In today’s time and age, almost everyone has sent money online. However, if you are someone attempting to send money from USA to Indiaand if you need help in finding great ways to send money from USA, this blog is for you. There are many different ways of sending money to India that you can consider as you initiate a transfer from across the world.
What is international money transfer?
In simple terms, international money transfer is a way to send money from your account in the country you are living to a bank account in a different country. As an NRI, if you are living in US,you can transfer money to India through Outward Remittance that allows you to send money to India. You can transfer money to your account or to your family in India any time from anywhere in the world.
Similarly, as an Indian living in the US, you can send money to India from the US through remittance service providers.
3 important things to know before sending money to India from USA
Below are some crucial aspects you must consider before sending money to India:
1. Reliability of the service provider
When choosing a remittance company, make sure it is reliable. Ensure that the service provider you are choosing is licensed. Banks and financial institutions are mostly trustworthy for cross border remittances. Do not choose a money transfer service purely on the basis of less transfer fee and exchange rate. Also, check the different steps involved in remittance process from the sender to the recipient.
2. Exchange rates
One of the most important factors when choosing a money transfer service is ensuring you get the best exchange rate.The exchange rate you receive can make a big difference when you send a huge amount of money internationally. If the exchange rate is even a notch higher, it can help you save much while transferring money to India.
A small amount of research before choosing a money transfer service can help you find the best exchange rate possible and save a valuable amount for your international money transfer.
3. Fees and charges
Another important factor you must consider while choosing a service to send money to India is the cost of remittance in terms of fees/charges. You should be fully aware of the charges levied by the service provider while transferring money to India. Transfer fees vary for different service providers. Few charge a fixed fees and few charge a percentage of the amount you are transferring.
Consider the above three key factors prior choosing the money transfer to be rest assured of a safe, secure, and a beneficial outbound transfer. One such service that takes all these factors into consideration is Money2India offered by ICICI Bank.