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Tips to keep in mind when transferring money to India

4 MinsJuly 29, 2019

For many Indians who live abroad, transferring money back home is a regular affair. There could be various reasons for remitting money to India. And that involves several steps: deciding the mode of transfer, assessing the costs, and factoring in the transfer speed, among other things.

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So, it is helpful for non-resident Indians (NRIs) to know about the different money transfer modes available today. Whether you need to make a money transfer to India from USA or elsewhere, you have plenty of options. There are bank transfers, cash pick-up services, online money transfer services, and more. Take your pick!

Why people send money abroad

People relocate abroad to further their careers and increase their income. Whether you are earning in dollars, pounds, dirhams, or some other currency, you may have to send money to India.

You could be transferring funds to support your family back in India. Or perhaps you have loans to pay off, the instalments for which are due every month. Or maybe you are looking to invest in the Indian stock market.

Whatever be your reason for remitting funds, using the right remittance service certainly helps.

How to remit money overseas

Till as recently as five years ago, international money transfer options were limited. You may have relied entirely on your bank to send money to India. But things have changed quite a bit in the past few years.

Today, there are many new methods of money transfer to India from USA and elsewhere. Consider the example of online money transfer services like RemitMoney. They allow you to transfer funds instantly in a secure and convenient manner.

Nevertheless, it is important to be cautious when sending money from abroad. From selecting the proper channel, to comparing the rates, you need to be careful at every step. Look for a money transfer service that is both effective and safe.

Some tips to make remittance easier

Technology has made online money transfer quite easy. Follow these tips for a smooth and easy remittance process.

  • Exchange rates
    Keep an eye on the exchange rates when transferring money to an Indian bank account from abroad. The rates vary across different banks and service providers. Do your research to find the best deal.
  • Transfer fees
    Make sure to read the fine print. This will help you spot high charges. Remittance agencies often levy a fee on the sender as well as the recipient. Go over the clauses to understand the fee structure. Then select the transfer mode that provides the best service at an affordable rate.
  • Security
    Are you wondering how to send money online in a secure manner? Try to remit money through a trustworthy agency that holds a legal licence. It may help to carry out a thorough background check first.
  • Delivery time
    Perhaps you are remitting money because of a medical emergency back home. In times of urgency, speed of transfer is critical. This is where online money transfer facilities like RemitMoney could help. They enable quick transfers within an hour across selected geographies.
  • Customer support
    It always helps to have a point of contact at the agency. They could address your questions regarding the transfer. So, look for remittance services with good customer service. If you have queries about how to transfer money online, you could contact them to clear your doubts.

Bottom line

You already work hard for your money. So, you need a remittance service that will work hard for you. Look for a reliable service that prioritises secure and speedy transfers conveniently and at a low cost. Once you find the right service, you can start remitting with ease.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.

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