Looking for USA to India Money Transfer? 5 Things You Should Definitely Knowby Reuben Williams Adviser
Gone are the days when a recipient in India had to wait for several days to receive funds sent from the USA. Thanks to modern technologies, money transfers between the USA and India can now be done quickly with the utmost convenience.
But while there are now many different ways to send funds from the USA to India, there are a few essential things a sender should know about before selecting a service and initiating a transaction. Five such important things are listed below-
1. Type of Money Transfer Service
To start with, browse through the different types of money transfer services available. Some of the top options you can consider are ACH transfer, cashier’s check, online transfer, wire transfer, and money transfer service providers.
Try to understand the basics of how these services work, especially if you will be regularly sending funds to India. In most cases, online transfers and ACH transfers are known to be the most convenient options.
2. Exchange Rate
The next important consideration is the exchange rate. The USD/INR exchange rate can be considerably different between different types of transfer services. Make sure that the transfer service you select offers highly competitive exchange rates.
Avoid services that promise to offer exchange rates that are significantly higher than most popular services. More often than not, such services generally prove more expensive and are unreliable.
3. Transaction Security
It is also imperative to go with a service that ensures complete transaction security, especially if you are selecting a service where you will be initiating the transfer yourself. The online portal of the service provider should be secure and protected against online attacks.
This is another important reason why you should always go with a reputed transfer service provider that has extensive industry experience.
4. Collection Centre in India
If you are selecting a brick and mortar money transfer service provider, the recipient in India will be required to visit the nearest branch of the service provider to collect cash. So, ensure that you select a service provider that has a branch close to your recipient's location.
Online transfers prove to be a better option here as the money gets deposited directly into the bank account of the recipient.
5. Transfer Tracking
Once you have initiated the USA to India money transfer, you should also be able to track the status of your transaction. Most money transfer services will take at least 2-4 working days for fund transfers between the USA and India.
So, you should be able to track the transfer to stay updated about its status and inform the same to the recipient in India.
Safe and Convenient Money Transfer from the USA to India
These are some of the most important things that you should know if you are looking for money transfer from the USA to India. Use a money transfer service based on these points to ensure that your transaction is quick, safe, convenient, and offers maximum value for your hard-earned money.
Created on Mar 4th 2020 03:13. Viewed 241 times.