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.

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.

Money Transfer India: – A reason to invest in the Real Estate sector

Review the history of humankind and the most prominent thing to notice is the constant movements of people across natural as well as man-made boundaries.  The adventure of discovery, the search for a better life in the face of destitution and misery caused by natural and man-made calamities, and above all, an indomitable human spirit have pushed people around over the centuries. The progress of human civilization is inconceivable without these movements. However, people and companies bridge across these boundaries seamlessly to work, travel or do business. And this necessitates the need to transfer money across countries, buy or sell currencies, e-transfer and also invest in real estate sector. This is what online India money transfer companies have helped its customers do over the past so many years.

According to recent World Bank’s Migration and Remittances Fact book 2011 report, Indians living and working abroad transfer home a whopping $55 bn this year as compared to $49.6 bn last year. Indiaand Chinaaccount for almost a quarter of the worldwide remittance flows of $440bn in 2010. The sheer volume of remittances making their way across the globe and their already salient role in many developing economies hints at a vast and yet untapped potential. ‘Transfer money India, seems to be the mantra for various Indians settled abroad.

Also enabling these flows is the widespread presence of institutions like banks and remittance providers that allow the money earned by Indians abroad to be converted to India money and sent to Indians in rural areas who may not even have a bank account.

However, it is important to consider certain areas that need attention to ensure that India money flows remain strong and that the Non-Resident Indian population gets the assurances it needs to keep sending money back home.

Besides sending money for parents and dependents, one of the biggest reasons NRIs seek to transfer money India is to build or keep a home. For emotional reasons, sentimental attachment and family ties, there will always be NRIs willing to invest in their home towns inIndia. Infact, several real estate projects acrossIndia have garnered approximately 10-20 percent participation from NRIs.

The return on investment provided by real estate inIndiahas been more attractive than that offered by other developed nations. Also, the simplified process of investments has reversed the equation and many NRIs have been consistently investing in Indian properties.

Adding to the above, many NRIs in the USand UKare not as confident as before of sanctity of their employment, while others are disturbed by negative economic patterns across developed countries. Therefore, they see greater potential to invest in properties in Indiaand hence the concept of transfer money India is gaining prominence thereby overcoming the current economic setbacks. Appreciations anywhere upwards of 15 percent per annum and rental yields of 4-6 percent on property are another reason whyIndia has been a happy hunting ground for the NRI audiences to invest in real estate and allied sectors.

Perhaps it’s not surprising that many real estate companies inIndiaare making renewed efforts to attract NRIs to transfer money to be invested in this ever burgeoning property market.

Grow India- a unique initiative by Remit2India

The village of Somarkheda is 1057 km northeast of Mumbai. It is at a distance of 36 Km from Melghat in the Amaravati District of Maharashtra. The majority of women in this small village are uneducated. There is no proper drainage or sanitation system in place and the unavailability of basic amenities and infrastructure is only adding up to the persisting problems. However this is not only true in case of Somarkheda, but it’s the story of a lot of villages in India, where about 70% of the Indian population dwells.

To help fast track India’s development, Remit2India in collaboration with ‘You’ has initiated ‘Grow India,’ a unique donation program along with World Vision to support the progress of underdeveloped villages. World Vision, for the past 50 years has successfully attempted in imparting education and livelihood to over 5800 communities impacting over 15 million people. World Vision’s on ground force works for positive results, personal encouragement and support.

So we urge you to visit http://bit.ly/GrowIndia and donate money for this noble cause in just three easy steps.

Extend a helping hand and aid in building a better India.

YEH DIL MANGE MOR:

Sharing is caring, but at Remit2india sharing is earning. Making this our new mantra, Remit2India’s has revised our referral program called ‘Money On Referral’ (MOR). To sweeten the deal, for every time you refer someone to Remit2India we will credit your account with Rs. 1000/-* instead of Rs.500/-*.

We at Remit2India have introduced you to an exceptional remitting experience, which helps us carve out our niche by providing you with the safest way of transferring money. We believe that your friends also deserve the same experience.

Spread the smile with Remit2India’s unique referral program ‘MOR’ where you and your friend will stand to gain more with Remit2India’s service in addition to your own benefit of Rs. 1000/-  just to introduce your friend to a world you are so familiar with.

PS: Hurry! Offer ends 10th June 2010

*Conditions Apply

Talk 60 Minutes non-stop with folks back home

For all those who thought that the world is an expensive place, here is a relief! If you stay really far away from home (in the US of A), and feel an uncontrollable urge to talk to your folks back home, don’t hesitate. They say that some of the best things in the world are priceless, and we believe it’s true. That’s why, we at Remit2India thought we should give you something that will help you connect with your loved ones without having to worry about the sky high ISD calling rates for a considerable amount of time.
Here’s what you got to do to avail the calling card offer

1. Fill in your details on HERE to get an International calling card with 60 minutes of talk time absolutely free on registration!
2. Dial the number with an International code [+91 for India :)]
3. Give your folks a surprise!

Remit2India is the global one stop destination for money transfers to India for NRIs across the world. Our mantra at Remit2India is making money transfer a quick and hassle-free experience.

P.S: This offer is valid for limited time only. So hurry! For further detail visit Remit2India

India sees more dollars coming in with a weaker Rupee!

The weaker Rupee has become the cause for a surge in inward dollar remittance sent by NRIs from the US. Yesterday the US $ reached an exchange rate of Rs. 46.59* against the rupee and this has enabled a lot of NRIs to send money back home in India.

(*Source: remit2india.com indicative rate as on 9.30am IST on Thursday, 20th May, 2010)

Remittance inflow from the US has increased by a whopping 37% in the first 20 days of this month when compared to the previous month. This reinstates the fact that the weaker rupee has indeed caught the fancy of NRIs in the US.

“The recent surge of the dollar against the rupee has been extreme. We have seen a spike in our numbers, both on transactions and volume especially in the past few days. Also a noticeable factor that has come forward over the past few days is that the average remittance amount by individuals has been upwards of US$ 10,000, which is substantially more than our monthly average” said Avijit Nanda, President, TimesofMoney. He also added, “We feel that this trend will only improve over the next few days and we expect more inflows to come into India.”

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