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.

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.

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.

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. 

How Money Transfers to India Impact the Indian Economy

Overseas remittances have helped drive the economy in India. This is happening at a time when other parts of the world are going through a global fiscal slowdown. There is no doubt that India is one of the top receivers of remittances in the world. Remittances to India remained strong even though the global economy experienced a downturn in 2007.

Many people settled abroad initiate a money transfer to India every month. They send money back home for personal or business purposes. This cash transfer has helped the Indian economy buoy on the macro level.

In order to encourage the non-residents Indians to invest their remittance in domestic ventures in India, the government deregulated the interest rates on NRO and NRE accounts in 2010. Compared to the rates charged by other countries, the cost to send those remittance also remained cheap. Banks have also streamlined the exchange and transfer procedures for encouraging more NRIs to use it. To improve efficiency, many banks are also setting up servicing centers at key locations in the country.

Ways to transfer money from USA to India 

If you are wondering how to transfer money from USA to India, there are several ways of doing it. For instance, seeking the services of an online remittance agency is one of the best ways to send money quickly and safely. You can sit in the comfort of your home or office and send money every month to India in a hassle-free manner.

Just make sure you are researching and choosing a reliable agency for this task. You can either ask for recommendations from your peers or find an agency on your own. It should be licensed to carry out international remittances and also offer low transfer fees and competitive FX rates.