How to Send Money to India: 4 Tips for Every NRI New to Online Remittance
by Reuben Williams AdviserOnline
remittance is one of the most affordable and convenient ways for NRIs to send
money to India. However, there are a few things every NRI should know to ensure
maximum savings, security, and convenience. 4 online remittance tips are
discussed in this post.
With the
introduction of online remittance, NRIs across the world are now able to
transfer money to their loved ones in India from the comforts of their homes.
They no longer need to visit any offline agent, pay a high transfer fee, or
wait several days to get the transfer processed.
While
digital transfers come with several benefits, there are a few things every new
NRI should know before using an online remittance service. Here are 4 tips for
NRIs to make their online transfers cost-efficient, safe, and convenient-
1. Choose a Reliable Online Remittance Provider
To
experience online remittance at its best, it is essential to choose the service
provider cautiously. While the exchange rate is an important consideration too,
as higher rates help you get more value for your money, focus more on the
service provider's reliability.
Scammers
often advertise higher rates to attract gullible customers. As a result, most
NRIs prefer Indian banks for online remittance as they offer the highest level of
safety and convenience.
2. Use an Exchange Rate Calculator
Many of the
top remittance providers now have an online exchange rate calculator on their
websites. You can use this calculator to know the exact amount in INR your
beneficiary will receive in India as per the current exchange rate of INR
against the foreign currency you’d like to send.
As you
might know, the exchange rates fluctuate 24x7. Using the calculator is a smart
way to avoid any discrepancies. Some remittance providers also offer guaranteed
exchange rates to ensure complete transparency.
3. Know
the Transfer Fee
NRIs are
also required to pay a transfer fee for every transaction they initiate online.
The transfer fee could be a flat fee or a percentage-based fee as per the
amount they’d like to send. Compare the transfer fee of a few top remittance
providers to better understand the average charges.
If an
Indian bank has branches in the country you’re currently residing in, you can
consider opening an account in the bank for hassle-free online transfers to
India. Many such banks offer preferential exchange rates and lower transfer
fees to the account holders.
4. Check the Average Transfer Duration
If you are
searching for tips on how to send money
to India, knowing the average transfer duration of the online remittance
provider is also critical. This will make it easier for you and your
beneficiary in India to know when the transfer will be processed. From most
parts of the world, online remittance to India should not take more than 2-3 days.
You can
also find remittance providers that offer same-day transfer facility to India
from several countries like the USA, UK, Singapore, Canada, and UAE. With this
facility, there is generally a cut-off time before which the transfer should be
initiated to ensure that the funds get deposited into the Indian bank account
of your beneficiary on the same day.
Ready to Remit Funds to India Online?
Online
remittance has transformed the money transfer industry and made the lives of
NRIs across the world more convenient. No matter if you are home, working in
the office, or travelling, you can now instantly transfer funds to India from
your computer or mobile with online remittance.
Look for a
reputed remittance provider and keep these points in mind to make the best use
of this digital facility.
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Created on Oct 6th 2021 13:33. Viewed 263 times.