have been with that bank for a long time.

Of course, the rules and the fee structure would vary from one bank to another and transferring money through your bank may not always be the most economical option. You can, however, ask about exchange rates and the charges involved, and then make a choice. You also need to ask about the preferred currency for the transaction along with the time taken for transfers to India and other countries. Banks are undoubtedly one of the safest means of money transfer, though they may not always be the cheapest.

It’s quite obvious that the best way to send money to India may not be the most economical option but knowing your options takes away the stress from the money transfer ordeal. If you need to send money, but do not have an account yet, you may consider the services of transfer operators. Transfer operators offer their services online and are often your best bet in case of an emergency, or when there is a major time crunch. They usually have a strong network, operate worldwide and are always just a phone call away.

A transfer operator will enquire basic details such as identity proof, after which you would be given a reference number that enables the recipient to receive money. If you know of good transfer operators in your country, you may consider their services for quick money transfers. To be on the safer side, you may consider sending only small sums initially. Foreign exchange brokers are also known for offering decent exchange rates and the transfer fees are also pretty reasonable. Locked-in exchange rates often sweeten the deal and create a win-win situation for you as well as the foreign exchange broker.

While looking for swift transactions, make sure to pay equal attention to safety every step of the way to avoid complications or nasty surprises later.

Transfer Money to India- Tracking Transfers and Remitting Securely

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Sending money from one country to another? There are several remittance options available for remitting money overseas. At times, it can be a daunting task to choose a money transfer service. It isn’t necessary that the money transfer service you have chosen is the best way for remittance. You need to take charge of the transaction and be aware of charges and FX rates that are being offered to you by the remittance agency.

You need to invest time and explore different money transfer services. The agencies should be evaluated on the basis of reliability of the transaction, rates being offered, total expenses of remitting money, convenience in sending and receiving money and customer care.

Tracking Money Transfers

If you transfer money to India, you can easily keep an eye on the status of your transaction. You can also ensure that the money has been securely delivered to the recipient. Most reputed financial institutions or money transfer agencies have online tools on their website with the help of which you can track the status of your remittance. For instance, if you are sending money through a bank, the transaction can be tracked by entering information like beneficiary’s account number and the tracking number provided to you during the transfer.

In case you have chosen an online agency for remittance, you can track the transfer by logging into your account on the agency’s website. The website will have status tracking tools that can be used by customers to stay updated about the transaction status. You can also track bank draft transfers and cheque transfers online. Such agencies also provide updates to senders via email and SMS. Not only the sender but the receiver can also keep a check on the status of the transaction. Some banks and agencies have mobile apps with the help of which customers can track the status of each transfer made.

Since it is not a difficult task to keep a track of the money transfer transactions, you can enjoy peace of mind that your money is getting delivered to the recipient safely. Just make sure that the money transfer service you have chosen is reliable.

You should ask for recommendations or do some research on your own and find a reliable option. Shortlist few agency names and look for their reviews on the internet. Check their track record and find out more about their charges and money to India exchange rates. This will help you make an informed decision.

Ensuring Secure Remittance

It is very important to use a secure device when initiating money transfers online. The laptop or tablet being used should be safe from virus attacks. You should make sure that you have the latest anti-virus installed on the device or else your confidential information will be at risk. Never share your passwords for online banking with anyone. Also, the password should be complex so that no one can guess it easily.

Sending Money to India – ACH vs Wire Transfer

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If you have to send money from USA to India, there are several remittance options to choose from. Each option has its own advantages and therefore, you will have to make a choice based on the amount you are sending and how urgently you want the money to reach the recipient.

When sending money to India, you can choose either ACH or wire transfer option, depending on multiple factors.

ACH Transfers

It is an electronic network for financial transactions in the US.  Almost all banks in the United States of America have discovered the benefits of ACH (Automated Clearing House). In this type of money transfer, large numbers of credit and debit transactions are processed in batches.

