Are You Sure You Know Everything about Online Money Transfer To India?

banner1_old

Have you ever spent an insane amount of time standing in long queues in the bank just because you wanted to send money to your sister on time so that she could buy that little black dress for her birthday? Clearly, you are one of those who have never considered online remittance. The world of online remittance is getting bigger and smarter by the day and is for everyone who understands the value of time while appreciating the importance of the presence of those in their lives. It’s time you gave online remittance a shot and know what you have been losing out on.

Simply put, online money transfer India is for those who have neither the time nor the patience and yet need to send money abroad urgently. It eliminates the need for long queues, tedious forms, and all those things that make banking chores tedious and lengthy. While doing so, it ensures that it gives you the same safety and assurance that banks give you. No matter where the recipient lives, you can be rest assured that your money will reach on time as desired.

The best part about online money transfers is that they don’t require too much of initial planning. You just need to choose a vendor or a payment channel you are most comfortable with, read and understand the terms and conditions, and then provide some basic information about yourself to create an account. Once you sign up, you can send money as often as you want in simple steps without bothering to fill out the basic information since it would be stored forever in your account details. When choosing a service or a provider, attention must be paid to the best exchange rates to India. The vendors may differ in the rates they offer regardless of the current bank rates and it’s up to you to choose the rates wisely.

Even small difference in rates can matter in a big way and everything depends on the amount you wish to send. So make sure you do your research.

The Many Methods of Transferring Money to India

Money transfer can be a little tricky, especially if you wish to send money overseas. A lot of people find it overwhelming given the huge range of money transfer methods available to them. Billions of dollars are sent every year through the many remittance methods available out there. You may have to send money quickly, and with the advent of technology, you can even use the Internet to send money to your loved ones. Money transfer is no longer limited to age-old methods and you can explore your options after careful consideration. Along with the methods, you must also factor in a few other things to ensure a smooth and swift money transfer. Let us explore the many methods available for money transfer to India and things you need to remember before you make a choice.

Cash transfer – This is perhaps one of the oldest methods of transferring money to India and is uncomplicated. The recipients can personally collect the money or you can have it delivered at their doorstep to further ensure their convenience.

Bank transfer – Banks are now offering excellent remittance services to empower their customers and serve them better. You can send money to your loved ones through your bank account. Of course, the recipient will also need to have a bank account to receive money. This method is undoubtedly safe and your bank will help you with everything you need just in case something goes wrong during the money transfer.

Mobile transfer – If you do not have access to transfer agents and yet wish to send money quickly, you can send money to the recipient’s mobile phone or mobile wallet. This method is quite popular in some countries, and becoming common in India too.

Online transfer – Several web portals and online transfer agents offer you the comfort and convenience of sending money online. All you need to do is subscribe to their services or create an account on one of the websites and send money overseas. It can be a bit confusing initially because there are just too many players in this field. But the good part is that there are several sites that you can trust for your money transfer. A little discretion of course is necessary initially, but once you get the hang of it, it’s very easy to send money online.

The cost of transfer is something you need to consider while sending money to India. This is because of the ever fluctuating money transfer rate to India that will affect your transaction. The cost of sending money will also vary depending on the method you choose. While some money transfer operators may waive off the transfer fee on big amounts, there would be others who may charge a certain percentage of the final amount of transaction.

Make sure that you retain the bill or e-receipt of the transaction so that you can use it in case an error occurs during money transfer.

Things to Remember Before You Send Money Online to India

You will come across a countless ways to send money online. That’s because the demand for money transfer agents and operators is huge since people need to send money overseas all the time. No matter why you need to send money overseas, there are a few things you must never forget to avoid costly errors. There have been instances where people sent money to a wrong account and had a tough time getting it back.

Account details – If you choose to send money online to India through your bank account, you would know that such a transaction requires both the sender and the recipient to have a bank account and routing numbers. While it may sound very simple, it’s not that easy. The formats for the account and routing numbers may be different for different countries and these numbers are necessary to identify the bank accounts. By writing incorrect numbers or transposing the account and routing numbers, you may commit errors that could be difficult to fix.

Currency conversion – It is important to do the math before sending money. So if you are sending dollars, you should not forget to convert them into rupees. In case you forget to convert at your end, the bank may convert the money at a higher exchange rate or at times even reject the transfer. And that’s not all; it may also charge you a fee for this transaction. Make sure that you convert the money to avoid delivery delays or sending lesser money than required. Ideally, you should look for the best transfer rate to India before sending money.

The fees involved – When you make a transfer to India, there are usually two main costs involved – the fee charged for sending money and the amount you actually end up paying after the conversion from dollar to Indian currency. The latter depends on the foreign exchange rate between the two currencies that is often different for different vendors. In order to earn a decent profit on your transaction, service providers usually mark up the exchange rate.

A careful comparison – You are likely to need money transfer services every now and then. So why pay more when you can save a lot by comparing different transfer providers and the fees they charge? Banks, online vendors, and money exchange operators differ in the fees they charge and the services they offer. It helps to do some comparison and analysis to ensure that your money transfer is safe and cost-effective.

Delivery time – The time taken to make an international transfer varies depending on the vendor you choose and the mode of payment you opt for. Debit card payments can be faster but a little more expensive while a bank-to-bank transfer may take a longer time but cost you less. Banks are likely to have fewer delivery options as compared to non-bank operators given their relatively small network.

Everything eventually boils down to the vendor you have chosen, the exchange rates on that particular day and the mode of transfer.

Services You Can Count on for Sending Money to India

Remittance is crucial for both individuals and communities. Before we move on to understand the services you could consider for remittance, it is important to understand what family remittance and community remittance is all about. Family remittance refers to the money sent by individuals to their friends, family members and acquaintances for various reasons. Ranging from medical care to birthdays, there is no limit as to why people would want to send money abroad.

Community remittance on the other hand, is a little different and often used for a bigger purpose. It refers to the transfer of funds by immigrants and hometown associations to business communities, NGOs and other groups back home for infrastructure and building schools, parks, etc.

Given the huge financial inflow, it is touted as a crucial source of money just the way foreign direct investments are. For sending money to India, you should be aware of the services you may consider for the same. Since remittances are nothing but person-to-person flows, there are several types of customized services to make your money transfer fast and smooth. India receives a substantial amount of money by way of remittance and is one of the biggest recipients of remittance funds.

There are several methods of sending money and the method you choose will largely depend on how you perceive a particular method. There are banks, online vendors and dedicated money transfer companies to help you with your remittance needs. The amount to be sent, the best exchange rate to India, and the time frame within which you need to send money can be huge influencers when it comes to choosing a method for remittance.

The money sent home helps cope with emergencies, promotes personal growth and subsequently strengthens the country’s economy. You may send money to India via cheque remittance. Cheque remittance can however be subject to human errors since you will have to double-check all the details before you make one. Of course, double-checking details is a practice you must inculcate for other means of transfers too because even a small error can lead to stress and loss of time and at times, loss of money too. Plus, when you are planning to send money quickly during an emergency, you cannot afford to be late.

You may also send money via your bank which would also be a smarter and safer way to remit. But the recipient would also be required to have an account and bank transfer can sometimes be a tad more expensive than other methods of remittance. A huge number of immigrants are now considering online remittance services for the comfort and convenience they offer. There is a stiff competition and the number of players in this field is huge and the services offered are just too many to take care of even the most unique remittance requirements.

There is tremendous potential in each and every method and in case you find the choices overwhelming, you can always turn to an experienced money transfer agency for help.

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

Happy Indian guy counting money

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.

%d bloggers like this: