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.