Things To Remember Before You Remit Money To India

By Author: ArjitChalmela
Total Articles: 18
Comment this article

When a person immigrates to a place outside India, one of the first things he checks is the procedure to remit to India. With online money transfer now becoming more popular than before and the spread of banking in India, it is possible to remit money directly to the bank account of the recipient.

The procedure for remitting money is generally the same whether you use a bank or a website for transferring funds. You need to input the recipient details, the amount of transfer, check the fees and exchange rate and then make the payment. This payment can either be through a bank transfer or through your credit card. But before you remit to India, you must be mindful about a few things.

Here are some things to remember before you remit money to India:

Recipient details:

If you’re sending money to a bank account in India, you need the bank account number along with a SWIFT code or a routing number. Since these details have to be manually entered, there is a chance for errors which can lead to problems in the future. This is why before you do an online money transfer, ...
... you must check and reconfirm the recipient’s details.

Currency rate:

Sometimes, the money transfer service may offer a beneficial exchange rate for higher transfers. Checking the exchange rate before making the transfer is extremely important. Some online money transfer websites may offer a better rate than others. Choosing a more beneficial exchange rate can help increase the amount you transfer.

Time taken to transfer:

Each online money transfer service has a delivery time within which the funds are deposited to the recipient’s bank account. When you remit to India, you must consider the time it takes. Some banks may take 3 to 5 days, other money transfer websites will take one day and some may do it even faster.

Service fees:

Most money transfer services have some fees involved to make a transfer. Some of them may waive off these fees if you transfer a higher amount through their website. Before you remit to India, it is better to make a list of the various money transfer services and the respective fees that they charge. That way, you can pick the service that offers the lowest charge based on what you transfer and when.

Offer codes:

A lot of times, other people have offer codes which give you rebates and discounts for signing up with different online money transfer services. This can reduce your charges for the first transaction.