You can initiate ACH remittances from reputed online money transfer agencies where the financial instrument of choice for making the payment will be your bank account. You will be utilizing the ACH system for presenting an electronic cheque (known as internet cheque) for making the payment for the remittance.

Comparing ACH and Wire Transfers

If you are initiating money transfer from USA to India, you first need to understand how ACH and wire transfers will work if you are sending money through a remittance agency.

  1. In case of ACH, you just need to enter the amount you want to transfer and book a transaction. The agency will ensure that the money is directly debited from your account and received by the recipient.
  2. In case of wire transfer, you need to book a money transaction and send money from your account to the agency’s account through wire transfer. Since you will be initiating a wire transfer, there is no need to pay high fees that is incurred in international wire transfers.
  3. In ACH, money can be sent from more than one US bank account. It is basically an electronic funds transfer system to which all US financial institutions are connected. There is no need to visit a bank and stand in a queue to initiate a transaction. Even wire transfers can be sent from any bank.
  4. For ACH transfers, a one-time verification of your bank account is done for ensuring that the details are secure.
  5. If you want the money to reach the recipient quickly, then you can choose to send funds through wire transfer. Compared to ACH transfers in which money reaches the recipient in approximately 5 working days, money through wire transfer reaches in 1-2 working days.
  6. Your bank will be charging you no fees for ACH transfer, however, for wire transfer, the charges can vary with each bank. Also, the fees for wire transfer is significantly low compared to the fees for international wire transfers.

No matter which remittance method you choose, you need to be extra careful about security when using internet to transfer money. You should use a secure device and internet connection so that your money and banking information remains safe from hackers.

 

Key elements to consider for a hassle-free remittance

Sending money overseas may seem like a simple task but there are many vital factors that you need to consider if you want to ensure a hassle-free remittance experience. International remittances are more than just selecting a money transfer agency and initiating a transfer. You need to monitor the fluctuations in foreign currency exchange rates and also do some research to find an agency that is charging you low transfer fees.

Here are a few key elements that play an important role in international remittances. Make sure you consider them every time you initiate money transfer to India. This will not only help you send money but also save money.

  • Instead of making multiple transfers of small amounts, remittance experts recommend sending a large amount in a single remittance. This is because each time you initiate a remittance, you will be charged a transfer fee. Also, you need to be aware of the transfer limits because the transfer fees charged to you usually depends on the amount that you are transferring
  • There is no point in sending a large amount to India through a service that caters to smaller amounts because you won’t be able to get good exchange rates and fees. The total cost of the remittance is another important element that you must keep in mind. The incurred fees may be less but the FX rate may be high. You will have to make a calculation of the final amount that your recipient will get. Remember, if you are getting a good exchange rate, then a high fee could be worth it. So keep these factors in mind when transferring money
  • Unless you really need to, avoid paying additional fees for expediting the transfer. It is recommended to choose a standard transfer in order to save money on unnecessary charges. This is especially required when the funds don’t have to be wired within a few hours
  • The best way to send money online is to compare different money transfer agencies. Don’t end up selecting an agency just because it is offering you the cheapest FX rates. You need to ensure that the agency is licensed to carry out international remittances. It takes just few minutes to compare agencies. This comparison will not only help you find a reliable service provider but also get you the best exchange rates and low transfer fees
  • Besides comparing agencies, compare the FX rates and transfer fees being charged. Some agencies claim to offer low rates but they have hidden charges, so you need to be careful. There are several websites on the internet that offer a list of FX rates being offered by reputed money transfer agencies. Once you have made the comparison, you can get in touch with the shortlisted agencies, asking for the transfer fees and other charges

Keeping these points in mind would surely assist you in making a safe, secure and convenient money transfer.

Tips to Get Best Value for Money Remittance to India

Want to save big on your international remittance? With every passing year, the remittance industry is growing exponentially. In the year 2015, approximately $581.6 billion got transferred internationally whereas in 2016, it was around $610 billion. This growth has led to money transfer agencies making more profit.

