While international fund transfers are now easier than ever, there are some basics that every NRI should know about. 5 such must-know remittance basics are discussed in this post.
Thanks to online remittance services, you can now send money to India from most parts of the world right from your computer or mobile phone. The remittance duration has also fallen considerably, with some service providers offering instant and same-day transfer facilities.
But while online remittance has revolutionized the international money transfer industry and made the lives of NRIs across the world easier, there are a few things one should know about before using digital NRI fund transfer facilities.
5 Such remittance basics are discussed below-
- What is Digital Remittance?
In simple words, online remittance is a digital mode of transferring funds from foreign countries to India. Unlike offline agents where you need to visit the nearest service provider and initiate a transfer, online transfers can be made from computers, laptops, or even smartphones.
Simply select the amount you’d like to transfer and choose the recipient to make the transfer. Online remittance services are not only more convenient and quick but also more affordable. The transfer fee is lower than offline services, and even the exchange rates are generally more competitive.
- How to Make an International Transfer to India Online?
You can choose a reputed remittance service provider to start sending money to India from countries like the USA, UK, Singapore, Canada, etc. Register for a remittance account from the service provider’s official website, and you are all set to make your first transfer.
You can either transfer funds from your foreign bank account to the foreign bank account of the service provider or use the online banking facility for a direct transfer to your beneficiary in India. Note that in some European countries, user identification is mandatory. So, you might have to submit your ID and address proof for registering a remittance account.
- How to Check the Exchange Rate?
One of the most vital considerations when transferring money from a foreign country to India is the exchange rate. The rates fluctuate 24×7 as per the changes in the forex markets. Most reputed service providers are very transparent regarding the exchange rates. You can find the current exchange rates on their website, and the same is also mentioned when confirming a transfer.
Some of them also have exchange rate calculators on their websites so that you can know the exact amount your beneficiary will receive in India.
- Is It Necessary to Have an Account in the Same Bank for Using a Bank’s Remittance Service?
No, it is generally not mandatory to have an account in the same bank whose remittance services you’d like to use. However, this can vary between banks. While there are several online remittance providers, it is wise to stick to a reputed Indian bank as they are safer.
Even if you and your beneficiary do not have an account in the same bank, you should still be able to use their remittance services. But if you regularly send money to India, it’d be helpful to open an account in the same bank as the transfers would be easier and faster.
- Are Online Transfers Safe?
This depends on the remittance provider you choose for your transfer. It is highly recommended that you only select a reputed service provider, preferably a bank, for your online fund transfers to India. There are now a few top Indian banks that offer feature-packedNRI banking and remittance services.
Some of them also have international branches to make banking easier for their NRI customers. Banks employ advanced technologies and tools to ensure each of the transactions is fully protected at all times.
Choose a Reputed Remittance Provider to Simplify International Transfers to India
Thanks to online remittance, NRIs across the world no longer need to visit any offline agent, wait for several days, or pay high transfer fees for sending money to India. Online fund transfers are faster, safer, easy to use, and highly affordable.
But it is only when you choose a reputed remittance provider that you can experience all of these great benefits. Look for a top Indian bank that offers seamless remittance services to experience the new world of international money transfers.