Fly home free with Remit2India

UK-fb-add---1200-628

UK to India remittance just got more exciting!

In association with Air India, Remit2India has come up with an exciting new offer for its UK customers. Valid till 30th December 2017, this offer gives UK customers a chance to win a free return air ticket from UK to India. All they need to do is initiate a money transfer from UK to India during the offer period and enter coupon code AIRINDIA20 while booking the transaction. With this offer they not only get a chance to send money to their family at excellent exchange rates but they also stand a chance to surprise their loved ones by meeting them in person.

Remit2India has always been committed to provide the best rates and offers to its customers. This new promotional offer in association with Air India comes with several other benefits. If you are an existing customer, you will be getting 15 paisa extra on all transactions. Whereas for new customers, Remit2India assures extra 30 paisa with maximum sending amount of GBP 2000 (valid only for the first transaction).

That’s not all! No fees will be charged for the transactions made by customers during the offer period. As always, customers will be offered the best foreign currency exchange rates and the money transfer will be completed in just 1 working day (subject to receipt of funds and compliance verification).

To keep up with the winter spirit of fun and vacations, this special offer by Remit2India will surely add plenty of cheer to the lives of our UK customers. We guarantee extra benefits on every pound that you will be sending to your loved ones in India.

So what are you waiting for? If you had plans of sending money to India to your friends or family, then do it before 30th December to avail this exciting offer! Sign-up now here.

Decoding the Popularity of Online Money Transfer to India

iStock-638999566

When it comes to money transfer, there are myriad ways to send money to India and other countries. Yet, nothing compares to the comfort and convenience of online transfers. As more and more people get comfortable using the Internet, the demand for online transfers have started increasing. Needless to say, this is one method of money transfer that’s here to stay. So what are the key benefits of online transfers? Have a look.

Quick transfer – Money can be transferred in minutes and the best part is that you don’t have to go anywhere for it. An internet connection and a computer or a smartphone is all you need for fast and easy online money transfer to India.

Safe transfer – Traditionally people used to look up to wire transfers for safety. So if you were in the USA, wire transfer from USA to India seemed like the smartest thing to do. Not anymore. Online transfers are equally safe, and money can be directly sent to the bank account of the recipient. So you can simply log in to your bank account and send the money to the recipient’s account in no time. Besides, the online services are pretty safe and secure. Care is taken to ensure that your information remains strictly confidential.

Best exchange rates – Unlike high street banks, online vendors are likely to give better exchange rates. It’s not easy to find the best exchange rates and we all know that finding the best ones are important especially if the amount to be sent is large. What makes it even more challenging is the fact that these rates are never permanent. They are as volatile just like the stock market. It takes an expert to follow the trends, predict best transfer rates and plan the transfer accordingly. Online vendors provide comparison tools to help you compare the rates and choose the ones that are most suitable for you.

24X7 service – When you make online transfers, you never have to worry about what time of the day it is. You don’t have to worry about the peak hours either. You can send money whenever you want, and in case you have any query, you can always get in touch with the customer care immediately.

Online money transfer services are usually up-to-date about the developments in the world of remittance. By way of notifications, they alert you about the same and also provide useful guidance and tips to help you decide the best time to remit.

Transaction history – When you send money online, your transaction history is maintained by the website. So you don’t have to re-enter the same details again and again every time you need to make a money transfer. Also, the transaction history helps you keep a tab of all your previous transactions and you don’t have to do any tedious paperwork for the same.

Online money transfer services are pretty transparent, which means you do not have to worry about hidden charges at all. Of course, it is advisable to confirm the same before going ahead with the transfer.

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.

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.

Consider these 3 things before you transfer money

Loving mother and daughter with laptop in outdoors

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?

24082012vk1352

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?

30012010as0630_1

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.

%d bloggers like this: