Why Are Important Documents Required For Money Transfers?

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Transferring money to India requires you to present few important documents. But some financial institutions can ask you for other supporting documents in addition to the regular documents. A list of documents required by a money transfer agency can include photocopy of a driving license, proof of residency, passport, or a proof of income like a bank statement or pay slips.

A lot of times, we have heard complains from our customers that there are a lot of questions asked, many documents to be shown and multiple verification calls. Thing to understand here is that all of this is for a reason. Fraudulent transactions are at a rise and we need to ensure that our customers’ money is safe. This is the reason we have stringent compliance checks and strict verification processes, that may demand a lot of documents.

If you wonder why these documents are so important, have a look at the two main reasons mentioned below:

  • Verification of Identity

Financial institutions require additional documents in order to cross verify the identity and income structure of the money transfer applicant. Cross verification is most commonly conducted by financial institution mainly banks and money transfer agencies, as without the confirmation of a sender, the transaction cannot be completed. Also, to prevent delays in money transfers, one should provide genuine documents for verification.

  • To Detect and Prevent Frauds

To prevent illegitimate use of funds, you need to provide authentic and original documents to the transfer agency or a bank. These documents are collected to avoid scams like money laundering, currency counterfeiting and black money transactions. For example, one can transfer an unauthorized amount of taxable income from one bank to another, regardless of any country, without actually paying the taxes. To avoid and eliminate this, documents presented by you aids the banks to trace illegal activities or block an ongoing fraudulent transaction.

Therefore, it’s necessary for banks and other remittance companies across the world to ask for a set of documents while signing up for their services. It’s no different than your bank asking for KYC (Know Your Customer) documents for opening up a checking, savings or a current account. For further information on the required documents and our services, contact our customer care executive by sending an e-mail to info@remit2india.com or visit www.remit2india.com

A Comprehensive Guide To Send Money to India

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While working overseas, all of us attempt to transfer a portion of our earnings back home. Most of us end up paying a hefty amount due to less knowledge about the money-transfer process. Knowing this, we have compiled a comprehensive guide that will assist you to make a better informed decision next time when you plan to make a money transfer to India.

Check for Cost Breakdown

Remember to always breakdown the cost and see how much extra you have to pay above the transfer amount.  Few charges that you should cross-check are:

  • Transfer fees: It is a fee charged by the service for transferring money. It can either be a fixed fee or a percentage of the amount you are sending.
  • Conversion fees: International transfers are made between two currencies and hence checking the currency rates beforehand is mandatory. Services also charge conversion fees for converting currencies. Know the rates and fees before you finalize on a specific service.

After taking into account the above factors, you should calculate the total cost to send money to India. You must also know:

  • The Right Agency

Selecting the right money remittance service from an already overcrowded market is a little difficult task. Keeping an account of the many parameters while selecting the remittance service, Remit2India transfers money in the safest way possible. The pricing, speed of transfer and the convenience of the service makes it the ideal choice.

  • Delivery Method

Thanks to the ever evolving technology, the money sending and delivery methods are changing day by day. But there are two most common ways by which a recipient receives money, cash and bank account. In a transfer made with cash, the receiver picks the amount in cash from the service’s agency by providing them with identity proof. In a money transfer to the bank account, the money is sent from one bank account to another. Transfers within the same bank but different branches can be cost-efficient. Other modes of receiving money are prepaid cards, mobile top up and mobile banking.

 

Which exchange rate is better – Guaranteed or Indicative?

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Foreign exchange rate is the value of one currency for the purpose of conversion to another. If you compare INR and USD, the value of INR when compared to USD becomes the exchange rate. The exchange rate can be based on multiple factors such as market fluctuation. There are two types of exchange rates, locked-In exchange rate, also known as fixed exchange Rate and indicative exchange rate, also known as floating exchange rate.

What are Locked-In Rates?

In Locked-In exchange rate, the value of a particular country’s currency is fixed to the value of another single currency. This exchange rate is set by the government or the central bank to maintain the official currency value within limited bandwidth and to also keep the interest rates lower. This way the exchange rates are appropriate, and the government can adjust it whenever required.

