Transfer Money to India- Tracking Transfers and Remitting Securely

Send Money to India

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.

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

Which exchange rate is better – Guaranteed or Indicative?

Which Exchange Rate is Better For Money Transfer

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.

Send large amount to India only with Remit2India

You might be sending money to India for renovation of your house, buying a new property in India, sending savings to India, for loan repayment or other reasons. Many of us think that it is a long and difficult process to send huge amount. But with Remit2India, it is a hassle free process. Remit2India helps you to send money to United States with great benefits.

Only with Remit2India, you can send as much as $50,000 to India in one go and avail zero fees and special rates by speaking to one of our customer service executive. When we say zero fees, we will not charge you any extra fee, transfer charges or hidden fee to send money to your friends and family living in India. Now you can send money from the US to India without worrying about the extra charges. The service is completely online and you also get personalized service. Since the transaction is done through local wire transfer, many banks do not charge any fee; hence there are no local bank charges. The benefit is passed on to the customers.

We also have ongoing extra paisa offer where for every dollar transferred, we add guaranteed 15 paisa to your money. This adds up to a big extra sum when you transfer large amount to India.

So, whether you are an IT professional returning back to India and looking to transfer your savings or a doctor wanting to construct a house for your parents in India, Remit2India is there to fulfill all your wishes and provide you a hassle free experience of sending money to India.

For more details you can contact us on +1-888-736-4886 or send a mail to info@remit2india.com .

If you are interested in sending large amount to India, visit:

http://sendmoneytoindia.remit2india.com/WireTransfer-USA/index.asp

Check out the Refreshed Remit2India!

Check out the Refreshed Remit2India Today!  Visit www.remit2india.com

Have a look at some of the new and improved features you can look forward to:

  • Seamless Experience across all browsers and devices
  • Slide bar to calculate exchange rates
  • Get started faster and with more ease
  • Quick Pay – Send money faster to same beneficiaries without re-entering details
  • Add bank account, beneficiary details, schedule payments all just one click away

Seattle-based coffee giant Starbucks inaugurated its first store in India

India a country known for tea lovers has witnessed yet another historic moment; Starbucks the coffee giant has opened its first store in India in association with Tata Global Beverages.

Like KFC, McDonalds and Pizza Hut, Starbucks too has menu items that reflect local as well as western tastes, featuring items such as Elaichi Mawa croissants – made with cardamom and milk solids – and tandoori paneer rolls.
With over 42 items on the menu, seating capacity of 120 people and free Wi-Fi it promises to appeal both youngsters as well as the office executives.

With the likes of Cafe Coffee Day, that has around 1,350 outlets (current market leader) along with a host of international players, like Gloria Jean’s, Costa Coffee, Coffee Bean & Tea Leaf already scrambling to catch up. Dunkin Donuts which also debuted this year, it would be interesting to know how the coffee giant goes about its business in India.

Remit2India NRI Family Day celebrated in New Delhi with great enthusiasm

 

 

 

 

 

 

 

 

 

 

 

 

Known for its historical and political importance as also for its famous architectural monuments like the Qutub Minar, Humayun’s tomb and the Red Fort, India’s capital witnessed a spectacular evening this Sunday, filled with a wide variety of performances, activities and contests at the NRI Family Day, organized by Remit2India.

Remit2India, that serves over a million NRIs worldwide with its online money transfer service, extended its consumer connect initiative to New Delhi and recently gave 500 of its NRI families and friends a reason to celebrate. The Lalit, New Delhi played host to Remit2India NRI Family Day, an evening that witnessed a mélange of entertainment for each and every one present. From a breathtaking performance by India’s fastest guitarist Apernit Singh, to dance performances by talented international artists, the event had it all. The evening also witnessed activities like no other, and included free health check-ups, face painting, tarot card reading & photo sessions, all of which saw excellent participation from the families.

 

Speaking on this occasion, Kunnal Sharma, Business Head – Global Remittances, TimesofMoney said, “No countrywide celebration is complete without Delhi on its map. And true to its reputation, the city welcomed the NRI Family Day with great enthusiasm. We are delighted with the overwhelming response we received from over 500 NRI families for the Remit2India NRI Family Day. The event has provided us an opportunity to connect with our valuable customers, and thank them and their families for their continued support.”

Key partners for the event included Harit Dharaa, Jet Airways, Leonia Resorts, LIC Housing Finance Ltd., Moolchand Hospital and Volvo.

Remit2India introduces Fortune Offer

The Remit2India Fortune offer introduced this month allows users to avail extra paisa on completed transactions. This offer is valid on  remittances in the following currencies USD / GBP/ AUD and EUR.

