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.

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.

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.

Why is it Expensive to Use Credit Card to Send Money to India?

You can use your credit card to send money overseas. However, if you have to send money back home on a regular basis, credit card will be an expensive option. For instance, you will have to pay a high interest rate as “cash advance” from the day you initiate the transfer. There are chances you won’t be getting a competitive exchange rate and you will also end up paying more money as fees.

According to remittance experts, a direct debit, EFT (electronic funds transfer) or a transfer from the bank account will be a better option instead of using a credit card. You will not only get a better deal but also pay lower fees.

There is no doubt that a credit card is extremely useful if you wish to buy now and pay later. But if you are using it to send money to India or any other country, make sure you are aware of the fees, charges and fine prints. This will save you from paying too much for making an international transfer.

When can you use your credit card?

You can use your card when there is an emergency and you don’t have any other way to fund your money transfer. It can also be used, if you will be getting benefits from a reward program such as frequent flyer miles or cashback.  

Points to remember

Remember, not all remittance service providers accept credit cards as payment for funding an exchange. When you make a transfer, the credit card company will be charging you high interest rates on the cash advance from the day the transfer has been initiated. There will be several other fees and charges that you might have to incur when transferring money from your credit card. It can be an expensive option, especially if you have to send a large amount overseas.

Fees charged by remittance service providers is usually high because the card issuing company charges multiple fees to them each time a transaction is placed by a customer. Apart from a fixed fee for having a merchant account, the card issuing company also charges inquiry fee per transaction. Since money transfer companies end up paying a high premium to the card issuing company and their fees is massively marked up, they pass the cost to customers, making remittance expensive for them.

How to Transfer Money to India Cost-effectively?

If you thought banks are the only way to send money to India or any other country, think again. In the world of international remittance, choice can make a huge difference, helping you save time as well as money. You just need to explore options and look for the right remittance method that will reduce your costs and ensure a hassle-free, cost-effective remittance experience.

When choosing a remittance service provider, here are a few points you need to consider:

Fees

Currency exchange fee is one of the top factors to consider when finalizing a service provider. Banks usually charge a hefty fee with unwanted charges. This adds to the cost of your currency exchange. So, it is recommended to shop around in order to get good rates.

FX Rates

Exchange rates offered by banks are high as compared to an online remittance agency. Online agencies keep updating exchange rates to offer the best option to their clients. Banks know that they have a steady stream of customers who are looking for an easy and safe method to transfer money to India. Offering competitive exchange rates isn’t their priority. It is recommended to find a currency comparison website and compare exchange rates in real time before choosing any service provider. This will help you save time as well as money.

Customer Service

Quality customer service is equally important when sending money from one country to another. Specialized remittance service providers offer personalized services. They understand the needs of customers and provide them the right remittance solutions. Reputed agencies have 24/7 customer support. Their customer care representatives can be reached easily, whenever you have any complaint or query. Their service level is high and you can rely on them for best money transfer solutions.

International money transfers can be very expensive if you don’t compare rates and fees before choosing a service provider. The best way of finding a good remittance company is to ask for recommendations from your peers. If they also send money back home on a regular basis and are satisfied with the services of the remittance agency, you can also opt for the same service provider. You can also find a good money transfer service provider through online research. Narrow down your search to 3-4 agencies and compare their rates and services. Only a reputed agency will offer you best services at competitive rates.

Top 3 Tips to Ensure Safety in Online Remittance to India

Online money transfer has made life easier. It has eliminated the need to go to the bank or remittance agency every time you wish to send money to India. All you need is a safe device and internet connection to start sending money from the comfort of your home or office. However, online remittance can also pose several risks if you are not careful. It can result in the misuse of your money and confidential bank details.

Here are three tips that can save you from the challenges of online money transfer:

  1. The first tip is to ensure that the device you are using for online remittance to India is safe and free from malware. There are certain malware that can pull your personal data, bank account number, address and so on. So, before you choose a device to send money, make sure it doesn’t contain any malicious software. Never make the mistake of using a public computer for remittance. Public computers are mostly insecure, putting your personal information at risk.
  2. Make sure you have a strong password for your online banking or remittance agency account. This is one of the best ways of protecting yourself from hackers. It is recommended to have different passwords for different accounts. This is because even if one account gets hacked, other accounts will remain safe. Make the password complex so that no one else other than you can guess it. For instance, the passwords should have uppercase and lower case letters and also include numbers and symbols. It is better to keep long passwords.
  3. Third and last tip is to choose a reliable money transfer agency. There are several remittance agencies in the market but you cannot trust all service providers. Even if your device is secure, you will be putting your money at risk if you have chosen a remittance agency without research. You can ask for recommendations from your peers. If an agency has been providing its services from a long time, it can be trusted. If not, you can find names of few reputed agencies from the internet and compare their rates and other factors to choose one reliable option.

Online money transfer is one of the safest and most convenient options to remit money. However, keeping these tips in mind will surely help you ensure a hassle-free remittance experience.

 

How Online Money Remittance to India Works?

Business couple with computer

Online money transfer procedure involves the old-fashioned wire transfer concept mixed with modern technology of EFT (electronic funds transfer). However, online remittance is different from EFT. It is a process through which you can send funds to someone instantly.

The best way of initiating money remittance to India or any other country is to select a reputed money transfer agency. Remittance through online agencies is more cost-effective and easy compared to remittance through banks. Banks charge a high transfer fee and their currency exchange rate is also high.

Once you have chosen an online agency, all you need to do is register on their website for free and feed the necessary details in your profile to start sending money. Usually, online transfers require little more than contact information such as email address or cell phone number. This data is required from the sending and receiving parties who are tied to a bank account. Any secure device such as a laptop or a tablet can be used for sending money from one country to another. Remittance agencies require a certain amount as transfer fee every time you initiate a transfer. If you want to save some money, it is recommended to send a large amount once rather than sending small amounts multiple times.

Online remittance is not just easy and cost-effective but also convenient. All you need is a secure device and safe internet connection to start sending money from the comfort of your home or office. Whether it is midnight or any time of the day, you don’t have to worry about bank closing hours. It is possible to initiate money transfer at anytime from anywhere, without having to visit a bank or an agency.

Here are a few tips to help you save time and money when transferring funds from one country to another:

  • Make sure you are comparing rates offered by different agencies before choosing one
  • Comparing will help you find the best rate, lowest transfer fee and reliable customer service
  • Be aware of transfer limits. The transfer fee incurred depends on the amount you will be transferring
  • Pay attention to the total cost of remittance because there are chances that the exchange rate will be high and incurred fee will be low
  • It is not recommended to pay additional fee for expediting the transfer unless you really have to
%d bloggers like this: