Exchange rate affects the profitability while remitting; know about it beforehand

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When you want money remittance to India, it is very much important that you gather sufficient information about the current exchange rate USD to INR. Why is it so much critical? The answer is very simple. The rate of exchange decides about the relative value of the money in India in the USA.
Why the exchange rates are fluctuating?
Well, many people get puzzled by the fact that the exchange rates are variable, and one has to know about it before remitting the money. Why should it change? Why it can’t remain fixed? It happens because the international currency trade works on the principles of demand and supply. Since currency has the highest liquidity, buying and selling happen worldwide. Trading activities happen round the clock because the markets are open in some other country even if it is midnight in your country.
Based on demand and supply, the currency exchange rates change. Therefore, you must know about it before initiating an online money transferto India.
If you are remitting a small amount, then it may not be relevant but for high-value transaction, the difference of a few cents is sizable.
What is the best way to transfer money to India without using exchange rates?
No, there is no such way where you do not get affected by the exchange rates fluctuation. All legal and valid ways of money transfer use exchange rate calculation. Experts say that one should understand the fundamentals before initiating the money transfer. It helps a lot.
Interbank rate is also known as bank-to-bank rate. It is the wholesale rate and not retail. Banks exchange the currencies using this exchange rate. The Interbank rate is always different than the normal rate offered to retail customers.
Selling rate or Sell rate is the rate that you get while exchanging the local currency against foreign currency.
Buying rate or Buy rate is the rate that you get when the other country’s currency is transferred into local currency.
When you know the meaning and implication of the three exchange rates, it becomes pretty simple for you to decide the right time for initiating money exchange. Regardless of the ways to transfer money to India was chosen by you, doing it at the right time is always important.
It is possible to get help from professional before you exchange money. They suggest the right moment of doing the same so that you get good profit. Some service providers initiate a transaction on your behalf when it is the best time.

Why do NRIs search for the best deal while sending money online?

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NRIs need to send money to India online quite frequently. Sometimes, there are dependent parents in the native place, and sometimes there are financial exigencies. Some people invest in properties in India, and they are required to pay EMIs. At one side, they are worried about the exchange rates and commissions because it affects the profitability. On the other side, they are equally concerned about the security of the transaction. Everyone wants the money transfer to be fast, accurate and without hassles. With the development of technology, there are multiple ways of doing the money transfer. Each method has positive and negative factors. One should look at these factors before choosing a service.
Money transfer to India is a big business
Yes, it is a million dollar business. You search with the relevant keywords on the search engine, and there are hundreds and thousands of websites that offer money exchange services. Some of them are reasonably priced and cost-effective, and some are exorbitant. You should look for the maximum value while you send money to India. While service providers earn commission for money transfer, fluctuations in the international currency rates also add up to their profits.
The hidden cost of exchange rate forces NRIs to search for a good deal
The exchange rate is nothing but the conversion rate of your currency to the destination currency. Since the rates are not fixed, you should pick the correct time to send money. Other than the exchange rate, service providers also earn a profit by the gap between the buy rate and the sell rate. It is called “spread” in the technical language. Remember, it is at the discretion of the service provider how much spread should be charged. When they charge heavy transaction fees, the spread is levied. When they charge low transaction fees, there are hidden costs in the form of “spread”. It is the reason, NRIs look for the best ways to transfer money to India where both transaction fees and spread is marginal.
Other factors are also important
Well, the easiest way to transfer money to India should not be the slowest one. Money transfer should happen as fast as possible. The transaction should traverse through safe and secure links that can’t be hacked by malicious people. NRIs check all these aspects carefully before clicking the “Transfer Funds” button. After all, money matters!

