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Factors to consider when sending money to India from the USA

Plenty of Indians have settled in the USA for better career options as well as a better lifestyle. At the same time, these individuals send funds back home, for various reasons ranging from families to repaying a property purchase back home.

However, with so many options available in the market, how can an individual choose one that will suit his needs? Given below are a few features you can consider when opting for an option to send money to India from the USA.

Exchange rates:

This is one of the most important and first feature you will need to consider when comparing options to send money back home. While this exchange rate will not be fixed on a daily basis, the variations offered between the rates is often similar. However, you must keep in mind, while the exchange rates may be beneficial, you may need to pay higher transfer fees.

Transfer fee:

Each transfer company will offer their transfer fees. Therefore, it is crucial that you review the fees before you apply for the transfer or even proceed with the transaction. Look for companies that offer you transfer fees that match your requirements. At times, some companies also waive the fees if you transfer more than the minimum amount.

Transfer method:

There are plenty of companies that offer traditional means of transfer, such as a demand draft, wire transfer or even through cheques. Alternatively, some companies also offer digital transfers through emails. Some companies also allow you to make the transfer through the means of a single phone call or a message. You will also need to compare payment options available, such as bank deposit, debit or credit card.

Transfer time:

Each company will offer you different time durations when making a transfer. This is a crucial factor to consider, especially when you want to send an emergency fund to your destination company. Additionally, to reduce the duration of the time taken for the transfer, you may need to pay a premium. Alternatively, some companies only specialize in quick services.

Pick up methods:

As a sender, you will need to consider options that will provide you the means to send money to India. However, at the same time, you will need to consider how the receiver will have access to the funds. Will the funds be transferred directly to the recipient’s account or can does the receiver need to pick up the funds from a fixed location?

Transfer options:

At the time, you will want to make a flexible transfer. This includes the ability to lodge contracts forward, place orders in the financial market or even schedule payments in advance. You can look for options that offer you this flexibility.

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