Checklist for Online Money Transfer to India

by Malini Mathew Writer

Online money transfers are a convenient way to remit money to India. Hence, it has become one of the most preferred options for many Indians living abroad who want to send money to their dependents and loved ones in India. However, there are a few things that a person should keep in mind when making an online money transfer.

In this article, we will discuss the checklist for online money transfers to India.

Many Indians living abroad have their family and friends in India. Hence, it becomes crucial for them to remit money to their dependents and loved ones in India regularly. One of the options for sending money to India is a safe online money transfer.

Online money transfers have made the remittance process very easy. The transfer duration has also been reduced due to online remittance, sometimes within couple of hours. Hence, many prefer this method to remit money to their family and friends in India. While it offers convenience, there are a few things to consider about online money remittance.

Checklist for Online Money Transfer

Exchange Rates

As exchange rates tend to vary from one remittance provider to another, it becomes essential to check them when making money transfer from the UK to India. Exchange rates have a huge impact on the amount of money you want to transfer. Thus, make sure you compare different providers before making the decision.

Fees

While exchange rates are a crucial factor, there are fees that you might be charged for making a transfer. You might have to pay service charges, conversion fees, etc. Generally, these fees are levied based on the transfer amount. Search for a remittance provider with low fees to save money. But make sure the remittance provider is experienced and there are no hidden fees attached to the transfer.

Transfer Duration

To know when your recipient will receive the money, you need to check the transfer duration of the remittance provider. Furthermore, the fee you pay for the transfer depends on the transfer duration. You can track the transfer to know when your recipient will receive the funds.

Compare Different Remittance Providers

There are many remittance providers, but selecting the one that meets your requirements will make your transfer affordable. Compare them based on the exchange rates, fees, transfer duration, etc. when deciding which one to choose.

Furthermore, ensuring the safety of your funds is a very crucial factor. While there are various providers, opting for the one that has a good reputation is essential. Read the customer reviews of the money transfer companies. This will help you understand which provider is safe. Also, know how to contact customer care service.

Beneficiary Information

Ensure you have the correct information on beneficiary details during the transfer. You will have to add details like the recipient’s name, address, bank name, bank account number, etc. You might also require the SWIFT code. In case the information is incorrect, your transaction can get held for correct details or cancelled. Thus, make sure the details are correct before making a money transfer to India.

Transfer Money Conveniently with Online Remittance

Online money transfers have made remittance effortless. Keep the aforementioned points in mind when making money transfers to India.