Money Transfer UAE to India: 4 Things You Should Definitely Checkby Reuben Williams Adviser
The United Arab Emirates (UAE) has one of the highest numbers of Indian immigrants. In fact, the Indians make up more than 25% of the total population in the UAE. The majority of the Indians who work in the UAE have their families back in India. Sending funds back home thus becomes a monthly ritual.
While offline agents were a preferred choice in the past, a large number of Indians have now switched to online transfer services of Indian banks. Online transfers are known to be faster, safer, and economical. But while online remittance comes with several benefits, there still are a few important things a sender in the UAE should check before initiating a transfer to India.
Four such important things are as follows-
1. Exchange Rate and Transfer Fee
One of the most important things you should check before every transfer to India is the exchange rate offered by the service provider. The rate changes 24x7, and only a few Indian banks offer guaranteed rates. Some of the online portals also have exchange rate calculators to help you know the exact amount your recipient will receive in India as per the current rate.
Similarly, you should also check the transfer fee. It is generally recommended that you should go with a service provider that charges a flat fee irrespective of the amount being transferred.
2. Beneficiary Details
If you are sending funds to a beneficiary for the first time, you will be required to enter their name, bank name, branch address, and bank account number. These details can be saved for future use. Once you have entered the details, make sure that you go through it once again to avoid any mistakes.
For instance, if there is some error in the bank account number of the recipient and the transfer is processed, the service provider will then not be able to stop or reverse the transfer. So, cross-check the beneficiary details before making a transfer.
3. Account Details of the Service Provider
Once you have initiated a transfer from the online portal of the service provider, you will then be required to fund the transfer. This is generally done by sending funds from your local UAE bank account to the UAE bank account of the service provider. Once the service provider receives the funds, it will then process your transfer to India.
Just like the beneficiary details, ensure that you also cross-check the bank account details of the service provider. In case of any queries, do not mind contacting their support team.
4. Tracking Number
Once the money transfer from UAE to India is confirmed, you will receive a unique tracking number. You will be required to enter this tracking number at the time of sending funds to the UAE bank account of the service provider to help them know that you have sent the funds and the linked transfer to India will then be initiated.
Do check the tracking number twice while entering to avoid errors. This same tracking number can also be used for tracking the status of your transfer at the online portal of the service provider.
Online Transfers Done Right
Keep the points mentioned above in mind before each of your online transfers from the UAE to India and rest assured that your funds will reach your recipient as quickly as possible.
Always select a reputed Indian bank for international money transfers as this will help you get transparent exchange rates and enhanced security. Also, check the detailed steps of sending funds at the official website of the service provider to avoid any discrepancies.
Created on Nov 21st 2019 23:44. Viewed 289 times.