Looking for USA to India Money Transfer? 5 Things You Should Definitely Know
by Reuben Williams AdviserGone are the days when a recipient in India had to
wait for several days to receive funds sent from the USA. Thanks to modern
technologies, money transfers between the USA and India can now be done quickly
with the utmost convenience.
But while there are now many different ways to send
funds from the USA to India, there are a few essential things a sender should
know about before selecting a service and initiating a transaction. Five such
important things are listed below-
1. Type of Money
Transfer Service
To start with, browse through the different types of
money transfer services available. Some of the top options you can consider are
ACH transfer, cashier’s check, online transfer, wire transfer, and money
transfer service providers.
Try to understand the basics of how these services
work, especially if you will be regularly sending funds to India. In most
cases, online transfers and ACH transfers are known to be the most convenient
options.
2. Exchange Rate
The next important consideration is the exchange rate.
The USD/INR exchange rate can be considerably different between different types
of transfer services. Make sure that the transfer service you select offers
highly competitive exchange rates.
Avoid services that promise to offer exchange rates
that are significantly higher than most popular services. More often than not,
such services generally prove more expensive and are unreliable.
3. Transaction
Security
It is also imperative to go with a service that
ensures complete transaction security, especially if you are selecting a
service where you will be initiating the transfer yourself. The online portal
of the service provider should be secure and protected against online attacks.
This is another important reason why you should always
go with a reputed transfer service provider that has extensive industry
experience.
4. Collection Centre
in India
If you are selecting a brick and mortar money transfer
service provider, the recipient in India will be required to visit the nearest
branch of the service provider to collect cash. So, ensure that you select a
service provider that has a branch close to your recipient's location.
Online transfers prove to be a better option here as
the money gets deposited directly into the bank account of the recipient.
5. Transfer
Tracking
Once you have initiated the USA to India money transfer, you
should also be able to track the status of your transaction. Most money
transfer services will take at least 2-4 working days for fund transfers
between the USA and India.
So, you should be able to track the transfer to stay
updated about its status and inform the same to the recipient in India.
Safe and
Convenient Money Transfer from the USA to India
These are some of the most important things that you
should know if you are looking for money transfer from the USA to India. Use a
money transfer service based on these points to ensure that your transaction is
quick, safe, convenient, and offers maximum value for your hard-earned money.
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Created on Mar 4th 2020 03:13. Viewed 369 times.