There was a time when many struggled to send money to India while living across the seas. It entailed high exchange rates, long wait and risk. But today, it has become very easy to send money to India to one’s parents, family, friends as well as business partners. One does not have to wait in never ending lines at the bank in order to transfer money overseas. These days the internet has become a rage, and things have become quite easy, from shopping online to even transferring money to India.
When one is considering ways to send money to India, they look for options that are fast, cheap as well as reliable. While the exchange rate and reliability of the online transfer service, bank or Transfer Company are important factors that should definitely be considered, always make sure you choose the fastest method of sending money. This is primarily because one can stay assured that they will be able to transfer money anytime or at the time of any emergency without worrying that it will not reach on time.
Thus, when choosing a transfer company or bank, or even an online method to send money to India, here are a few factors that should be carefully considered-
1. Time taken to transfer- This is quite an important factor that should be considered. If the transfer needs to be done quickly choose a service that does it in just a matter of minutes. There are services that complete the transfer in a span of 2-5 business days as well.
2. Exchange rates offered- exchange rates vary from bank to bank and services to services. Find out the exchange rates that are offered by various services, tally them properly and choose the deal that suits you best.
3. Transfer fees- In most cases transfer services do not charge any fees. But banks and some online services do. In case of online services the transfer fee is very low, but banks do tend to charge high fees. For example, in case one has to transfer money from U.S.A to India, some banks charge as high as 25$ for every transfer.
4. Minimum amount that can be transferred- The minimum amount that can be transferred also varies from service to service. While some transfer services in the U.S allow one to send money to India as low as 10$, there are others that only allow transfers that are 200$ or more.
5. Customer service and reputation- Choose a service that offers good customer care. This is because if there is any problem with the transfer one can follow up with questions.