How to Send Money to India: 4 Tips for Every NRI New to Online Remittanceby Reuben Williams Adviser
Online remittance is one of the most affordable and convenient ways for NRIs to send money to India. However, there are a few things every NRI should know to ensure maximum savings, security, and convenience. 4 online remittance tips are discussed in this post.
With the introduction of online remittance, NRIs across the world are now able to transfer money to their loved ones in India from the comforts of their homes. They no longer need to visit any offline agent, pay a high transfer fee, or wait several days to get the transfer processed.
While digital transfers come with several benefits, there are a few things every new NRI should know before using an online remittance service. Here are 4 tips for NRIs to make their online transfers cost-efficient, safe, and convenient-
1. Choose a Reliable Online Remittance Provider
To experience online remittance at its best, it is essential to choose the service provider cautiously. While the exchange rate is an important consideration too, as higher rates help you get more value for your money, focus more on the service provider's reliability.
Scammers often advertise higher rates to attract gullible customers. As a result, most NRIs prefer Indian banks for online remittance as they offer the highest level of safety and convenience.
2. Use an Exchange Rate Calculator
Many of the top remittance providers now have an online exchange rate calculator on their websites. You can use this calculator to know the exact amount in INR your beneficiary will receive in India as per the current exchange rate of INR against the foreign currency you’d like to send.
As you might know, the exchange rates fluctuate 24x7. Using the calculator is a smart way to avoid any discrepancies. Some remittance providers also offer guaranteed exchange rates to ensure complete transparency.
3. Know the Transfer Fee
NRIs are also required to pay a transfer fee for every transaction they initiate online. The transfer fee could be a flat fee or a percentage-based fee as per the amount they’d like to send. Compare the transfer fee of a few top remittance providers to better understand the average charges.
If an Indian bank has branches in the country you’re currently residing in, you can consider opening an account in the bank for hassle-free online transfers to India. Many such banks offer preferential exchange rates and lower transfer fees to the account holders.
4. Check the Average Transfer Duration
If you are searching for tips on how to send money to India, knowing the average transfer duration of the online remittance provider is also critical. This will make it easier for you and your beneficiary in India to know when the transfer will be processed. From most parts of the world, online remittance to India should not take more than 2-3 days.
You can also find remittance providers that offer same-day transfer facility to India from several countries like the USA, UK, Singapore, Canada, and UAE. With this facility, there is generally a cut-off time before which the transfer should be initiated to ensure that the funds get deposited into the Indian bank account of your beneficiary on the same day.
Ready to Remit Funds to India Online?
Online remittance has transformed the money transfer industry and made the lives of NRIs across the world more convenient. No matter if you are home, working in the office, or travelling, you can now instantly transfer funds to India from your computer or mobile with online remittance.
Look for a reputed remittance provider and keep these points in mind to make the best use of this digital facility.
Created on Oct 6th 2021 13:33. Viewed 111 times.