2 Reliable Methods for Money Transfer to India

In today’s digitally advanced world, not many people believe in transferring money through money orders or cheques. Compared to the speed and convenience of online remittance, these methods have not remained very popular. Even though they are viable options, not many people opt for them because they are time consuming.

If you wish to initiate a money transfer from US to India, then here are two reliable methods that you can opt for:

1. Banks

Banks assist their customers in different types of funds transfers. Whether it is wire transfers to another bank, state or country, banks offer a safe and secure way of remitting money. Even though this method is reliable, you may have to incur high transfer fees. Banks charge a higher fee for remitting money abroad. Their foreign currency exchange rate is not as competitive as the rates offered by online agencies.

2. Online Remittance Agencies

Second reliable method is to transfer funds through online remittance agencies. Such agencies not only charge a low transfer fees but they also keep updating FX rates every few seconds. They offer convenience to the customers because there is no need for individuals to stand in a queue to send money. They just need a secure device and internet connection to start sending funds from the comfort of their home or office.

Irrespective of the method you choose for money transfer to India, make sure that you are doing some research in order to find the best rates. Not all agencies charge less. Even if they offer good FX rates, they charge high transfer fees which eventually makes remittance expensive. So it is important to do some research and compare the rates offered by different agencies if you wish to save some money on remittance.

The Dilemma Surrounding Online Money Transfers to India

Remittance is a vast field, not just in India but the world over. Even if we had to look at India alone, it would not be exaggerating to say that it has come a long way as far as remittance is concerned. While money transfer takes place between two individuals or parties, it indirectly means more money for the country too. This kind of cash inflow not only promotes personal growth but also fortifies the country’s economy. 

Remittance to India from any country is easy and simple, thanks to the countless avenues available these days. Still the dilemma continues for many – should I send it through the bank or send it online? Is instant transfer safe or should I opt for the tried and tested method of writing checks? Online money transfers to India can be confusing for first-timers but if you are receptive to novel methods, it’s not that complicated either. 

Check payments, bank transfers, card payments, money orders are all different forms of remittance. While there may be different requirements for subscribing to these services, they all have one thing in common – the exchange rate. No matter which method you choose, you will have to ensure that it is giving you the best exchange rates. 

The best method of remittance will be different for different people. The exchange rate and the money transfer fees applied will be different too. While a slight variation is okay, it can make a huge difference if the amount to be sent is large. There has to be research and considerable planning before choosing a method of remittance. Everything eventually boils down to how often you need to send money overseas. For frequent or regular transfers, you might as well stick to one vendor since you could be entitled for some extra privileges. Online remittance can be a great option too if you are willing to look around for better deals. 

When in doubt, you should compare the exchange rates offered and the services rendered before choosing a particular form of remittance.

Things to Look for During Online Money Transfer India

As the demand for better and faster means of money transfer continues to rise, the options to send money are increasing too. Online remittance seems to be the order of the day with a vast majority of senders going for the comfort and convenience of online transactions. While it is indeed one of the smartest ways of sending money, there are a few things you must consider before taking the plunge.

Credibility and Reputation – Online money transfer India is undoubtedly the coolest way to send money provided you are doing it through a good money transfer agent or company. Your transaction will be safe if you are doing it through a reputed bank or an established money exchange company. Although all money transfer services offer quick transfers at the lowest costs, not all keep their promise. It is advisable to make an online transfer only after checking the credibility and the reputation of the company. A few ways of knowing this is by asking if the company is approved, how many branches it has and how long has it been in this field.

Transfer costs – It is important to know how much a transfer will eventually cost you. At times, the transfer turns out to be way more expensive than we imagined. Money transfer from UK to India can be very costly too and the only way to know you are not paying much is to ask for the cost of transfer upfront. There would be exchange rates that will impact your money transfer and how much you would actually send to the recipient. Apart from these, each service provider will have different transfer charges too. It is important to know all this beforehand to decide if a particular service provider is worth considering. It may seem like a small fee but if you are planning to send a big amount, it can make a big difference.

It is important to choose online remittance services only after confirming that they adhere to the regulatory requirements necessary for safeguarding your online transfers.

Send Money Online to India without Falling Prey to Internet Fraud

Internet frauds happen all the time and most of the times, we are responsible for the insane amount of money we lose due to them. Is there anything we can do to stop them? Let's find out.

