Common Mistakes to Avoid When Making Money Transfers to Indiaby Malini Mathew Writer New to online remittance? Check out this post for common mistakes you should avoid while transferring money to India.
If you are about to make your first online transfer to India, then it is essential to know about the common mistakes so that you can avoid them. Take a look at a few of them-
1. Not Checking the Exchange Rate
Your foreign currency is converted into INR at the prevailing exchange rates. For instance, if you want to send money from the UK to India, then you’ll have to convert GBP to INR as per the current exchange rate. The rates fluctuate 24x7 as per the movements in the Forex markets.
Without checking the exchange rate, it can be challenging to know the rate at which your GBP will get converted to INR. You can easily check the current exchange rate on the money transfer portal before confirming the transfer.
2. Not Reviewing the Recipient Details
You’ll have to enter details of your Indian recipient, like name, bank name, branch name, account number, etc. to proceed with the transfer. Most remittance platforms save the recipient details for future use. Thus, you only need to go through the process the first time you are sending funds to someone new.
After entering the details, ensure that you double-check everything to avoid errors. Mistakes like wrong account numbers could lead to significant losses.
3. Not Using the Currency Converter
Most leading online remittance platforms now have a currency converter on their portal. You can use the tool to know the exact amount your recipient will receive in India. The converter takes the current exchange rate and service fee of the remittance provider into consideration to provide accurate results.
The conversion tool eliminates the need for manual calculations and makes the transfer more transparent.
4. Not Knowing the Transfer Tracking Number
The transfer tracking number allows you to track the status of your transfer in real-time once it is submitted to the remittance provider. The transfer duration can vary between remittance platforms. But money transfer platforms offered by leading Indian banks offer same-day and even instant remittance facilities for selected countries.
With the help of the tracking number, it’ll be easier for you to know when the amount will get deposited into your recipient's bank account in India. You can also pass this information to your recipient so that they are aware of when to expect the deposit.
5. Switching Between Remittance Providers
To get the best exchange rates, many NRIs regularly switch between multiple remittance platforms. With the rising number of money transfer frauds, it is better to choose the most reliable remittance platform and stick to the same for all your transfers.
For utmost safety, most people choose the remittance services offered by top Indian banks. This is because banks offer highly competitive exchange rates, lower service fees, faster remittance, and maximum security.
Transferring Money to India Online
Mistakes while transferring money to India online could have severe financial consequences. It is vital to be as cautious as possible throughout the process so that your hard-earned money reaches your recipient securely and on time.
reputed online remittance platform as your experience will abundantly depend on
the platform you choose for your transfers.
Created on Jan 4th 2022 08:04. Viewed 80 times.