Money remittance business acquires new heights of competitiveness

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MoneyTransfer to India business is much larger than people think. According to the reports, more than 500 Billion USD were remitted last year, and the figure seems to touch 600 Billion USD mark in the coming years. It is quite obvious that competitiveness is the essential quality when a remittance agency wants to capture a large business chunk. The market is still growing, and it offers equal opportunity to everyone. In this scenario, only those will survive who offers best of the services. As new companies emerge on the scene with a new approach to customer-handling and servicing, people enjoy a transparent and fair pricing.
Information Technology changes the competitive landscape
Conventionally, the industry was managed by old-fashioned money exchange stores that offered manual methods of money transfer. The speed of transaction was slow, and there were issues with reliability and accuracy of money exchange. The emergence of online payment and popularity of handheld devices has fully transferred the situation. Now it is a matter of few clicks, and you send money to India or any corner of the world. The average cost of money transfer has dropped significantly, and availability of remittance operators have made the competition fierce.
Survival of the fittest is the rule
Experts say that a remittance operator offering services to Send Money Online can’t succeed in maximizing profits unless it works on a comprehensive strategy. It has to look into the interests of all stakeholders. When it meets the expectations of customers, money exchange agents, government and regulating authorities, and the workforce; then only profitability gets improved. It is needless to say that a well-planned business plan brings high levels of agility and smartness in the approach.
Two types of money transfers
  • Bitcoin: It becomes a valuable tool for serving the sector not covered by banks yet. As the technology improves and it meets regulatory requirements, the use of Bitcoin increases. It is the best way to manage frequent money transfers of small denomination. The industry will grow phenomenally by covering the unexplored niche.
  • Alternate money transfer: It is a typical “banking by phone” transfer service that doesn’t have the limitation of using Smartphones. In countries where more concentration of normal handsets prevails, the method becomes quite useful. It is popular in India, and the government is also promoting it by offering license to payment banks.
Responding to the dynamism of money remittance is a challenge, but it is quite achievable by enhancing competitiveness. When it comes about survival, operators that offer the best way to transfer money to India from USA will survive.

Top worries while remitting money to India

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Today, online money transfer to India from USA is a necessity, and not a luxury. As there are millions of Indians in the US earning billions of dollars every year, they want quick and safe means of sending money to their home. Though you have hundreds of options, people have several worries about the safety and reliability of the same. Since it is hard-earned money, nobody can afford to lose even a single penny. Here are the top-most worries that haunt people while transferring money to India from US:
  1. Is the money transfer service safe? What is the guarantee that there is no data theft? : If you use a money transfer service that uses 128-bit data security encryption, then there is no need to doubt about it. It ensures that the data transfer between your computer (and another handheld device) and the remittance server remains secure and private. Even if someone is able to look at the data stream, nothing can be interpreted by it. Since the servers are kept behind a firewall, in this case, unauthorized access is impossible. There are audit and security policies to check intrusions and evaluate threat periodically. Hence, it is possible to send money to India online without worries.
  2. Is the money transferred using reliable banks? : When you select a service provider that works with only major banks, then there is a guarantee that you are using one of the best ways to transfer money to India. Check whether the remittance company has trusted banking partners like Citibank, HSBC, Interbank, Metrobank, etc. Also, the third-party organizations should also be verified by renowned standardization companies, e.g. VeriSign. It shows that the remittance company has a certificate for data safety.
  3. What is the guarantee that my account will not be used in an unauthorized manner? : When a reputed remittance partner is hired to send money online to India, it is guaranteed that it will not be misused. A thorough investigation is carried out before clearing the account. Also, there is 100 percent coverage and reimbursement in case of remote chance of misuse.
When you want to transfer money to India from USA in the best way, the new-age online remittance companies are unbeatable. They protect the interests of their clients and make sure that not a single transaction goes haywire. Since they are regulated by the Federal Government, interests of every customer is secured.

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

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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.

Why online is the best way to transfer money to India from the USA?

The modern era is called the era of telecommunication, and there is no exaggeration in it. We make use of the Internet in almost every aspect of our life, including financial transactions. Online money transfer across the countries is one of the most useful applications of the Internet.
Availability of safe and secure Internet connections makes it possible to Send Money Online without fear. It makes money transfer almost instant and easy irrespective of the distance and time zone. According to estimates, thousands of transactions take place on the daily basis where people from the USA and other countries send money to India. As the exchange of money between India and the USA increase manifold because of outsourcing, there is a need for highly efficient and reliable service providers.
What makes the best way for international money transfer?
Well, other that speed and convenience which are the most obvious benefits, several other good things that make online remittance lucrative.
  • It is possible to send money directly to the receiver’s account: Online transfer makes the transaction directly to the bank account of the receiver. It removes the need for a mediating agency. Not only it reduces the cost, but also saves from the risk of exposing confidential monetary transactions to a third-party.
  • It makes audit compliance and tax calculation simple: Since online transfer takes place in the account directly, statutory reporting and auditing become hassle-free. Since tax and other service charges get deducted at source, there are no audit observations.
  • Good service providers offer stringent quality checks: When people use a reliable service provider, it is the best way to transfer money to India from the US. A seasoned operator validates the transaction before approving. Hence, there is a negligible probability of fraud.
  • It supports all varieties of money transfer: Individuals and businesses can send or receive money internationally using the online method. Thus, it is a versatile and flexible mode of money exchange.
With further advancement in the technology, online money transfer will become further simple and fast. Compatibility with handheld devices adds another dimension to it. Certainly, it will become the prime mode of money exchange between India and rest of the world. Multiple currency exchanges will make it possible to send money in more than one currency. Experts say that with further advancement in technology, reliance on other alternate solutions will drop significantly.
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