Articles

5 Mistakes You Should Definitely Avoid When You Send Money to India Online

by Reuben Williams Adviser

While there are now different ways to send money to India from a foreign country, online transfers are becoming the most convenient and affordable option. With transparent exchange rates, faster transfer duration, and on-the-go convenience, they prove to be a highly flexible option for Indians working abroad.

But while money transfer service providers have tried to make the transfer process as simple and quick as possible, a lot of people still end up committing grave mistakes which also prove very costly at times. If you are new to online international money transfers, here are some common mistakes that you should avoid-

1. Not Comparing the Exchange Rates

While reputable Indian banks offering international money transfer services in foreign countries are known to offer highly competitive exchange rates, it is still important to compare the rates between at least 2-3 service providers.

It is your hard-earned money, and it is your right to get the best value for it. Also, make sure that the exchange rate would remain the same throughout the transaction, and there are no hidden fees or charges.

2. Entering the Wrong Transfer Amount

If you have recently shifted to a foreign country, it can take some time for you to understand the local currency. This often leads to people entering the wrong transfer amount.

Make sure that you cross-check the amount before submitting the request and also check the exact amount your beneficiary will receive in India.

3. Entering Wrong Beneficiary Account Details

Entering incorrect account details is also one of the most common mistakes people end up making while making an online transfer to India. Even the service provider won’t be able to do much if you mistakenly send funds to the wrong account.

So, while entering the details of your beneficiary, check the account number and other details at least a few times.

4. Not Checking the Transfer Duration

The transfer duration can vary between the service provider you select and the country from where you are sending the funds. Make sure that you check the transfer duration before initiating a transaction so that you are fully aware of when the funds will reach India.

This is especially true if you want to send funds back home for an emergency. Some of the service providers also offer a tracking number with the help of which you can easily track the status of your transfer.

5. Using a Cybercafe/Public Wi-Fi Connection for Transfer

Last but not least is with regards to the safety of your transfer. If you want to send money to India online, ensure that you never do it from a cyber cafe or use public Wi-Fi connection for the same as they are not secure.

You should use your own computer, laptop, or mobile and your own internet connection for all your banking transactions.

Safe and Quick Online Money Transfers to India

While online transfer has abundantly helped Indians working in foreign countries, one should use the transfer services with the utmost care and attention. Any of the mistakes mentioned above could result in financial losses and a host of other problems.

Keep the points mentioned above in mind, especially if you are new to international money transfers, so that your transfers are safe, simple, and hassle-free.


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About Reuben Williams Freshman   Adviser

3 connections, 0 recommendations, 22 honor points.
Joined APSense since, October 22nd, 2018, From Pune, India.

Created on Sep 3rd 2019 04:23. Viewed 317 times.

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