Features of Locked-In Rates:

  • Stability in exchange rate
  • Lessens transaction charges
  • Remains same, as it is set by the government
  • Secured transactions

When you make an international money transaction with locked-in rates, the exchange rate is fixed when it is applied at the time of conversion of overseas currencies. It means that with this, the sender will know the exact amount of money to be received by the recipient. It is also a useful option if you have a fixed commitment overseas like loan, EMI, mortgage etc.

What are Indicative Rates?

Indicative exchange rates fluctuate according to the market forces of supply and demand. The change of market conditions also causes the exchange rates to fluctuate invariably. Neither the central bank nor the government interferes in determining the price of the currency.

Features of Indicative Rates:

  • Keeps fluctuating
  • The change in supply and demand adjusts automatically
  • Highly flexible
  • May lead to inflation, which has to be controlled by the government

As indicative rates are floating exchange rates, they are not locked at the time of a transaction. Since the rates fluctuates, the amount received by the recipient during the transaction may vary.

It is important to be aware of these two types of rates while making an international transaction. Apart from this, you can also consider various other factors when remitting online.

Which rate do I choose?

Remit2India offers both guaranteed and indicative rate when you send money to India. Sending money through guaranteed rate is always safe, but if you are willing to take a little risk and can gauge the market condition, you can choose indicative rate as you might get higher returns.

Send large amount to India only with Remit2India

You might be sending money to India for renovation of your house, buying a new property in India, sending savings to India, for loan repayment or other reasons. Many of us think that it is a long and difficult process to send huge amount. But with Remit2India, it is a hassle free process. Remit2India helps you to send money to United States with great benefits.

Only with Remit2India, you can send as much as $50,000 to India in one go and avail zero fees and special rates by speaking to one of our customer service executive. When we say zero fees, we will not charge you any extra fee, transfer charges or hidden fee to send money to your friends and family living in India. Now you can send money from the US to India without worrying about the extra charges. The service is completely online and you also get personalized service. Since the transaction is done through local wire transfer, many banks do not charge any fee; hence there are no local bank charges. The benefit is passed on to the customers.

We also have ongoing extra paisa offer where for every dollar transferred, we add guaranteed 15 paisa to your money. This adds up to a big extra sum when you transfer large amount to India.

So, whether you are an IT professional returning back to India and looking to transfer your savings or a doctor wanting to construct a house for your parents in India, Remit2India is there to fulfill all your wishes and provide you a hassle free experience of sending money to India.

For more details you can contact us on +1-888-736-4886 or send a mail to info@remit2india.com .

If you are interested in sending large amount to India, visit:

http://sendmoneytoindia.remit2india.com/WireTransfer-USA/index.asp

Relive your summer days!

It’s summer time here in India and we are sure that all of you would have fond memories from school and college before you moved abroad. To keep with the summer spirit of fun and vacations, we are running special offers for our NRI friends across the world.

If you are sending money to India from  US, UK or Australia, we have guaranteed extra benefits on every dollar/pound you send. What’s more, if you are using our service for the first time, we are giving out an assured gift voucher from Amazon or Coles depending on where you are sending money from. The voucher value ranges from a cool US $ 25, A$ 35 and UK pound 20.

The details and terms of the offers by country are included below:

Sending country: US

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Offer:

  • 15 Paisa Extra Per USD

Send money from US to India and get guaranteed 15 paisa extra per USD (US dollar), adding more value to your transaction with us.

  • Benefits on First Transaction

Get a $25 Amazon voucher on the first transaction you make with Remit2India.

Get in touch with us at 1-888-736-4886 to know more.

Sending country: Australia

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Offer:

  • Up to 50 Paisa Extra Per AUD

Want your loved ones to get maximum of what you send? Initiate a money transfer from Australia to India and get up to 50 paisa extra per AUD (Australian Dollar). Just log on to www.remit2india.com and add more to each dollar you send back home, multiplying the joy of sending and receiving money.

  • Enjoy Perks on your First Transaction

Become our valued customer and get a $35 Coles voucher on the first transaction you make with Remit2India.

  • Free Transaction

Increase the value of your money transfer. Enjoy zero transfer fees on your first transaction when you send money to India from Australia.

Get in touch with us at 1-800-859-876 to know more.

Sending country: UK

UK

Offer:

Something extra with your first transaction

If you are living in UK and you choose Remit2India for sending money to India, we will give you a GBP 20 Amazon voucher on your first transaction. This offer is valid until 30th April 2016.

Get in touch with us at 0-800-016-3404 to know more.

So make sure you make hay while the sun shines (here in India). The offers are for a limited period so get started now.

Why is it Expensive to Use Credit Card to Send Money to India?

You can use your credit card to send money overseas. However, if you have to send money back home on a regular basis, credit card will be an expensive option. For instance, you will have to pay a high interest rate as “cash advance” from the day you initiate the transfer. There are chances you won’t be getting a competitive exchange rate and you will also end up paying more money as fees.

According to remittance experts, a direct debit, EFT (electronic funds transfer) or a transfer from the bank account will be a better option instead of using a credit card. You will not only get a better deal but also pay lower fees.

There is no doubt that a credit card is extremely useful if you wish to buy now and pay later. But if you are using it to send money to India or any other country, make sure you are aware of the fees, charges and fine prints. This will save you from paying too much for making an international transfer.

When can you use your credit card?

You can use your card when there is an emergency and you don’t have any other way to fund your money transfer. It can also be used, if you will be getting benefits from a reward program such as frequent flyer miles or cashback.  

Points to remember

Remember, not all remittance service providers accept credit cards as payment for funding an exchange. When you make a transfer, the credit card company will be charging you high interest rates on the cash advance from the day the transfer has been initiated. There will be several other fees and charges that you might have to incur when transferring money from your credit card. It can be an expensive option, especially if you have to send a large amount overseas.

Fees charged by remittance service providers is usually high because the card issuing company charges multiple fees to them each time a transaction is placed by a customer. Apart from a fixed fee for having a merchant account, the card issuing company also charges inquiry fee per transaction. Since money transfer companies end up paying a high premium to the card issuing company and their fees is massively marked up, they pass the cost to customers, making remittance expensive for them.

How to Transfer Money to India Cost-effectively?

If you thought banks are the only way to send money to India or any other country, think again. In the world of international remittance, choice can make a huge difference, helping you save time as well as money. You just need to explore options and look for the right remittance method that will reduce your costs and ensure a hassle-free, cost-effective remittance experience.

When choosing a remittance service provider, here are a few points you need to consider:

Fees

Currency exchange fee is one of the top factors to consider when finalizing a service provider. Banks usually charge a hefty fee with unwanted charges. This adds to the cost of your currency exchange. So, it is recommended to shop around in order to get good rates.

FX Rates

Exchange rates offered by banks are high as compared to an online remittance agency. Online agencies keep updating exchange rates to offer the best option to their clients. Banks know that they have a steady stream of customers who are looking for an easy and safe method to transfer money to India. Offering competitive exchange rates isn’t their priority. It is recommended to find a currency comparison website and compare exchange rates in real time before choosing any service provider. This will help you save time as well as money.

Customer Service

Quality customer service is equally important when sending money from one country to another. Specialized remittance service providers offer personalized services. They understand the needs of customers and provide them the right remittance solutions. Reputed agencies have 24/7 customer support. Their customer care representatives can be reached easily, whenever you have any complaint or query. Their service level is high and you can rely on them for best money transfer solutions.

International money transfers can be very expensive if you don’t compare rates and fees before choosing a service provider. The best way of finding a good remittance company is to ask for recommendations from your peers. If they also send money back home on a regular basis and are satisfied with the services of the remittance agency, you can also opt for the same service provider. You can also find a good money transfer service provider through online research. Narrow down your search to 3-4 agencies and compare their rates and services. Only a reputed agency will offer you best services at competitive rates.

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