New to International Money Transfer Online? Find Out Answers to 5 Common Queries

by Reuben Williams Adviser

For Indians living and working in Europe, online transfers are proving to be highly cost-efficient and quick. There are now reputed Indian banks that offer international online remittance services at highly competitive exchange rates with complete security.

But while online transfers are known for their simplicity, things can be a little confusing for someone using such services for the first time. If you too are planning to use online remittance for the first time and have questions regarding the same, you might find your answer below-

1. Is Identity Verification Mandatory for Using Online Remittance Services?

Yes, as per the European Banking Regulations, it is mandatory to get your identity verified by the service provider/bank if you want to remit more than EUR 1000. Look for reputed remittance service providers as they generally offer offline and online identity verification options.

Online verification is mostly done by submitting digital copies of your identification documents or through video identification. For offline identification, one needs to submit attested copies of their identification proofs at the nearest branch office of the service provider.

2. Why Do I Need the Local Bank Account Details of the Service Provider?

With most online remittance services, you are first required to initiate the transfer from the online portal of the service provider. It is then followed by depositing the same amount from your local bank account into the local bank account of the service provider.

It is only when the funds get deposited into the bank account of the service provider that your remittance is initiated. So, make sure that you carefully note down the bank account details of the service provider.

3. What is the Tracking Number?

Once a transfer is initiated successfully, you will receive a tracking number for the same. You will have to enter this tracking number in the “Message to Recipient” column at the time of transferring funds from your local bank account to the bank account of the service provider.

This will help the service provider know that you have deposited the amount, and your transfer to India will then be initiated. The same tracking number can also be used for checking the status of your transfer.

4. What are the Remittance Charges for Using Online Transfers?

It depends on the service provider and the type of transfer you select. There are Indian banks in Europe that offer local bank-based transfers to India for free. Even online payment gateway-based transfers are not very expensive if you are using a reputed service.

Apart from transfer charges, do check the exchange rates as well. A lot of services that advertise lower transfer charges offer lower exchange rates too. So, prefer a balanced combination of low transfer charges and competitive exchange rates.

5. How Long Will It Take for My Recipient to Receive Funds in India?

This again depends on the service you select. As compared to local bank-account-based transfers, the transfers made directly through a payment gateway are faster. This is especially true in case if you are using the services of a bank, and you as well as your recipient in India, have accounts in the same bank.

Even with the local bank-based money transfer online, your recipient should receive the funds within 24 hours. But do check the average transfer duration before initiating the transfer.

Sending Funds to India Online

Digital technologies have eliminated the borders between countries and made the world a global village. The NRIs have been one of the biggest beneficiaries of this digital transformation as this has made online remittance highly convenient, affordable, and secure.

Now that you have answers to some of the most common online remittance related questions, start looking for a reputed Indian bank for your first online money transfer and experience the digital revolution.

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Created on May 4th 2020 02:50. Viewed 351 times.

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