There is a lot of confusion and panic surrounding money transfers. What do you do when you have to send money to India? Follow these instructions to remit without any hassle safely.
Over the years, with the advent of a host of money transferring entities, sending money to India from anywhere around the globe has increasingly become easier. However, not all services are suitable for all kind of remittance. Therefore, it is advisable to do thorough research on every option available before you initiate a transfer. Here are a few important points you must consider before you send money to India.
- Mode of Transfer – There are two different bank modes available for transferring money to India. First is the online mode where you can send money via e-transfers. The offline mode, on the other hand, consists of instruments like cheques and bank drafts or branch transfer. Along with the method of transfer, it is equally important to choose the right service provider for your transfer. A well-established bank with a good presence in the country and overseas will have a robust system in place to ensure that your transfers are safe and secure.
- Time and Speed of Delivery – Depending on your chosen mode of transfer, the speed of your remittance can vary widely. For example, if you are transferring money via online transfer, it can happen instantly if the receiver’s bank is IMPS enabled. For NEFT/RTGS transactions, it could take up to 48 business hours for the money to be deposited. However, do note that most banks will set a limit on the amount of IMPS online transfers you can do in a day. For transfers through a branch, the time would be the same as online transfers depend if the receiver’s bank is enabled for IMPS transactions. However, if you wish to send a draft, the transfer may take longer depending on the time it takes for the draft to reach the receiver’s bank. Do check with your bank on the time duration for drafts or cheques before making the transaction.
- Service Costs – The bank may charge a small fee for the transaction based on your banking relationship and other factors. The fees are usually lesser than wire transfer options from non-bank entities which usually charge a certain percentage of the transfer. Do check with the bank for the charges and costs before making the transfer.
- Rate of Exchange – You must check for the exchange rate offered by the service partner you are trying to finalise. It is advisable to compare the exchange rates of various financial institutions. This will ensure that you do not have to shell out extra money to achieve the desired objective. Some banks allow you to block a rate and ensure that the transfer only happens when your currency reaches the desired rate. This helps you protect yourself from fluctuations in the currency. Moreover, banks also release offers and coupons regularly, using which you can get a preferential transfer rate.
- Comprehensive Coverage – Make sure that your chosen service provider offers extensive coverage in India and overseas. Also, check if the receiver bank is IMPS enabled. If so, you can make online or branch transfers almost instantly.
Gather all the information before you send money to India. It will help you in ensuring that your money reaches safely to the other side and that you do not incur any unwarranted loss in the process.