Money Transfer: Are There More Ways Than One?

With more people working abroad, there are numerous non resident looking for safe and better ways for money transfers. Thus it is best to explore the available options and then choose a money transfer service or provider to send money to India or other Asian countries. In most cases, better education and job opportunities lead you to settle down in a different country but your family back home may need monetary assistance many a times. You may not be able to be physically present on each occasion but a money transfer to India can help your family tide over numerous essential costs.

If you are new to the concept of making an international money transfer, there are numerous ways to make a safe transfer. Though a majority of the banks in India have the facility to receive bank transfers, they charge high service tax and commissions which takes away quite a bit of the total payment. So compare the various services available to save on your hard earned money. Here are a few that can be considered the next time you need to make an online money transfer:

International Money Transfer Agents: Some of the organizations act as agents for remitting payment to India charging you a minor fee but give better conversion rates. These are some of the traditional methods.

Banks: If you and your family have an account in the same bank, making a bank to bank transfer is easy and is a secure remittance. SBI, HDFC, ICICI have direct access and their own systems for monies transfer to India while other countries have their own localized banks that offer these services.

Online payments: With global workforce and multi currency payments, you can use PayPal, Xoom or Moneygram to make direct online payments. Though the transfer of funds is quick, you need to verify the legal aspects of using such services.

So whether you are in United States, United Kingdom, Saudi Arabia, any of the other European Union nations or even in Singapore, your beneficiaries will receive the payment in local currency. A survey conducted by the monetary bodies gave a surprising fact that though most of the currency transfers to India were used by families, most of them were to purchase real estate. But whatever you need is for the monies transfer, here are a few considerations to be aware of:

It is best to check the credibility of the online service providers as some may cut away a large portion as fee or not refund all the money in case an error occurred. Additionally, check the conversion rate on two or three websites before sending the money through a remittance service provider. But before you send across the payment, check the available limit that needs to be transferred.

For some online payments work best while the traditional ones stick to bank transfers, now it is your chance to see that your hard earned money reaches your family safely whenever you need to make a money transfer to India. With online banking services, the beneficiaries may not even need to move out of the house to receive the payment but if you are using any other Instant global transfer funds, they will need to personally visit the location to receive the payment.

By: Lisa Coynee

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