Phishing

Whether you wish to send money online to India or Philippines or just want to purchase something, or want to donate to charity, there will be innumerable occasions that will require you to send money via the Internet. It is of course, one of the fastest and most convenient ways of paying money. While doing so, you need to be extremely careful to avoid falling prey to phishing scams. These scams happen via email communication or even through social media. Scammers will urge you to share your bank account details and other pertinent information. Since these requests come from seemingly authentic sources such as banks or other financial institutes you have been associated with, you rarely suspect anything and become most vulnerable to this kind of scam.

Preapproved loans

What more can you ask for when you are going through a rough patch financially and you receive an email from your bank stating that you have a preapproved loan? This kind of 'too good to be true' offers are often a trap. Remember, there‘s no such thing as a free lunch and no bank will ever agree to give you a loan until it analyses your current financial situation and checks your eligibility. So, steer clear from anything that sounds unbelievable.

Social media scams

When you stop being rational and get involved in a romantic relationship with someone you met through your social media network, you may be preparing yourself for a social media scam. There is usually a huge distance between you both due to your respective geographic locations. Initially it will be all good, since the scammer will have all the patience in the world to wait till trust is established. Just when you think everything is perfectly okay, there will be some emergency at the scammer’s end and he/she will request you to send money.

Be aware

The list is endless and there are ways and means to dupe innocent individuals while they send and receive money online India or any other country. The key to safe banking and secure transactions is entirely in your hands. All you need to do is use safe payment channels only that are recommended by your bank or people you know.

Internet frauds have been extremely challenging to regulators since the con artists invent novel ways of cheating you. Besides, there are different kinds of scams. So those falling prey to bank transfer scams cannot be covered in the exact same way as credit card fraud victims. Regulators believe that a blanket approach will not be feasible and compensations should be paid out on a case-by-case basis. After all, it is the responsibility of individuals too to keep their money safe and implement all the safety measures.

Why Check Reviews of Money Transfer Services to Send Money Online India

Remittance is a vast field and it takes an expert to understand the finer nuances of remittance and money transfer. With the advent of Internet Banking, a lot of people are now opting for online money transfers. There are several online and offline money transfer services these days that help you transfer money quickly and in a secured manner. However, it’s important to understand the pros and cons of each method in order to choose the one that best meets your needs. That’s precisely where reviews come in.

Online reviews can help you send money online India with the peace of mind that you have chosen the right service and your money is in safe hands. They also help you choose a provider on the basis of the services it offers. Some may offer better deals for frequent money transfers while others may offer loyalty bonus and discounts for privileged members.  The rationale behind reading reviews is to compare and know which services you should completely avoid. Once you zero in on a few good ones, you can talk to their representatives or check their websites and see how they can help you.

Always look for service providers that can help you choose the best exchange rate to India, and have a good network. Also ensure that they do not charge exorbitantly for fast transfers. These seemingly small things can make a big difference when you have to transfer a considerably large sum of money to India. No matter which provider you choose or how good a deal is, what really matters is the final amount. The final net worth of your transfer will determine how much money you have lost by way of service charges and other related costs.

All in all, checking reviews of money transfer services and comparing them is a good habit if you are new to the world of remittance. Make sure you look for genuine reviews in order to make an informed choice.

International Money Transfer India Ground Rules to Follow

When it comes to money transfers, especially international money transfers, the options are far too many. In a technology-driven world, you can do it online or choose from myriad money transfer operators to send money to India or to any other country. As with everything else, the growing dependence on the online medium has given rise to serious security concerns too. That’s exactly why you must adhere to certain ground rules while making international money transfers. 

Research and more research

That’s really the only way to find good deals on international money transfer India. There can never be a way to determine how much research is ‘enough’ research. It all depends on how new you are to the money transfer scene, how much money you need to send across and your mode of transfer. Research is undoubtedly the key to get great exchange rates and impeccable service.

Go online 

The web portals are a great option to start with if you are already comfortable with the idea of sending money online. They don’t just offer good deals but also come with a great deal of services and privileges to make the money transfer easy and fast. And that’s not all, online services also offer comparison tools to help you compare rates and calculate the final amount the recipient will actually get after all the deductions. 

