What NRIs Should Consider When They Go For Money Transfer to India

Posted by Reuben Williams on August 21st, 2017

When you need to send money to India for personal or business reasons, it is not always easy to choose the best service for the transfer. Especially if you have recently started working in a foreign country and want to send money to India, the abundance of options can prove overwhelming.

We have created a list of 5 important things that you should consider when you want to transfer money to India.

1. Reliability of the service provider

First things first- make sure that the service provider is reliable. You can find several agents and agencies which try to scam you by offering a better exchange rate. Do not ever let higher exchange rates of lower transfer fee drive your decision. Make sure that you check about the reputation of the Money Transfer to India service provider to ensure complete safety. The best option is to go with a reliable bank that offers competitive exchange rates.

2. Exchange rate

The next important consideration is the exchange rate. The exchange rates fluctuate on a regular basis, and it is important to get as high exchange rate as possible to get the best value for your money. A handy tip here is to try and send larger sums at a time rather than sending smaller amount in multiple slots. While the exchange rates offered by banks might be a little lower than other service providers, they are the most reliable and quickest.

3. Transfer fee

Apart from the exchange rate, the transfer fee is also important. Money transfer service providers offer many different types of transfer services which vary by the duration the transaction is likely to consume. Needless to say, the fee for faster transactions is higher. So, if you are not in a hurry to transfer funds to India urgently, go for a standard transfer service to save on the fee.

4. Online option

Your service provider should also have an online working platform where you can easily transfer funds to India without the need to stand in long queues. You will have to submit your ID proof, address proof, and some other important documents to create an account on such platforms. Once you are a registered user and are through with the verification process, you can then quickly send funds to India 24x7 right from the comforts of your home.

5. Customer support

Last but not the least- the service provider should also have a separate customer support department in place to assist you in case you need any information about the transaction. The support staff should be available through email as well as phone and should be able to provide all the required details concerning money transfer, setting up of the account, and anything and everything related to their services and platform.

You are thousands of miles away from your loved ones, and thus it is essential to make sure that the Money Transfer to India is done safely and reliably that helps you get the best value for your money. So, ensure that you consider the factors mentioned above when you want to send funds to India.