Simplicity, convenience, cost-efficiency, security, and faster transfers are some of the reasons why people now prefer online remittance for sending money to India. But there are a few things that you should check before initiating a transfer to ensure that you do get to experience these benefits. Five such things are discussed in this post.
Online transfers have revolutionized the remittance industry. You no longer need to visit any offline agent or wait for multiple days to get your money transfer to India processed. You can log into your remittance account anywhere and anytime to send funds to your family and friends in India almost instantly.
But while digital remittance is known to offer a host of valuable advantages, there are a few things you should check before making a transfer to make the best use of this facility. Five such things are as follows-
1. Beneficiary Details
Incorrect beneficiary details are the most common online remittance mistake. Most top remittance providers only require you to enter detailed information of the beneficiary the first time you make the transfer. The beneficiary details are saved for future use.
But ensure that you cross-check the beneficiary details before confirming the same. Give special attention to their name, bank account number, and branch code.
2. Remittance Amount
The next vital consideration is the remittance amount. Just like the beneficiary details, you should double-check the amount you are sending to avoid any mistakes. This is especially important for people who have recently moved to a foreign country and do not entirely understand the local currency.
You can inform the same to your beneficiary in India so that he/she is fully aware of the amount they should expect in his/her bank account.
3. Transfer Duration
You should also check the estimated duration within which the transfer will be processed. The duration generally varies based on the location from where you are transferring the funds.
While slight delays are common, you should at least know the average duration your service provider takes to complete the transfer initiated from your location. You can also inform the duration to your beneficiary so that they know when to expect the deposit.
4. Transfer Fee
This is also a vital consideration when you are sending funds to India. Based on the service provider you select, the transfer fee can either be fixed or percentage-based. In both cases, ensure that you thoroughly understand the pricing structure of the service provider to avoid any surprises after making the transfer.
Also, make sure that you only choose a reliable remittance service so that there are no hidden charges or fees.
5. Exchange Rate
The money transfer exchange rate also deserves your attention every time you want to transfer funds to India. The exchange rates fluctuate 24×7 as per the global forex markets. However, a few service providers do offer guaranteed rates.
Similarly, some of them also have exchange rate calculators on their online portals to make it easier for you to calculate the exact amount your beneficiary will receive as per the current exchange rate.
Transferring Money to India Online
While online remittance is known to be highly convenient and quick, a lot can go wrong if you are not careful enough.
If you are about to initiate a fund transfer to India, especially if you are new to using this mode of transfer, then ensure that you give due attention to all the different points listed in this post.