Why is research important in transferring money to India?

It is quite common for NRIs or people working abroad to send money to India for different purposes. In fact, India is one of the top remittance receiving countries in the world. If you are also planning to send money to India from the UK, US or any other country, here are a few tips and tricks that can help you ensure a hassle-free remittance experience.

Research is very important when transferring money to India because you wouldn’t want international remittance to burn a hole in your pocket. This is especially required if you have to send money frequently. By doing some homework, you can find a reliable agency for money transfer and also get competitive FX rates. Research is important even if you have recommendations. It is always best to compare two to three remittance options before you make a final choice. The whole idea is to see which method will be easy on your pocket and also easy for the recipient to get money.

There are several websites on the internet with the help of which you can compare FX rates being offered by different agencies. This comparison will get you competitive rates and ensure that the recipient gets maximum of what you are sending.

Also, research will be required to ensure that the remittance agency you have chosen is reliable. You wouldn’t want to get scammed and lose your hard earned money by choosing a service provider that isn’t licensed for carrying out international money transfers. So be careful when selecting a money transfer service provider. Check reviews of shortlisted agencies on the internet to know if their customers have been satisfied with their services. Many people prefer to use the bank when transferring money abroad. You can also do the same; however, as compared to online agencies, remittance through a bank will be quite expensive. Banks don’t update FX rates as often as online agencies. Also, they charge high transfer fees.

Researching is important to get discounts and avail offers. Many remittance agencies offer discounts during festival time such as Christmas and Diwali. If you send money to India during this period, you can get discounts on transfer fees and so on. If you are sending a large amount through these agencies, at times they even waive off the transfer fees. So keep finding about such offers and discounts if you want to initiate a cost-effective money transfer.

Tips for Send and Receive Money Online India

Sending and receiving money has become very easy due to the internet. Today, you just need a secure device and internet connection to send money from one country to another. However, online remittances are not always safe. You need to be extra careful in your choice of agency. Also, you need to use a secure device, be it a laptop or tablet. It should have the latest anti-virus installed. Never make the mistake of sharing your online banking or remittance passwords with anyone.