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.