The speed and security of wire transfers make it an excellent choice for NRIs across the world for sending money to India. If you are new to wire transfers, check out this post for some dos and don’ts you should always keep in mind.
Wire transfer is one of the most trusted ways to remit money to India. This electronic mode of transfer uses a digital network operated and monitored by hundreds of banks across the world. This ensures faster and highly secure transfers.
But just like any other mode of fund transfer, there are a few dos and don’ts that every remitter should know about wire transfers. Take a look-
1. Double Check the Beneficiary Details
No matter if you are making a wire transfer online or offline, you’ll be required to provide some details of your Indian beneficiary. When filling the transfer form, ensure that you enter the recipient name, bank branch, and account number carefully. Double-check all the details before submitting the request.
2. Know the Exchange Rate
When you send money from a foreign country to India, your foreign funds will be converted into INR before getting deposited into the bank account of your beneficiary. Ensure that you check the exchange rate before confirming the transfer as the rates fluctuate 24×7. Some of the banks have exchange rate calculators on their websites for enhanced convenience.
3. Check the Transfer Duration
You should also check the average wire transfer duration of your bank. The duration can significantly vary between the two banks. With some of the banks, it can be as much as 5 working days. There are now a few top banks in India that offer faster wire transfer services that take only up to 48 hours.
1. Don’t Forget the Hidden Charges
It is very common for service providers to have hidden fees and charges that are not transparently conveyed to the remitters. You should thoroughly check the transfer fees and other terms and conditions of the service provider to ensure that there are no hidden charges that will make your fund transfer more expensive.
2. Never Send Money to People You Don’t Know
From phishing scams, dating scams, e-commerce scams to lottery scams, fraudsters now use a host of innovative techniques to dupe people. One of the most effective ways to protect yourself against such scams is to only wire transfer money to people you know personally. Never trust emails or offers that sound too good to be true.
3. Don’t Forget Security
You should never choose a service provider to wire transfer money to India just because it is advertising higher exchange rates or minimum fees. Always select a reputed service provider like a bank that implements advanced security solutions to protect your transfers and remittance account. If you are using an online wire transfer service, use a strong password and change it regularly.
The Correct Way to Wire Transfer Money to India
While wire transfers are highly convenient and secure, it is always better for the remitters to proceed with caution. The smallest of mistakes can cause significant losses or delays.
Keep these dos and don’ts in mind every time you make a wire transfer to India so that your funds are transferred in the safest, fastest, and cost-efficient manner.