Today, there are plenty of methods to send money to India from overseas. Wire transfers, NRE/NRO accounts, bank transfers, third-party transfer companies are some of the options available to NRIs to send money back home.
With so many options out there, how do you pick the best one that offers you the best deal? Worry not, here in this guide; we make it easy for you to make the right choice. We take a look at the top factors that you must consider while evaluating international transfer service providers.
Very often, in an attempt to find the cheapest transfer service provider, unsuspecting people fall victim to unscrupulous transfer agents. The result – they end up losing their hard-earned money.
This is why we believe that reliability is the first criteria you have to consider while sending money online to India. If the remittance agency or the agent presents you with an offer that’s too good to be true, then it’s likely that it isn’t true.
While banks charge higher fees, they are highly trustworthy. Don’t get fooled by excellent exchange rates and low transfer costs. Dig a bit deeper. Read reviews and find out more about the transfer service provider before choosing one.
2. Exchange Rates and Transaction Fees
This is one of the most important factors to consider. The exchange rate determines the amount your recipient will finally get. Make sure to compare the exchange rates offered by different transfer companies and banks and pick the ones that offer you favourable deals.
The next big factor to consider is the transfer fee. This is the fee levied by the company/bank for providing you with the transfer service. Very often, the transfer fees are hidden, and customers come to know about it only after sanctioning the transfer.
Make a point to go through the fine print and get an idea of this cost before you choose a transfer service provider. Also, it’s a good idea to send funds in bulk to avoid paying transfer fees for every transaction.
3. Transfer Time
This is an important criterion especially when you’re sending money during an emergency. If it isn’t an emergency, then you can take the transfer time out of the picture. Remember that the quicker the transfers, higher are the transaction costs and fees.
While sending money online to India, you have to consider the convenience of both the sender and the recipient. The most convenient method to send money overseas is online transfers. These transfers can be initiated with just a few clicks, right from where you’re sitting.
Similarly, you have to consider the convenience of the recipient. The three main methods in which recipients can receive the amount are cash pick-up at local branches of the transfer service provider or bank, home delivery or direct transfer to account.
5. Customer Support:
Money transfer can feel complicated and overwhelming even for people who have done it a dozen times in the past. There are plenty of variables that can go wrong. In such situations, you need to have help right on hand to help you deal with problems and other errors that you face. While choosing a remittance company, make sure to pick one that offers excellent customer support. This way you are provided with expert help if something were to go wrong.
You have worked so hard to earn the money. So, make sure that you send it to your loved ones in India using the right method. Ensure that you use these five factors to evaluate and pick the right remittance method that works for you.