Transfer Money to India Online: 5 Things Every Smart NRI Will Check Before Confirming the Transfer

While international remittance is now highly convenient and quick, there are still a few things that every NRI should check before making a transfer. Five such important things are discussed in this post.

After moving to a foreign country, NRIs regularly send funds to their families back in India. While offline remittance was popular in the past, digital remittance is steadily turning into the go-to option. The speed, efficiency, convenience, safety, and affordability of an online transfer set it apart from traditional remittance practices.

But while online remittance is highly convenient and quick, there are still a few things that every NRI should check before making the transfer. Here are five such important things discussed in detail-

1. Exchange Rate

You are thousands of miles away from your loved ones so that you could provide them with a better and financially secure future. Thus, it is your responsibility to ensure that each of your remittances to India offers you the best value for your hard-earned money. For this, the exchange rate of the transfer becomes a vital consideration.

Prefer remittance service providers that offer guaranteed exchange rates. Some of them also have a handy exchange rate calculator to help you know the exact amount your beneficiary will receive in India as per the current exchange rate. Ensure that you check the exchange rate and use the calculator to avoid any discrepancies.

2. Transfer Fee

Apart from the exchange rate, you should also check the transfer fee. The transfer fee can either be a fixed amount or a certain percentage of the total amount being sent. Do check the transfer fee of your service provider before confirming the transfer.

Prefer reputed service providers that are transparent with their transfer fee and do not have any hidden charges. Read the terms and conditions of the service provider so that you are fully aware of all the expenses associated with the transfer.

3. Remittance Process

The transfer process can vary between service providers. Some of them require you to transfer funds from your foreign bank account to the service provider's foreign bank account. Many others allow direct transfer similar to making any netbanking transaction.

While selecting a service provider, ensure that you thoroughly read the transfer procedure. It should be easy to understand, safe, and quick. It will be an added benefit if the service provider also has a mobile app for on-the-go transfers.

4. Transfer Duration

You should also know the average duration within which your beneficiary in India will receive the funds. While delays are unavoidable at times due to technological glitches, the service provider should mostly be able to complete transfers within the specified duration.

There are some reputed services that offer instant international remittance services if you and your beneficiary have an account in the same bank. Prefer such service providers for faster transfers.

5. Transaction Tracking

Last but not least, you should also be able to track transactions when you transfer money to India online. Most service providers do this through a tracking or transfer reference number. Once the transfer is confirmed, you are provided with a tracking number that can be used to check your transfer status.

Transaction tracking is essential to keep your beneficiary updated about the status of your transfer. If the transfer is delayed, then you can always get in touch with the support team of the service provider to know more.

The Most Convenient Way to Send Funds to India

Online remittance is currently the fastest, safest, and most convenient way to send funds to your family and friends in India. For complete peace of mind and utmost security, do check out the things discussed in this post before you confirm a transfer.

Also, ensure that you select a reputed remittance service provider to get the best exchange rates for all your fund transfers to India.

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