The offer slabs are:-

Currency

Transaction Amount

Extra Paise*

USD

50 – 5000

5

GBP

> = 50

15

AUD

> = 50

15

EUR

> = 50

15

This offer is not valid for transaction amount above USD 5000, however there is no upper limit for other currencies. The extra paisa benefit is payable to the beneficiary in INR only

Make the  most of this, offer ends on 4th October 2012

For more information visit bit.ly/fortunepromo

NRIs sent home $4.8 bn. (between April and May’12)

To take advantage of the weakening rupee vis-a-vis dollar and higher returns, non residents have pumped in a record $4.753 billion in local bank deposits during April and May, seven times higher than the same period last year.

Indians working abroad prefer NRE (non-resident external rupee accounts) scheme the most as the scheme offers interest rates akin to high domestic deposit rates. This scheme saw an net inflow of $5.502 billion in the two months, compared to an net outfow of $133 million in the corresponding period in 2011, according to Reserve Bank of India’s latest data published.

The non-resident ordinary rupee ( NRO) account, which is non repatriable or strictly for NRI’s local use has seen a modest inflow of $46 million.

Reserve Bank of India has deregulated the interest rates on NRI deposits in December last year which prompted NRIs to invest $4.658 billion between January and March this year which was 40% of total NRI flow of $11.9 billion in 2011-12.

 

Banks to offer higher returns on NRI deposits to lure dollars

A runaway currency has pushed the Reserve Bank of India to make interest rates more tempting for NRIs to bring in dollars. As the rupee closed at a new low on Wednesday,RBI allowed banks to offer higher return on dollar as well rupee deposits parked by NRIs. Banks can now give 125 basis points over London Inter-bank Offered Rate, or Libor the benchmark rate in international money markets on foreign currency non-resident accounts against a mark-up of 100 basis points permitted till now.

On non-resident (external) or rupee deposits, the interest rate cap has been raised to 275 basis points over Libor, from 175 bps. “It will help to improve sentiment,” said Parthasarathi Mukherjee, president (treasury and international Banking) at Axis Bank. The six-month Libor is at 0.71%.

Earlier in the day, the rupee fell to a low of Rs 52.37 to the dollar, but recovered to an intraday high of Rs 51.75 on suspected dollar sales by the Reserve Bank of India. But despite intervention and the central bank’s move to lift the $100-m cap on banks for swap, the local currency ended at 52.37.
Such swap transactions, where corporates enter into deals with banks to swap rupee loans to dollar, banks sell dollar in spot market and buy in forward. But the market did not feel that this will help to increase dollar supply. Global stock markets plunged to a six-week low on Wednesday after China’s manufacturing activity in November dropped to a 32-week low, contributing to existing worries about US economic growth and Europe’s debt worries.

Tracking the weakness across markets, India’s key indices hit a two-year low as foreign investors dumped shares, unnerved by the uncertainty in the rupee’s slide which closed at a record low of 52.37 against the dollar. The Sensex dropped 365.45 points, or 2.27%, to end at 15,699.97, but off the day’s low of 15,478.69.

The Nifty fell 105.90 points or 2.20% to close at 4706.45. Brokers said several foreign ETFs, which are facing redemptions at home, were selling aggressively.
Stop-loss triggers at many hedge funds and foreign banks set off after the Nifty fell below 4700 mid-way through the session, precipitating the decline. But for the short-covering later, indices would have ended much lower. Foreign investors sold shares worth Rs 1186.42 on Wednesday, according to provisional data.

“Investors in India are more worried about the domestic events than the issues in the US and Europe. There is a total chaos in the currency market, with no uncertainty about where the rupee is headed,” said Sandip Sabharwal, CEO-portfolio management services of broking firm Prabhudas Lilladher.
Finance minister Pranab Mukherjee on Wednesday attributed the stock market crash to withdrawal of funds by foreign investors and depreciation of the rupee.

“The rupee’s underlying fundamentals still appear weak to us, especially the absence of yield support at this important moment for the currency. Indeed, there is the outside chance of an onshore USD squeeze being the catalyst which propels USD/INR to the 54.8 technical objective,” said Stewart Newnham and Yee Wai Chong, analysts at Morgan Stanley.

The decline on Wednesday pushed the Nifty below the 200-week moving average of 4776, analysts said. “This is a sign of further weakness in the market as this is a long-term trend indicator,” said AK Prabhakar, senior VP, Anand Rathi Securities. The MSCI Asia Apex fell 2.5% after the indications of weakening in China, the world’s secondlargest economy, came a day after the US cut its Q3 growth figure.

China’s preliminary HSBC manufacturing Purchasing Managers Index fell sharply to 48.0 in November compared with a final reading of 51.0 in October. The euro fell 1% after Belgian newspaper De Standaard said that the planned rescue of Franco-Belgian bank Dexia is unworkable.

The report triggered worries that France’s AAA credit rating may be under threat. Report said the European crisis is making it tough for European banks to access dollar funding in money markets. Euro/dollar cross currency swaps, which measure the cost of swapping euros into dollars, are at the most expensive levels since 2008, according to reports.

Source:- Economic Times

%d bloggers like this: