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.

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

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.

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