Choosing the right bank or service provider for money transfer to India is essential for a convenient and safe transaction. Keep reading to know five factors that can help you zero in on the best service.
Millions of NRIs living in different corners of the world have to send money to India on a regular basis. Whether it is for their families back home or making payments, online money to India transfer service is in high demand. With so many service providers offering you the best service, it can get difficult sometimes to choose the right service provider. Let's look at five parameters based on which you can select a trustworthy money transfer service.
- Safety of Your Transaction: The first and foremost thing to look for is your transaction's safety. Only choose a service provider that protects your transaction with proper firewall systems. Moreover, also ensure the website is SSL (Secure Socket Layer) protected. You can easily identify that by looking at the URL of the website. If it is prefixed by HTTPS, it has SSL protection.
- Ease of Transaction: The next thing is to look at the ease of transaction. Using the service shouldn't be so complicated that you dread making the transfer. Good services help you make the transaction in 4-5 easy steps. All you have to do is register yourself (by submitting the relevant documents), enter the transaction amount, enter the beneficiary details and make the transfer. Moreover, some banks integrate money transfer services with their NRI banking service. If you are going to make the transfers regularly and you are an NRI, this can be a great way to get preferential transfer rates while making the transfer quickly and conveniently.
- Service Fee: The next thing to look at is the service fee involved. Choose a service provider that offers an attractive service fee. Some also roll out regular offers and discounts on the fee. However, an even more important factor is in the transparency they provide. Stay away from services that hide their fees only to surprise you when you initiate the transaction.
- Exchange Rate: Another important factor while making the online transfer to India is the exchange rate offered. Some service providers let you lock in a preferred exchange rate that is valid for a specified time. The transaction only takes place when the currency reaches this level. However, if the currency does not come at the desired level during the specified duration, the transaction is auto-canceled. Letting you lock in the exchange rate allows you better control over the transfers. Moreover, as stated before, if you have an NRI account with the same bank, you may be entitled to a preferential rate.
- Features Offered: Lastly, it is important to look at the features offered by the service provider. For instance, some service providers let you schedule your transactions or make recurring transactions. This is especially useful for NRIs who have to make regular transfers to their families back home or make regular payments in India.
Some banks allow you to track your transfers after you send money online. This can help you and the beneficiary stay updated about the real-time status of the money. A bank that has a good presence in India and your residence country is a good choice for making online transfers to India. Choose a reliable bank and send money to India with ease.