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

Different Ways of Sending Money to India from UK

The United Kingdom is among the top countries that sends money to India every year. Remit2India helps you to send money from UK to India in many ways. Let’s find out different ways of sending money to India from UK:

Online Transfer – An online transfer can be done anytime from anywhere. With good speed, money moved through online service reaches the recipient within two working days. The process is hassle-free and does not require you to visit the bank. As soon as you initiate an online money transfer from your account after booking the transaction on Remit2India, the transfer is processed.  And if you want to send more money, later on, you can easily fill an online form in your Remit2India account on the website. The best part of an online transfer through Remit2India is that your bank does not charge anything extra for this transfer. Your money is also received through direct credit in India. So for sending money from UK to India easily, an online transfer is the best option.

Guaranteed Rate Transfer – This money transfer option lets you lock an exchange rate for your transaction. You can do this while booking a transaction through our website. This type of transaction protects against market fluctuations, and the receiver gets an assured amount. A money transfer initiated through guaranteed rate transfer reaches the recipient within two working days. This transfer process does not require you to visit the bank and is completely convenient. It does not charge extra fees, and your money is received through direct credit in India. This is the best option if you want to send an assured amount despite market fluctuation.

Net Banking Transfer – It is a money transfer process that allows you to send money anytime, anywhere through your local bank’s internet banking service. It is a quick way to transfer money from UK to India as the money reaches the recipient within two working days. This process is very secure as Remit2India does not keep your details in the system. It is a completely online process, so you do not need to visit the bank. The transfer reaches as soon as you book the transaction on Remit2India website and initiate a money transfer from your local bank account. You can also send more money if required by filling an online form in the Remit2India account. It does not charge extra fees, and the money is received by the recipient through direct credit.

Wire Transfer – You can book a transaction and send a wire transfer to Remit2India account. This is cost-effective as it is not considered as an international wire transfer. You can initiate this transaction to our account from any local bank. We set a wire transfer from our account to your recipient for the desired amount. The service is fast, and your money reaches the recipient in 2 working days. If needed, you can also add some more money to the transfer by simply filling an online form in your Remit2India account. Charges may vary according to different banks for wire transfers, but the amount is usually lesser than an international wire transfer fees. The money transferred through wire transfer reaches the recipient through direct credit. If you urgently require to send a wire transfer from UK, this is the best way.

So, there you have it, quick modes for sending or transferring money to India from UK through efficient and easy process offered by Remit2India. For any queries, visit http://www.remit2india.com or call us at 0800-0163404

Nine colors of Navratri 2016

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Navratri is a festival dedicated to the worship of the Hindu deity Durga. The word Navratri means ‘nine nights’ in Sanskrit. This year, Navratri 2016 is starting on October 1.

Navratri is celebrated with great zeal and enthusiasm by Indians across the world. Dandiya and Garba dances are organized at various places and people are dressed up in ethnic costumes.

During Navratri, nine forms of Goddess Durga are worshipped. The color to wear on that particular day depends upon the Goddess being worshipped.

Here is a list of colors to be worn on each day for Navratri 2016.

Day 1: This is the first day and Goddess Shailaputri is dressed in a Grey saree, a combination of colors Black and White. The color to be worn on this day is Grey.

Day 2: This is the second Day of Navratri , Goddess Kushmanda is dressed in an Orange Saree. The color to be worn on this day is Orange.

Day 3: This is the third day of Navratri and is the most peaceful day. The dress colour to be worn is White.

Day 4: Red colour is known as colour of vigour and warmth and Kushmanda Goddess is dressed in Red colour on fourth day of Navratri. Hence, the color to be worn on this day is Red.

Day 5: Skandamata is a face of Goddess Durga, always known for demolishing the demons. She is dressed in a Blue saree on 5th day of Navratri. Hence, the dress colour to be worn is Blue.

Day 6: This is the sixth day of Navratri. On this day Shailaputri Goddess is dressed in a yellow saree, Shailaputri Maa is first among the nine forms of Goddess Durga. Hence, the color to be worn on this day is Yellow.

Day 7: The colour of the 7th day of Navratri for devotees is Green. Bharmacharini Goddess is worshiped on this day.

Day 8: The eighth day of Navratri is enjoyed by everyone by playing Garba and Dandiya. The color to be worn on this day is Purple.

Day 9: This is the ninth and the last day of Navratri. The dress color to be worn is Pink.

Now that you have the colors of Navratri 2016 handy, are you going to dress up to office or play Dandiya in these colors?

 

 

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