NRIs commonly require to remit money to India to take care of their families and other commitments. It is essential to ensure that your transaction is carried out safely while not being heavy on your pocket. Read further to get some tips to make your transfers safe and cost-effective.
Maintenance of families staying in India, investments, paying for EMIs, etc. are some common reasons for NRIs to transfer money to India. Since it is your hard-earned money, the concern over its safety is well-justified. Also, you need to look for ways to reduce extra charges/fees payable for the money transfer so that the major amount is used for your purpose of the transfer.
Let’s look at some tips to transfer money safely while keeping it cost-effective:
- Avoid Traditional Ways for Money Transfer: Sending money through cheques, money orders, etc. are now a thing of the past. They are not only time taking but are also difficult to track at times. Looking at these issues, you must try to avoid these methods of money transfer. It is better to opt for online services for NRI remittances, the quickest and safest way available today. Several major banks and financial institutions offer such services at competitive rates.
- Sign up for Online Money Transfer Services: If NRI remittance to India is a regular affair for you, then it is suggested to sign up for online money transfer services offered by banks/financial institutions. It is not only quick but ensures the safety and confidentiality of your information through its security features. Also, it saves your information for repeated transfers keeping things convenient for you.
- Look for Services that Offer Guaranteed/Competitive Exchange Rates: Many transfer services offer same-day money transfers and that too at guaranteed or competitive exchange rates. It can help you to get the best deal while making speedy transfers. It is also suggested to check with the bank you already have an account/NRI account to get the privileged offers available for their customers.
- Avoid Transferring Smaller Amounts: The higher the amount transferred by you, the lesser you may end up paying as a transfer fee. Hence, it is suggested to avoid smaller transfers to individuals or multiple persons. Instead, you can consider transferring a larger sum to your NRI bank account (NRE/NRO Savings account) and then make domestic transfers as and when needed.
- Check for Hidden Charges/Special Terms and Conditions: Even after offering the best exchange rates and speedy, convenient services, you may be charged a heavy transfer fee due to hidden charges or special conditions. Make sure that you are aware of all the rules and charges related to the money transfer service. Do not miss any fine printed details in the documents.
The Final Word
With the advent of digital banking, online NRI remittances have become common these days. Also, it has gained the trust of customers with the convenience, speed, and security features that it offers. The above tips can help you keep your transactions safe and related expenses in check.
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