Wednesday 21 December 2016

How to Wire Transfer Money to India?


As more and more Indians continue to settle abroad, innovative options of transferring money overseas are emerging by the day. Although there are numerous ways to transfer funds, not all of them may suit your needs or fit in you time frame.

One of the most economical and convenient ways to transfer money to India is wire transfer. It is a type of electronic funds transfer and is considered to be the safest and most reliable method. It is ideal for transferring large amounts of funds overseas.  All you need is a bank account and the money will be credited directly in your beneficiary’s bank account in India. Additionally, the bank will also ask you for the recipient’s bank details such as their full name, address of the receiving bank, account details including their account number or International Bank Account Number (IBAN), recipient’s bank’s SWIFT/BIC code.

Most of the banks that offer wire transfer services are a part of a bank network known as Society for Worldwide Inter bank Financial Telecommunication (SWIFT). The process is as simple as filling a form, paying the bank’s processing fees or the international wire transfer fees. It is also not uncommon for the receiving bank to levy charges as processing fees for the transfer. Usually, the entire process is completed in a matter of 1-2 days.

You could either wire transfer the funds online or do it in person. Alternatively, you could also opt for wire transfer services provided by online wire service providers. Though they may charge less fees in comparison to banks, they may consume more time to make the transfer.

Besides international wire transfer, you could also try transferring through Automated Clearing House (ACH). This is the best way to send money to India from US.

Friday 16 December 2016

Send Money to India the Easy Way

Banking and online remittance service providers are the two most popular options used for transferring funds overseas. Both methods have their respective pros and cons. Hence, it is recommended to consider factors such as fees and time involved in the transfer process, latest exchange rates and reliability before making a choice.
Compared to online remittance service provides, banks generally offer lower exchange rates and charge higher fees for wire transfers. Although you may come across a few banks who may apparently not charge any overseas wire transfer fees, but in reality such banks usually levy hidden costs such as tax and service charges.

In case your bank doesn’t offer online remittance services to send money to India, you may be required to visit their local branch and fill lengthy forms for the purpose. Additionally, you may also have to provide an identity proof.

Usually, banks offer wire transfer services only to existing customers. To be able to use a bank’s wire transfer services; you need to have an existing account with them. Also, bank transfers take more time as compared to online service providers who can execute transfers within hours.
Another important factor that you need to bear in mind is that banks usually transfer to other banks. On the other hand, online service providers are very convenient since they have agents located in various locations in most of the countries.

While bank-to-bank transfers are best suited for transferring larger funds overseas, remittance service providers are an ideal choice for smaller amounts. Though some banks may provide special remittance offers for smaller remittance transactions without any transfer fees, their exchange rates may not be up to your expectations.

Irrespective of which method you choose, it is always advisable to first compare factors like transfer fees, foreign exchange rates UK and time required for the transfer.

Thursday 8 December 2016

4 Tips for Safe Online Money Transfer to India

International remittance has become incredibly convenient through online money transfer facility. However, there are a number of risks involved if you are using the internet to transfer money or even pay taxes. To ensure a hassle-free and safe remittance, make sure you follow the below-mentioned tips:

   1. First and most important tip is to make sure that the device you are using (laptop or tablet) for money transfer is secure. It should be protected from malware or viruses. Also, the operating system and software or application being used for financial transactions should be up-to-date.

   2.It is not recommended to perform online transactions on communal work machines or public computers. Public computers are vulnerable to hacking and virus attacks. They don’t have a solid anti-virus program installed. It is a well-known fact that PCs are vulnerable to malware attacks. Even the android platform is being targeted by hackers. So make sure your tablet or mobile device is also safe and secure.

   3.Don’t use internet connection in public places even if you are using it on your personal laptop or device. Also, make sure you have chosen an online remittance website that is secure. It is not a good idea to opt for a sketchy remittance agency when making an online money transfer to India. Opt for a reliable service provider. Ask your friends or peers for recommendations or else you can research on the internet and find a good agency through which you can send money to India safely and cost-effectively.

   4. A secure website will offer strong encryption. You can check this by looking at the address bar for padlock and HTTPS.

When sending money to India, find out about India money exchange rates and transfer fee being charged by the remittance mode you have chosen.