Send Money from USA to India: Should You Switch to Online Transfers?by Reuben Williams Adviser
The USA is a hotspot among Indians wanting to move abroad. Currently, there are more than 25 lakhs Indians living and working in the USA. Most NRIs in the USA have families back in India. This makes the USA to India money transfers a regular affair.
While most Indians in the USA preferred offline transfers in the past, more and more people are now switching to online transfers. To help you select one between the two, we will compare online, and offline transfers based on some very crucial factors-
1. Reliability of Money Transfer Service Provider
Thanks to more and more people now moving to foreign countries for better employment opportunities, the remittance industry has been consistently growing. Due to this, there are now many new money transfer service providers, and many of them cannot be trusted.
Rather than relying on one such new offline money transfer agent, it is always safer to rely on online transfer services of a reputed Indian bank. There are now some top Indian banks that offer hassle-free money transfers from the USA to India.
2. Security of Transfers
You can always trust banks for their security. They implement advanced security solutions to make sure that every online transfer to India is fully secure and protected against cyberthreats.
Moreover, with most offline services, your recipient in India is required to visit the branch office of the service provider for collecting cash. This, again, can be very risky. But with online transfers, funds get deposited directly into the bank account of your recipient.
3. Transfer Cost and Exchange Rate
As compared to offline transfers, online transfers are also known to be more cost-efficient. As online transfer service providers are not required to have a lot of offline presence, like offices, agents, etc. their overheads are lower than offline services.
The savings are passed onto the customers in the form of more competitive exchange rates and lower transfer fees.
4. Transfer Convenience
With most offline transfer services, you are required to visit the money transfer agent for initiating a transfer. But online transfers can be initiated right from the comforts of your home and office. All you need is a secure computer/laptop and internet connection.
Moreover, some of the online service providers also have their mobile apps to help you transfer funds to India anywhere and anytime.
5. Transfer Duration
While the transfer duration of offline services has improved in the past few years, online transfers are still considerably faster. And if you and the recipient use the same bank's services, the transfer can be completed within a single day.
This ensures that if you want to send money from USA for an emergency back home, online transfers could definitely help.
What Should You Select?
It shouldn't be difficult for you to see the many ways in which online transfers are better than offline money transfer services. They are safer, faster, convenient, and highly cost-efficient too.
Just ensure that you select a reputed Indian bank for your USA to India transfers, and you are sure to experience utmost convenience and complete peace of mind.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”
Created on Jun 2nd 2020 12:59. Viewed 107 times.