Many banks offer international online money transfer services. While these services are super convenient, there are a few things you should keep in mind before initiating a transfer. Five such important points are explained in this post that will help you ensure a secure transfer.
If you are an Indian working in a foreign country, you’d mostly have to send funds to your family or friends. While there are now many different types of money transfer services available, online money transfer generally proves to be the most convenient option.
With online transfers, you can send money to India from your computer, laptop, or even your mobile phone at any given time. This eliminates the efforts of visiting a bank for the transfer service. But while online transfers are convenient and time-saving, there are a few essential things that you should remember. Five such points are as follows-
1. Check the Exchange Rate
Before initiating an international money transfer to India, make sure that you always check the exchange rate. While reputed Indian banks offering international transfer facility are known to offer highly competitive rates, it is still important to compare the exchange rates with at least a few other money transfer services.
Ensure that there are no hidden fees or charges, and you get the exact exchange rate mentioned by the bank.
2. Prefer Services with Low Money Transfer Fee
You will also be required to pay a money transfer fee on the transaction. This can either be a flat fee or a certain percentage of the amount being sent. You should select a reputed service provider offering the lowest transfer fee.
Some of the Indian banks do not charge any transfer fee on international transfers. Prefer opening an account at one such bank if you will be regularly sending funds to India.
3. Delivery Time
There can be instances where you are required to send funds to India urgently. The delivery time could play a crucial role in such cases. As a result, it is also essential to check the standard delivery time between the country you are currently residing in and Indian standard time.
There are now international money transfer services from banks that just take a few hours from specific foreign destinations. Prefer such banks and services for faster transfers.
4. Transaction Security
It is your right to do as many background checks as possible to make sure that the transfer service you select is secure and reliable. A simple way to do this is to use a reputed Indian bank for international money transfers.
This will help you make sure that your money always reaches India securely and on time. If possible, prefer a service that also allows you to track your transfers.
5. Customer Support
When selecting a facility for online money transfer to India, it would also be beneficial if the service provider has an efficient support department. In case of any queries, you can then easily get in touch with a support representative and get all the information you need.
There are banks that offer 24×7 support even to their international customers across the world. The availability of 24×7 support will also provide complete peace of mind as you will know that you can contact the support team any time you need.
Safe, Quick, and Affordable Money Transfer to India
Gone are the days when international money transfers used to take several days. Thanks to digitalization, we now have online transfer services that are secure, quick, and highly affordable too.
Look for a top Indian bank offering international money transfer service so that you can conveniently send funds to your loved ones back home with utmost convenience.