What Are The Questions You Need to Ask Before Sending Money to India?
According to recent studies, India is the number one destination which receives a lot of remittance from other countries. This is mainly an achievement driven by millions of NRI's who have settled abroad and yet have strong ties back home.
While it may seem like a simple procedure to select a money transfer service and send funds back home, there are important factors you need to consider. Given blow are some answers to frequently asked questions that will help provide you with some clarity:
Is the service reliable?
While it may seem like sending money to India may seem like an expensive affair, there are plenty of money sending options that is cheap while providing a fast delivery. One way to find out if this is true, is by checking out the reviews. Do the claims really hold true for what they claim? If not, you can always contact the customer service of that institute and get a better clarification.
Will my funds be delivered on time?
At times, you would want to send funds to a destination urgently. This could be to avoid an impending deadline, or any medical emergency that required a large amount of finances. In this case, normal delivery services may not be your ideal option. However, certain express services will send funds to your destination within a short period of time, for a higher price. However, you must ensure that your money transfer service stick to the delivery time claimed.
Is the exchange rate good for me?
The funds you will be earning may be in foreign currency. When you make a money transfer in foreign funds, it will be converted into the local INR value. When this occurs, the value of the INR per the foreign currency will be taken into consideration. Therefore, when you are sending money to India you will need to be aware of the current conversion value before you make a transfer. Most money transfer companies usually display their daily exchange rate on their website. All you need to ensure is that, it will match the official forex rate for the day.
Will the service delivery the funds to my home town?
Most of the money transfer services have now evolved to such a stage where they send funds either to your account or right to your doorstep. However, in certain cases and in certain states, most institutes do not extending this service. You can check with the list of delivery points for the services you have selected. Alternatively, you can always send it to the local post office or a corresponding agent, where the receiver can collect from, once they conform their identity.
While there are plenty more factors you can consider, it is important that you are completely aware of the services and its offering. Once you have made your choice, you can select the delivery institute you want and make the transaction.