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.

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.

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.

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.

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.