With so many different money transfer service providers available, it is not always easy for the NRIs to select one. Fortunately, there are a few essential points that could help you decide. Five such points are discussed in this post.
With the rising popularity of online transfers among NRIs, even the number of transfer service providers is increasing consistently. Every other service provider promises the highest exchange rates, low transfer fee, and complete convenience. But in most cases, these tall promises are only to attract customers, and things change significantly when you actually try using one such service.
While there is no denying that there are some excellent online remittance service providers, you should know how to identify them. If the plethora of transfer services are making the selection difficult for you, these are some points that you should check-
- Exchange Rate and Transfer Fee
Needless to say, you’d surely want to get the maximum value for your hard-earned money, and service providers know this. This is the reason why most of them promise to give the best possible exchange rates. But rather than trusting an unknown/unreliable company, you should select a well-known service provider.
There are now banks that offer highly competitive rates on almost all popular foreign currencies. Also, check the transfer fee charged by the service provider. A lot of companies that have high market rates generally have a high transfer fee. So, look for something that offers a cost-effective combination of competitive rates and affordable fee.
- Transfer Process
One of the biggest reasons why NRIs select online transfer for their fund transfers to India is the convenience it offers. So, ensure that you also go through the entire fund transferring process of the service provider. If you are sending funds for the first time, you will mostly be required to create an account on their online portal.
Make sure that the whole process is quick and hassle-free. The service provider should have an easy-to-use online portal and preferably a mobile app too. This will help you transfer funds to India anytime as and when required.
- Safety and Transfer Tracking
A lot of service providers that resort to unethical marketing practices are known to be unsafe. Moreover, even the number of online money transfer frauds are on the rise. This is another reason that makes online remittance service providers like banks a reliable option.
They have multiple security solutions in place to make sure that your transfers are protected at all times. Moreover, most of them also offer transfer tracking facility to help you know the exact status of your transfers.
- Duration of Transfer
The next important point is the total duration the funds would take to reach your recipient in India from your current country of residence. The duration can vary significantly between the service provider you select and the location from where you are sending the funds.
However, most reputed service providers can complete your transfers to India within 1-2 working days. When making a decision, make sure that you do check the average duration of transfers as faster services can come in very handy at times of need.
Time to Make a Decision
Compare the service providers based on the points listed above, and it shouldn’t be difficult for you to make a decision. In most cases, reputed Indian banks can offer an excellent combination of cost-efficiency, convenience, and security.
Once you have made the decision and everything was exactly as per your expectation during the first transfer, stick to the same service provider to experience the same level of efficiency every single time.
Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”