If you wish to save money each time you initiate money remittance to India, here are a few tips and tricks that you can follow:

It is recommended to always check the mid-market rate or the interbank rate when sending money. There are several independent sources from where you can find this rate such as, Google, Yahoo Finance or Reuter. By finding the mid-market rate, it will be easy for you to judge if the exchange rate being offered to you is competitive or not.

The next tip that you can consider is checking the remittance fee being charged by the money transfer agency. It is recommended to check and compare charges like conversion fee, commission and so on. Also, you must get an estimate of overall exchange charges before making a transfer. To get transparency for the money transfer, it is advised to check the money transfer time, pay-in and pay-out options along with several other exchange parameters on a remittance comparison platform.

You should get a clear idea about the fee slabs. At times, money transfer agencies charge a certain fee if you send a certain amount. If there is a certain threshold, try and send an amount that is above the threshold to get maximum value from your money transfer.

Another important step towards ensuring a hassle-free, cost-effective remittance is to compare money transfer companies. It is very important to choose a reliable platform for sending money. For instance, if you are sending money from UK to India, you not only need to get the best foreign exchange rates to UK but also ensure that the agency you are sending money through is licensed and reputed. It helps to read reviews of money transfer agencies and make an informed decision.

There are some agencies that offer a better rate when you opt for online bank transactions while other agencies offer better rates if the sender is using a debit card for the transaction. So make sure you are checking which option is more cost-effective. Also, you should compare the pay-in and pay-out options. There are several websites on the internet from where you can compare rates being offered by different service providers.

You need to make sure that you are paying only for the transfer speed you want. For instance, there will be times when you would want the money to reach the recipient immediately. Such remittances will be more expensive. But if you are not sending money in an emergency, ensure that you don’t pay the high fee for a quick transfer. This makes it important to be aware of how much your money transfer agency is charging you for each transaction.

Getting the Best Exchange Rates to India

The best way of getting a good exchange rate when sending money from one country to another is to use a specialist money transfer service.  You also need to shop around if you want a good rate when remitting money.

With the help of international money transfer services, it has become easy for NRIs (Non-Resident Indians) to send money home on a monthly basis. From medical reasons and marriage of children to education and buying a property, there are various reasons to send money to India from abroad.

One of the most important factors of international remittance is finding the best possible currency exchange rate. This will ensure that you get value for money and the recipient gets maximum of what is being sent.

Let us first understand what an exchange rate is. The exchange rate shows the value of one currency when compared to another. For instance, we all have seen in the newspaper how the value of US Dollar or British Pound is shown in comparison to other important currencies, such as the Euro and Japanese Yen.

There are various factors on the basis of which exchange rates get influenced. Some of the factors are: consumer confidence, interest rates, political stability, inflation and so on. For instance, investors can achieve better returns in a country if the interest rates are to rise in that particular country. This will also lead to an increase in the demand for that country’s currency. Eventually, value of that currency will also go upwards.

There are two ways in which currency exchange rate can impact our everyday lives. It can impact the cost of everyday goods that we buy. If the goods were purchased from overseas by a retailer or if made using foreign materials then the fluctuation in exchange rate will surely affect the rate of the good. Another way in which this rate can impact us is when we travel overseas or send money to another country.

Tips on Getting the Best Exchange Rates to India:

Finding the best exchange rate is very important when sending money to another country. Here are a few ways to get the best rate for your remittance:

  • Make sure you are checking the market conditions in order to get an accurate idea of how good a certain remittance agency’s rates are. There are several websites on the internet that offer currency conversion tools and live rates to help senders check the value of various currencies at any given time
  • You need to get quotes from different money transfer agencies in order to get a good deal. This can be done quickly and easily online through comparison sites. Most agencies offer the quote with all types of fees attached to the transfer. This gives a better idea of how much the money transfer transaction will be costing you at the end
  • Make sure you don’t get fooled by inter-bank rates. Many online exchange rate calculators display inter-bank rates and not the rate the providers offer to their customers
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