Wire transfers

A wire transfer to India would also be a great method if you are looking for a tried and tested way to send money. It’s safe but may take a bit longer to send money as compared to online transfers. 

Everything eventually boils down to choosing a method you are most comfortable with. As always, talking to friends and family is always a good idea if you are not sure how to go about international money transfers. No matter which method you choose, do pay attention to the fine print and know all the fees involved beforehand to avoid confusion and costly errors.

Choosing a Foreign Exchange Broker for Online Remittance Service India

An overseas money transfer service is just what you need when you have to send money from one country to another. You may need this service for various reasons and on different occasions. No matter what the reason is, it's important to conduct such transactions over a secure network. A lot of people choose the safety of their bank for smooth and swift transactions. But your bank may not necessarily give you a good deal given the exorbitant fees involved at every stage. Banks are good for small, regular payments, but for larger sums you must shop around a bit.

Not surprising then, people choose a foreign exchange broker for online remittance service India. There are specialist brokers who help you plan your money transfer for large amounts. Of course, there are so many specialist brokers that you may want to ask for references before choosing one. Talk to friends who have transferred money before or search online. Recommendations often are safer than random searches since it's your hard-earned money and you definitely don’t want to choose the wrong broker to transfer it. 

Foreign exchange brokers help you choose the best exchange rates since these rates change on a daily basis. Being specialists in the field, they can help you choose the lowest exchange rates. The best part about working with these brokers is that they can help you compare rates and plan your money transfers accordingly. Since even a small difference in rates makes a huge difference, it makes sense to shop around. Foreign exchange companies offer personalized services and if you are a regular customer, you may be entitled to have a personal account manager too who can take care of your finances and monitor your transactions.  

It is important to work with an authorized foreign exchange broker to protect yourself from con artists and money transfer scams. These days, a lot of people are considering online money transfer services for the competitive prices they offer. Due to lower overheads, online brokers usually offer relatively low-cost services. Where large sums are at stake, it is crucial to run a background check and ensure that you are dealing with the right people.  Also, online services are good for you only if you are okay with the absence of face-to-face interaction. If you are considering online services, look for online reviews before choosing one.

If timing is crucial, make sure to enquire about the time taken for money transfer. Online transfers are supposed to be fast but may not be always reliable. Make sure that you have the correct details of recipients since such mistakes can prove to be extremely fatal. Even the best banks and services take a considerable amount of time to resolve complaints caused due to such errors. It’s advisable to double check before making money transfers. Due diligence is crucial while making overseas payments. Make sure to take all the necessary precautionary measures to save yourself from stress and unnecessary complications.

Why to Check Reviews Online Before Tranferring Money to India

Remittance is a vast field and it takes an expert to understand the finer nuances of remittance and money transfer. With the advent of Internet Banking, a lot of people are now opting for online money transfers. There are several online and offline money transfer services these days that help you transfer money quickly and in a secured manner. However, it’s important to understand the pros and cons of each method in order to choose the one that best meets your needs. That’s precisely where reviews come in. 

Online reviews can help you send money online to India with the peace of mind that you have chosen the right service and your money is in safe hands. They also help you choose a provider on the basis of the services it offers. Some may offer better deals for frequent money transfers while others may offer loyalty bonus and discounts for privileged members.  The rationale behind reading reviews is to compare and know which services you should completely avoid. Once you zero in on a few good ones, you can talk to their representatives or check their websites and see how they can help you.

Always look for service providers that can help you choose the best exchange rate to India, and have a good network. Also ensure that they do not charge exorbitantly for fast transfers. These seemingly small things can make a big difference when you have to transfer a considerably large sum of money to India. No matter which provider you choose or how good a deal is, what really matters is the final amount. The final net worth of your transfer will determine how much money you have lost by way of service charges and other related costs. 

All in all, checking reviews of money transfer services and comparing them is a good habit if you are new to the world of remittance. Make sure you look for genuine reviews in order to make an informed choice. 

Best Exchange Rates Tips for Beginners

Understanding exchange rates is not rocket science. Anyone who is willing to invest time and efforts will understand them and also learn the secrets of finding the best ones. It may seem a little complicated initially but after a bit of hard work and research you will know it like the back of your hand. If this is just the beginning for you, here are a few pointers to help you get started.

