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.

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