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?

 

 

Consider these 3 things before you transfer money

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Transferring money from one country to another can be a regular task for some, but for others, it could be a tough one. If you are an Indian living abroad and planning to send money to India, you will either have to visit an agent or your bank or the best way is to make the transfer online. Though there are many ways through which you can send money to your country, you should always check how safe their service is. Apart from these things, have a look at the three major points that should be considered before you transfer money.

  • Watch Out For Exchange Rates – When you transfer a certain amount of money to another country, the money transfer agency or services charges a particular amount. Every financial institution has different exchange rates for international transfers. It is important to be vigilant and check the exchange rates, compare it with other money transfer agencies and select the best rates for a beneficial transaction.
  • Decide The Amount – Depending on the amount you are planning to transfer, select the mode from different money transfer agencies offering competitive rates and packages. For e.g., Remit2India can help you to transfer from minimal amount to a large amount of money up to 50,000 USD from the US to India. Money transfer services like Remi2India is ideal to make all types of money transfer conveniently to India.
  • Check The Transfer Fees – Many banks around the world or in the US to be specific can be very expensive when it comes to moving money internationally. The transfer rates of such financial institutes are very high and may burn a hole in your pocket when you want to send money to your loved ones in need. Remit2India offers zero transfer fees when you send money from Australia to India.

Sending money online is the best way when you want to transfer funds on an urgent basis without spending too much on its transfer. Remit2India is one such money transfer service that helps you to quickly and securely send money to your friends and family from 24 countries around the globe to India.

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

Bengali man using a laptop and text messaging on a mobile phone

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.

 

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