Know The Jargon Well

The financial language is different from the one we speak. There's the sell rate, the buy rate, and the inter bank rate you will come across all the time. Understand what each one means. The best exchange rates would be easier to calculate once you know the jargon and how they influence money transfers.

Know The Currency

While certain currencies are pretty easy to deal with, there are those that come with some odd quirks. Know how the currency affects your transactions and only then go ahead with the money transfer. 

Inter Bank Rates Matter

You must know the daily inter bank rates for a particular currency in order to arrive at a 'good' exchange rate. Since the rates change all the time, the value of your money will also change every day. Economic turmoil can result from various reasons. For instance, the uncertainty surrounding Brexit affected the pound to Euro exchange rate considerably and led to some major fluctuations globally.  

Know When It’s Time

In order to transfer funds to India or to any other country, you should time your transfers well. It’s easy to predict the right time when you follow currency trends closely for a considerable period. Well-timed remittance always yields the best exchange rates and therefore gives you the best value for your money transfer. 

Remittance is a vast topic but a few basic rules remain the same. It’s all about research, patience and timing. Do consult an expert to know what’s right and what’s not. It helps to go a bit slow initially; though this can be possible only if there is no urgency.

Save Big with the Best Transfer Rates to India

The remittance industry is growing in leaps and bounds with new players foraying into the market every now and then. Despite such a huge number of service providers, the competition is pretty stiff and a vast majority of people are still clueless about the ways of getting the best possible foreign exchange rates. The best part is that money transfer companies are making a lot of money on international money transfers and they are willing to give you the best possible service at competitive rates.

You should also educate yourself about the remittance industry and the way it works to save on money transfers. Checking for mid-market rates or interbank rates is a good idea if you are looking for ways to save on transfer rates to India. Google, Yahoo Finance etc. are all good places to look for these rates and compare. You should also be aware of the remittance fee since commission charges, conversion fees etc. need to be considered before deciding if the transfer rates you are paying are indeed less.

The best way to send money to India can be different for different people. You need to figure out what works best for you after carefully evaluating your money transfer needs. When choosing a service, you should ask about the time taken for overseas money transfers and pay only for the speed you really want. Same day transfers or instant transfers should be availed of in case of emergencies only since they tend to cost more.

Unless your current service provider is giving you good discounts on money transfers as part of its loyalty program, do not hesitate to shop around for better options. If you are not sure about the best money transfer services, check reviews of overseas money transfer services on the Internet. The money you save will also depend on the amount you wish to transfer. Seek advice from money transfer experts before you choose a particular service provider for your money transfer needs.

Safest Way to Send Money Abroad

The money-transfer service can be hard to choose since remittance services are now readily available everywhere. While banks and online companies offer safe and secure ways of money transfer, there are countless other options too. Which money-transfer service you should choose will therefore depend on the fees charged and the exchange rates offered, especially when you want to send money abroad. Of course, the most important factor that should never be overlooked is safety. Thankfully, there are quite a few safe ways of sending money.

Cash to cash transfers - These transactions are relatively simple, since the amount to be sent is deposited in cash which is then converted to the currency of the country you are sending it to. Although it’s the safest way to send money abroad, it lacks the convenience of online transfers.

Debit and credit cards - This method typically reduces the transaction time and is quite dependable for fast transfers. The downside however is that it costs a little more and you may have to bear an additional credit card fee.

Bank accounts - Transfers via bank accounts are safe, fast and reliable and all you need to do is provide the account details and routing numbers of both the banks - the one that sends and the one that receives. Of course, you should be aware of the money exchange rates UK or for that matter the exchange rates of any other country of the recipient before sending money.

Smartphones - New technologies and a multitude of apps have made money transfers via smartphones easy and convenient. There are mobile money transfer programs too that allow you to transfer money directly to cellphone wallets of recipients.

No matter which method you choose, do compare the fees charged by the service providers since they differ considerably. As always, a little diligence is advisable when sending money for the first time.

Read : Important Information Required for Money Transfer to India

Best Ways to Avoid Fraud in Money Transfer to India

Scammers out there make ploys to cheat people off their money. They especially target money transfers because there is no way of refunding or stopping the transaction or tracing the money. So what is the best way of preventing fraud in money transfers?

