4 Tips to Safely and Conveniently Transfer Money to India from USA Onlineby Reuben Williams Adviser
Want to send money from the USA to India online? Check out this post for some handy tips that can enhance the safety and convenience of your transfers.
There are currently more than 2.5 million Indians living and working in the USA. More rewarding professional opportunity is one of the most common reasons why a large number of Indians continue moving to the USA every year.
The majority of the NRIs in the USA have their families back in India. Due to this, the USA to India money transfer is a regular affair for most. While offline transfers were very popular in the past, a large number of Indians in the USA now prefer online transfers for their speed, affordability, and convenience.
But while online remittance does offer a host of benefits, there are a few things one should remember to make their transfers safe and convenient. A few expert tips in this regard are as follows-
1. Always Check the Account Number of Your Recipient Twice
A lot of people end up making many different types of mistakes at the time of initiating a transfer online. One of the most common mistakes is that of entering the wrong account number of your recipient. Even the error of a single-digit while entering the account number could result in severe problems and even loss of funds.
So, make sure that you always double-check the account number of your recipient before confirming the transfer. Most reputed money transfer services allow you to save your beneficiary details to avoid this mistake.
2. Know the Transfer Fee and Exchange Rate
The service provider would charge either a percentage-based fee or a flat transfer fee. Ensure that you check this beforehand at the time of selecting the service provider. In most cases, sending larger amounts of money fewer times proves cheaper than regularly sending smaller amounts.
Similarly, also check the current USD/INR exchange rate before making a transfer. Some of the service providers offer guaranteed exchange rates. This means that the rates are locked when you initiate the transfer and remain the same until the time your USD is converted into INR and deposited into the bank account of your recipient.
3. Know the Transfer Duration and Tracking Number
The transfer duration can vary significantly between two service providers. There are a few top Indian banks in the USA that offer same-day money transfer service. With this facility, if your recipient in India has an account in the same bank, your transfer will be processed the day you initiate it.
Once you confirm your transfer, you will receive a tracking number for the same. You can use the tracking number to check the status of your transfer. In case of any delays, you can contact the support team of the service provider and give them the tracking number to know more about your transfer.
4. Use Automatic Monthly Transfer Facility
If you regularly transfer money to India from USA, you can also use the automatic monthly transfer facility offered by some remittance service providers for enhanced convenience. With this facility, you can select an amount that you’d like to transfer to a recipient in India every month on a fixed date.
With this, you will not be required to make the transfers manually every month. Apart from monthly transfers, you can also select weekly, bi-monthly, every two months, quarterly, half-yearly, and yearly transfers.
The Easier Way to Send Money from USA to India
Online money transfers are quickly replacing offline transfers due to their convenience and simplicity. But it is important to very careful while making an online USA to India transfer to make sure that your funds are received by your recipient in India on time and without any hassles.
Select a reputed Indian bank for online remittance as banks are known to offer more secure services along with highly competitive exchange rates.
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 Jul 3rd 2020 10:31. Viewed 263 times.