Whatis the best way to transfer money to India is the question that worries every Indian residing in the US. Different people suggest various options based on their personal experience and liking. Certainly, it is a difficult question to answer.
Online options like E-Transfer or Power Transfer (where there are no more common errors associated with the normal wired transfer) are quite popular nowadays. Though the numbers have dropped, people still use offline modes like Cheques and drafts. Experts say that it is quite difficult to declare one option as the best.
If at all you prefer an offline mode for money transfer toIndia from US, check the correspondent banks first. Which Indian banks are linked to the bank you are using in the US? Remember, if the Indian bank is there in the list of affiliated banks, you can be sure about the smoothness and speed of transaction. However, there are non-Indian banks too that facilitate money remittance to India.
What is the risk associated with online money remittance to India?
Many people do not understand the risks associated with online money transfer. It is a useful tool indeed but equally risky too. If you are sending money to someone who is known and trusted, then there is not much risk involved. However, sending money to unknown people could be risky. It is the reason, agencies and law experts warn people about the risks at every forum.
Since receipt is generated immediately, reversing the transaction could be extremely tough (impossible sometimes).
Tips to avoid scams
Do not wire money to a person you do not know directly
Do not get trapped into lucrative offers and advertisements
Do not believe in mystery shoppers or unknown entities
You must immediately report when there is something fishy
In case you get trapped into a scam while sending money online toIndia, report the case immediately. Do not waste time because every second is precious. Call the money transfer company as soon as possible and launch a complaint. Escalate to higher authorities in case the call center executives are not ready to register the complaint. Ask for total reimbursement and do not compromise on anything less than that. One should always remember that the responsibility lies on the shoulders of the sufferer.
Using a renowned and reliable operator ensures safe and error-free money transfer.