Articles

Want to Send Money to India Online? Look Beyond the Exchange Rate

by Reuben Williams Adviser

The idea of trying to save as much money as possible is so deeply ingrained in us that we focus on savings in every way possible. While this is not wrong, savings or getting better value for your money should not be the only consideration for something as critical as selecting an international remittance service.  

Most NRIs lay a major emphasis on the exchange rate offered by the service provider so that they can get a higher value for their money. But by getting attracted to higher rates, it is very much possible that you might end up selecting a service that is unreliable, risky, or slow. 

Here are five other factors that you should consider while selecting a remittance service-

 

1. The Reputation of the Service Provider

It is always better to rely on a trusted name over a service provider that is new or one that you’ve never heard about in the past. Even if you do select someone new, make sure that you do check online reviews before making a decision. 

Fraudsters often advertise higher exchange rates to attract NRIs. But such services are generally not secure or have hidden charges. It is also possible that you might end up losing the remittance amount while dealing with unknown entities. 

 

2. Transfer Fee

Apart from the exchange rate, you should also focus on the transfer fee of the service provider. It could either be a flat fee or a percentage-based fee. Compare the transfer fee of at least a few popular service providers to get a better idea. 

Also, do check the terms and conditions of using the service to make sure that there are no additional charges apart from the transfer fee. 

 

3. Online Security

There is no use of getting a better exchange rate if the money transfer service is not secure. You should go through the official website of the service provider to know more about the security measures undertaken by them for the safety of their remittance services. 

There are now Indian banks that are known to offer highly affordable money transfer services. You can consider one such bank as banks are generally known to provide a higher level of security. 

 

4. Average Transfer Duration

In this digital age, do you really want to use a remittance service that takes multiple days for processing a transfer to India? Top remittance service providers now offer same-day money transfer services for the utmost convenience. 

This also ensures that you can instantly send money to your loved ones in India even in case of a financial emergency. 

 

5. User-Friendliness

One of the top reasons for people to send money to India online is the simplicity of digital platforms. But this simplicity could significantly vary between service providers. So, at the time of comparing the services, do check the transfer process in detail to ensure you select one that is quick and simple. 

Also, check the user-friendliness of their online portal and how easy it is to get in touch with their support executive. 

 

The Correct Way to Choose a Remittance Service

When you are out looking for a money transfer service, it is completely alright to try and get the most competitive exchange rate. But in the process, you should never compromise the safety of your transfers or select something that is slow or has hidden fees or charges. 

Along with the exchange rate, do focus on the points discussed in this post, and you are sure to make the right selection.  

 


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About Reuben Williams Freshman   Adviser

3 connections, 0 recommendations, 24 honor points.
Joined APSense since, October 22nd, 2018, From Pune, India.

Created on May 21st 2020 04:06. Viewed 203 times.

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