6 Smart Tips to help you Save, When you Transfer Money Online to India

NRIs living abroad have several options to transfer money online to their loved ones back in India. But, not all online transfers work the same. There are hidden costs, time delays and other drawbacks that you need to understand. If you feel you are being cheated check out these six smart ways that help you save big when you transfer money online to your loved ones back at home.

1. Opt for Locked-in Rates

You come across a great exchange rate, and you initiate the transfer. But, when you receive the receipt you’re shocked to find that the rate used is different from the one that you saw earlier.

This is more like a bait-and-trap. Most providers use this to lure in unsuspecting customers. Avoid this trap by opting for "Locked-in-rates." The term means that the rate you choose is applied, irrespective of the time of the transfer.

2. Don’t select the first provider you come across

Often people make the mistake of choosing the first provider who pops in the search. Also, avoid using generic terms like "Transfer money online," when searching online. Instead, narrow and refine your search by making use of specific terms like "Transfer money from the USA to India within 24-hours" for better results.

3. Choose the right Payment Mode

When you do an online transfer, you would have noticed several modes of payment like credit card, debit card or Automated Clearing House (ACH). The service rates vary for one method to another. So, it’s smart to check out the processing rates for different methods before you choose one.

4. Be Smart about the Transfer Time

It’s always a smart idea to transfer during special promotions. These occur during various international and domestic holidays like Mother’s Day, Christmas, Diwali, Ramadan and so on. Make use of these promotions to save a few bucks.

5. Always Compare Rates

It’s always a good idea to check the exchange rates offered by different providers. Perform a comparison with the help of several tools available online. Since the rates change on a daily basis, it makes sense to check before you make a transfer. After all, even a small difference in the exchange rate could help you in saving a significant amount.

6. Make use of Referral Schemes

Do you have a group of friends who transfer money online regularly? Check out if the provider has a referral program. If yes, then refer the payment mode to your buddies. You save a few dollars every time your friend makes a transfer. Remember this doesn’t cost your friend an extra penny.

Make use of these smart tips to save big on your next transfer.

I am Reuben Williams. I am a professional writer. I would like to share my thought on financial sector.