Money Transfer Service Scheme, the amazingly simple way of money remittance to India

If you talk about easy and convenient ways of online money transferto India, the MTSS or Money Transfer Service Scheme is amongst the easy and convenient options. It allows inward remittance of money from abroad to India for family maintenance. The facility can also be availed by tourists traveling to India. They can transfer money to India using the MTS facility. No outward remittance is possible using MTSS service.
This is a joint venture of Moneygram International, WUFS (Western Union Financial Services), and Department of Posts.
What is the process?
The process of sending money online to India using MTSS is quite simple and straightforward.
  • The remitter goes to a MoneyGram location or Western Union money transfer outlet in any of the countries where the service is operational. He fills in the form and pays the money and additional charges applicable. A unique MTCN (Money Transfer Control Number) is generated by the system which acts as the Reference Number
  • The remitter calls up the payee and informs about the deposit. The Payee (receiver) goes to the Post Office, fills in a form and shows identification document. He shares the MTCN to the officer. The code is verified from the transaction record. Once the validation is done, money is delivered
  • It is one of the fastest ways to transfer money to India that doesn’t take more than ten minutes
  • Payee gets the amount in Indian currency. As per the rules, remittance of up to 2500 USD is allowed in one transaction. It is a guideline issued by the Reserve Bank of India that can’t be overruled
  • As per the rules, up to 50,000 INR can be paid in cash. Any amount above can be deposited in the account directly, or a cheque is issued in the name of the beneficiary
In spite of the limitation of maximum 30 transactions annually, it is one of the best ways of doing money remittance to India. More people get benefited by it every year.

India is leading at the remittance front, are you ready to reap the profits?

https://www.remitlite.com/remitlite/transfer-money-from-uk-to-india.jsp
Remittance means the transfer of funds by an expatriate to his/her motherland using different means of transfer. Online, wire and mail are some examples. Remittance is not only important from the point of view of a person but from the economy of the country as a whole. Money sent by people across borders play a great role in the Gross Domestic Product or GDP of the country.
A large number of Indians work abroad. They transfer money to India on a regular basis. This is an important stream of income for many families. At the same time, it also boosts the Indian economy to a great extent.
India tops the list of remittance countries
India recorded the highest number of remittance (in numbers and value) last year. Not only it retains the top position, but there has been a record increase on YOY basis. People use different modes of remittance, e.g. foreign exchange bureau, commercial banks (private and public sector), cooperative banks, Indian Post and several commercial agents. The preferred mode depends on individual’s preference, availability, and convenience.
Money transfer to India from US showed a remarkable increase after the Information Technology boom post 1995. As the number of people working in US increased exponentially, remittance volumes also showed similar patterns.
Fall in the Rupee rate brought cheer to NRI population
Though the fall of Indian Rupee against the US Dollar is the matter of concern for the Indian economy, it is definitely a reason to grin for the NRIs. It means they get more Indian Rupees against their Dollars. In the year 2015, the fall was around 10 percent. It resulted in the phenomenal increase of 20 percent in the volume of remittance fromUSA to India.
Also, the incredible infrastructure development triggered huge investments by NRIs in commercial and residential properties. It is again a good sign for the country. It means that money coming to India in the form of Dollars will be absorbed in the Indian economy. Economic experts call it the “second independence” of India.
The government supports remittance
Since it is good for the economic health of India, the government supports remittance by offering several deposit schemes and bonds. These schemes are dedicated to the NRIs, and there are several benefits and concessions for them.
All these factors boost remittance greatly. The remittance companies lower the costs for transactions. They offer attractive incentives and discounts to grab the maximum market chunk

You need a safe remittance service provider to avoid scam

https://www.remitlite.com/remitlite/index.jsp
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.

Money remittance becomes a matter of clicks due to technical advancement

https://www.remitlite.com/remitlite/index.jsp

 

Fund transfer to India no longer remains an issue in the recent years. Due to great technical advancement, it has just become a matter of few clicks. Gone are the days when people stood in queues and waited for few days or weeks to see the money in the bank account. There were heavy transaction fees and commissions too. But now, money remittance India is a fast and economic affair with several remittance companies emerging in this space. Because of fierce competition, they offer money transfer with nominal charges.
It is a big money game
You will be amazed at the magnitude of money transfer to India fromUS. According to estimates, more than 75 Billion Dollars were remitted in 2014. This figure is going to increase at least 25 percent this year. Few people expect further rise because of the devaluation of Chinese currency and weakening of Indian Rupee. Since, Non-Resident Indians have more money in their kitty due to devaluation, they are expected to transfer it to India. Money transfer to India is more than the combined volume of some countries.
People search for the easiest way to transfer money to India
Nowadays, everyone wants easy and quick ways of transferring money. People constantly compare several choices to find out the most economical option. Here are some of the popular ways of transferring money:
  • Online transfer, the fastest method: If you want to transfer money in the fastest manner, nothing is better than online transfer. Money gets transferred in minutes using this method. Online transfer agencies follow high levels of security norms to make the transaction safe and secure.
  • Wire transfer is also quite effective: You are supposed to go to the remittance agency when there is a need for money transfer. However, it is not a fast and instant medium. It sometimes takes a few days to get the amount credited.
  • Pay Pal is reliable: Though it is a reliable and widely trusted medium, there are charges for withdrawing money. It is free for the sender, though. PayPal has become popular in the recent years because people use internet quite frequently nowadays. Therefore, they find it incredibly useful and easy.
It depends on the personal preference and choice what method suits you. Each method has their own pros and cons. People can pick from all of these best ways to transfer money to India considering their preference.

Know the ways you can remit money to India from the US

https://www.remitlite.com/

Technology has changed the way we live, earn and remit money to our near and dear ones. Gone are the days when people used to stand in queue for money transfer to India from US. There were big commissions on each transaction, and money transfer wasn’t immediate. There were plenty of failures and frauds. Nowadays, it becomes a matter of a few clicks and money transfer is almost instantaneous. There has been a significant drop in the commissions, and it is even waved off sometimes. Sending money online to India wasn’t easy. Thanks to the telecommunication revolution that made it possible.
You have several ways of remittance from USA to India
Well, there are several options to choose from, and you can select any of them as per your convenience and ease. All are comparable and almost same as far as usage is concerned.
  1. Electronic fund transfer through Automatic Clearing House: Popularly known as ACH, it is one of the popular methods of money remittance to India. It is controlled by an agency known as NACHA in the US that controls the electronic payments, clearance, and inter-banking transactions. The money transfer takes three to four working days, and the money can be withdrawn the next day of the deposit. There are no extra charges and hassles. It is quite popular nowadays.
  2. Online money transfer to India: It is another easy and practical way of money transfer. Using the Internet connectivity and local online banking service, you can transfer money to India. Account number, name, and address of the recipient should be known before you make the transaction. It is a popular method among those who transfer funds regularly. This is an economical and less troublesome way of money remittance India.
  3. Wired transfer: It is also quite commonly used method. One has to visit a financial institution or agency to do the money transfer. The customer care executive asks relevant information of payer and payee before initiating the transfer. After that, the agency initiates wired transfer and issues an acknowledgement. Actual transfer takes place in a few days. The lead time has reduced with technological advancement, though.
Whatis the best way to transfer money to India? The answer is really difficult because it depends on individual preference. Factors like easiness, speed, convenience, acquaintance and exchange rate USD to INR play an important role when one decides the preferred method.

A few important tips for those who send money to India frequently

A lot of NRI or Indians visiting the USA on business or official visits transfer money to India using the Internet. With the advancement in technology, it becomes quite simple and safe to do the same. There are plenty of service providers that claim competitive rates and world-class service. Though a majority of them look identical regarding services and features, there are a few important aspects that differentiate a high-class operator to a mediocre one. Experts say that it is not always correct to look at a company that s quick and inexpensive. Rather, safety and security should be the paramount criteria.
How to determine the best service provider?
In the vast market of online service providers who claim to be the smartest and most profitable money exchange facilitators, it is a marathon task to find out the real and genuine one. According to Foreign Exchange geeks, a company that has superior customer management tools and support system should be preferred. Instant money transfer is another critical aspect. The delay should be the least, and so are the margins. Always compare two or three options before deciding. Sometimes, the charges prima facie are compatible but there is a big difference in the service charges. Hence, a proper comparison is necessary.
Mind the exchange rate
Well, you do not bother about the exchange rate when the money transfer is required urgently. However, a well-planned money transfer can be done with thorough analysis and comparison. Do it when the exchange rate is the highest. Don’t believe on speculations but always follow a right advice from a valid service provider. Remember, there is no trend or rationale behind the Dollar-to-Rupee rates. There are hundreds of factors that affect it, and none of them are controllable. Hence, just perform the exchange when the rate touches the peak of the day.
Safety is the foremost aspect
Always pick an operator that is swift, safe, and reliable. Always look at the feedback and reviews so that you don’t select an incorrect one. Certainly you want the money to arrive fast, but at the same time you want it to arrive safely as well. Good quality providers are always dependable. Even if sometimes the rates are high, you should choose a well-known exchange house.
With the improvement in the speed of connectivity, it is quite easy to send and receive money from India to the USA and vice-versa. A little precaution makes it quite safe and easy.

send money online to india

remitLight_logo
Enjoy Hassle-Free Online Money Transfer to India from USA 
 
While living abroad, you are always concerned regarding the well-being of your loved ones. During times of peril, your family might fall into a deep soup. Moreover, your physical absence is just enough to provide them with the jitters of insecurity. On such crucial occasions, financial resources could provide them with adequate support. Therefore, while residing overseas, you must look for the best possible means for availing the finances to your family and loved ones. Now, matters concerning money are quite serious and require utmost diligence and transparency in handling. Associating with the leading money transfer services can just be the right thing to do, in this regard.
Competitive rates of exchange 
 
With overwhelming professional commitment on cards, you might fail to find the right opportunities or time for money transfers. An onlinemoney transfer to India from US will save you the time and effort. Moreover, you can execute the entire process in the comfort and convenience of your home or office. But, prior to opting for the transfer of finances, you must opt for the services with utmost security. Also to this, there is a need for swift and hassle-free money transfer. Choosing the most reliable services can allow you to perform the entire functions with the best rate of exchange.
Proper receipt of funds 
 
Considering the significance of money in every individual’s life, you must ensure safe transfer of your finances to your loved ones. Therefore, safety happens to be a prime requisite here. The leading online services let you transfer moneyto India from USA easily. There are wired transfers and Automated Clearing House or ACH finance transfer services available. As a result, there are zero possibilities of fraudulency or discrepancies and the money will reach beneficiaries in their respective bank accounts. Additionally, the SSL data encryption ascertains the optimum safety of your financial statements and transaction details. And the transfer is instantly executable within few minutes.
Need for trustworthiness 
 
Nailing down your choice of the best online money transfer service is an important decision. Whiletransferring money to India from US, you must take care of quite a few aspects. The service you choose must be customer-friendly. Additionally, there must be proper notifications at regular intervals. Reliable and pioneering online services offer regular updates via text messages. You will also find effective transfer tracking system for each money transfer you make. Ensure timely payment of utility bills for your family, even when you are physically absent. Hassle-free finance remittance makes them the Numero Uno of the market.