Transfer Money to India: Safety Tips Every NRI Should Be Aware Of

A trip to the money transfer agent was a monthly affair for most NRIs who used to send funds to their families in India regularly. But with online transfers, this can now be done from the comforts of your home or office. Some of the service providers now, in fact, also have their mobile apps for on-the-go transfers.

While online money transfer has made the lives of NRIs easier, there are still several safety concerns that every NRI should be aware of. No matter if you already use online transfers or planning to use it for the first time, here are some tips to ensure complete safety-

1. Transfer a Small Amount First

If this is the first time that you will be using online money transfer, it'd be wise to send a small amount first. If everything proceeds as expected and the recipient confirms that the funds have been received, you can then try and send larger amounts.

Even if you have used online transfers in the past but are switching to a new service provider or sending funds to a particular recipient for the first time, prefer making a small transfer first.

2. Cross-Check the Recipient Details

With most online transfer services, you get the option to save the details of your recipients. This way, you are not required to enter their entire details every time you want to send funds to them. But if you are sending funds to a recipient for the first time, always cross-check the details before submitting the request.

Any kind of error in the account number or other details could result in significant financial losses. If at all you find out that you have sent funds to a wrong account, get in touch with your service provider as quickly as possible as there is a possibility that they might be able to stop the transfer.

3. Always Use Your Own PC/Laptop and Internet Connection

Needless to say, you should never use a cyber cafe for fund transfers as they are not safe. Always use your own PC or laptop for the transfers. Also, ensure that you have a genuine copy of anti-virus installed on your computer, and the firewall is enabled.

The same is the case with internet connection too. Public connections like Wi-Fi available at restaurants, hotels, etc. are not safe. Your account details can be compromised if you use such unsafe connections for fund transfers.

4. Only Send Funds to People You Know

You should never send funds to someone you don’t know personally. Online scams like phishing are very common now and could result in loss of funds. Never trust any email you receive from an unknown sender to avoid such scams.

In case if you have to send funds to someone you don’t know, stick to the rule of sending a small amount first.

5. Only Use a Reliable Money Transfer Service

Last but not least, always use a reputed money transfer service, preferably from a renowned bank. A large number of NRIs get attracted to higher exchange rates and low transfer fees advertised by service providers online.

There is a major possibility that such services might be a scam or at least things might not really be as good as advertised. Stick to a reputed Indian bank to transfer money to India safely and securely.

Using Online Money Transfers in the Safest Possible Manner

It only takes a bit of diligence to ensure complete safety of your online transfers to India. Keep the tips mentioned above in mind if you want to transfer funds to India, and you are sure to experience utmost convenience and safety.

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