Fraud prevention is very important for protecting your hard earned money. You need to be aware of the common money scams in order to be safe when initiating a money transfer to India. For instance, you might get a cheque from someone with instructions to deposit it and wire some or all the money back to the sender. Such cheques are fake and it takes several weeks before the cheque can be termed as fraudulent and the bank can return the money. Since tracking the thief isn’t possible, the money will be coming from your pocket.

Another way in which scammers can rob you off your money is when you buy something online and the seller asks you to wire money. It is recommended to flatly refuse in such cases because you will likely never get what you have bought.

Find a Reliable Online Money Transfer Agency

It is very important to choose a reliable money transfer agency when sending money overseas. A good agency will have a secure website that can be used for remitting money. However, you still need to be cautious when opening the site each time you wish to make a transfer.

Choosing Online Transfer Services 

Online money transfer has made life easy. You don’t have to stand in long queues at the bank and fill up details each time you wish to send money to India. Now all you need is a secure device and internet connection to initiate transfers from the comfort of your home or office. Even though online remittance has become quite popular, there are certain risks involved in sending money to another country using the internet and an electronic device.

If you wish to transfer money online and avoid problems like hacking and identity theft, then the best way to send money online safely would be to choose a reputed remittance agency. Not all agencies out there can be trusted so choose one that is licensed for carrying out international remittances.
Also, choose a secure device and internet connection because using a device with no virus protection might put your banking information to risk. Avoid using free WiFi in public places for banking and remittance activities on your device. Never make the mistake of sharing your username or password or any other confidential baking details with anyone claiming to be from the bank or the money transfer agency.

Suspecting Money Transfer Schemes

It is recommended to suspect money transfer schemes if you are asked to wire money to people you don’t know. Don’t fall into the trap if they say a money transfer is the only way they will accept any payment or if they ask you to deposit a cheque and send some money back to them.

Finding the Best Exchange Rates When Sending Money to India

International remittance can be quite expensive and therefore, it is very important to find the best currency exchange rates. By knowing the best rates, you will not only save money on each transfer but the recipient will also get maximum of what you are sending. 

Before sending money to another country, it is very important to understand what FX rates are. This is because not knowing how FX rates fluctuate can make your remittance very expensive. Therefore, learn more about FX rates and factors that can impact these rates before initiating a transfer. 

The most effective way of finding the best exchange rate is comparison. You need to compare rates being offered by different service providers in order to get the best option. For instance, banks offer high FX rates because banks don’t update the rates as frequently as remittance agencies. Even if you send money to India through a remittance agency, you will have to compare different agencies because each agency may offer a different rate. 

There are several websites on the internet through which you can compare rates being offered by different agencies in one place. This will help you make a cost-effective remittance. Remember, comparing is very important, be it FX rates or transfer fees. Transfer fees can also make your remittance expensive. For instance, if you find an agency that is offering you competitive FX rates but their transfer fees is high, then your remittance will not be cost-effective.

Every bank or every remittance agency will be charging you a different amount therefore, research is very important to find the best money transfer rates to India.Also, ensure that the remittance agency of your choice is reliable. Not all agencies are licensed and therefore, you cannot trust them with your money. 

Transfer Money to India for Business-Tips to Consider

Are you planning to send money to India for business purposes? If the answer is yes, there are few useful tips that you can consider. The best way of sending money is through a bank or an online remittance agency. Irrespective of the remittance method you have chosen, you need to consider the following factors:

• How much the remittance will cost you is an important thing to know when you transfer money to India. There are mainly three categories in which the money transfer agency will be breaking your cost- transfer fees, foreign exchange rates and the cost the recipient might have to pay for receiving the money. There are few agencies that charge more as transfer fees but their FX rates are competitive. This eventually makes remittance expensive. If you wish to send as well as save money, make sure you find an agency that charges low fee and offers good money to India exchange rates.

• You need to ensure that the agency you have chosen to transfer funds to India is licensed for carrying out international money transfer services. You can lose money if you are not checking all details about the agency. The best way of finding a reliable option is to ask for recommendations or do some comparison shopping.

• It is very important to verify the transaction rates and the duration in which funds will be reaching the destination. You also need to confirm if the agency can handle the amount you want transferred to India. Always get a written copy of such details, preferably by email. This will help you keep a record of the paperwork, in case something goes wrong. Also, it is preferred to send a huge amount once because many agencies charge low transfer fees if you send a certain amount through them.