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.
Money transfer takes a lot of time if you use the traditional methods of cheques. It could take 30 days or more to get the money deposited in India. Normal wire transfer is error prone. The common modes of transferring money to India from US include bank drafts and cheques. You need to choose the best and safe mode to transfer your money to India. Selecting the trusted online money transfer services is also important.
When you transfer money to India from USA, the best way is through power transfer and e-transfer modes. It is the fastest and easiest way to deposit the money safely into the state-run banks like State Bank of India and private banks like ICICI Bank, HDFC Bank and Axis Bank. You need to select the trusted foreign banks carefully to send money online. It is necessary to read the reviews and ask the friends and colleagues before entrusting the money transfer to a particular bank from US.
How to make online money transfer
RBI has set some guidelines and rules for Online Money Transfer to India from USA. In some instances, the online money transfer is restricted for personal remittance. If you are looking to send money to your loved ones bank account for investment, buying a property, paying tax, or other needs, selects the best transfer services at the current exchange rate and for lower transaction fee.
If your loved one is in urgent need for funds to pay tuition fees, the best option to send the money to India is through NEFT. It is the safe online money transfer and usually takes 24 hours to 96 hours. You can approach the connecting bank for direct transfer to the bank account in India.
ACH Transfer Mode and PayPal
You can also opt for ACH transfer to India. It takes up to 4 working days to get the funds credited to the bank account. It will not charge any extra fee to send money to your relatives in India.
You can also send money using PayPal mode. The sender need not pay for online money transfer here. However, PayPal charges the recipient at 3.9% for each transaction.
Fee for Online Funds Transfer
If you want to send $1000 to India from the U.S., the bank collects $1005 that includes a fee of $5. An amount of INR 63,000 gets deposited into your loved one’s bank account in India. You can transfer the minimum amount of $1000 to India. The exchange rates are updated between seven and 9 AM every day morning on SBI California website. If you transfer money after this time, you will take the day exchange rate.
Every year, millions of dollars are recorded as remittance worldwide. With the benefit of technology, there are plenty of ways to send money home. With so many options available, it is very important to make the right option to avoid an extra fee to transfer money. There are some basic factors to be considered while transferring money. This way you can use the optimal method to transfer money to anywhere in the world.
Mode of transfer
The aspects to consider while choosing a money transfer mode are;
Location of the receiver and the sender
Availability of the technology and awareness levels of the same
Affordability and time availability
Taking the above consideration, one can select a medium that suits them well. A simple process of sending cash is through money transfer, its the oldest methods of money transfer. The receiver will get the money by the transferrer or can collect it directly. The next option is bank transfer where money can be transferred easily to the recipient’s bank account. Today, many leading international banks are tied up with money transferrers. The easiest way to transfer money in just a click away is through online. Many websites have the facility to transfer money to their credit/debit or bank account payout. Send money to India without any difficulty by the means of technology
2. Cost of transfer
The cost of transfer totally depends on exchange rates, the commission charges levied, mode of transfer etc. And they will vary depending on other value added services and on the service provider’s network. Simply put, at the end of a transaction, calculating the money the recipient receives which will give an idea of the transaction cost. While getting a particular type of money transfer to India, one should be well informed about the exchange rate and the fees.
Before transferring money, it is always good to weigh the options available. You can understand the pattern easily by comparing the exchange rates. While one service provider might have state – of – the art technology, another might boast of having a wide network to transfer money to India. Hence, choosing accordingly and understanding your need is very crucial.
Always remember to ask for a receipt for a record of the transaction at the end. This will act as a reference and authenticate for future purposes.
Thanks to technology, the world today has an easy access to every country in the world. Important transactions are carried out on a daily basis across the world. The online world has become more connected. People prefer to carry out transactions like transferring money online. This is because online transfer of money is quick. In today’s fast paced life, people do not have the time to wait for a long time to receive their money. Money needs to get transferred immediately. But technology also has a flip side to it. While important things get done quickly, there are very less people who are trustworthy in the online business. When you transfer money, you want the money to be transferred safety and immediately. You don’t want your money to be in the hands of someone you don’t trust.
With globalization, people from India have settled across the US. Online money transfer to India has become easier. There is need to transfer money to India on an everyday basis. This can be for various reasons like business, personal or even in an emergency. Due to this, the money transfer service needs to be secure and trustworthy. The money should be transferred safely across the sea is the main priority of a person. There are plenty of options that are available today for the transfer of money online. But among these services there are lot which are not up to the mark. The online transfer services should be easy to process, reliable and extremely secure. The service should keep a track of the money transfer to update the sender on when it is to be deposited into the receiver’s account.
A service giving a good exchange rate is also an added advantage. RemitLite is such a service which fulfils all the above important things. It is a trustworthy and reliable service for transferring money from US to India and vice-versa. Sending money to India from US has become more easy and efficient. RemitLite offers the best exchange rates in the market. The service is quick and completely safe. Visit http://www.remitlite.com.
Many Indian residents have migrated to India for purposes of Business or studies and have their families in India. To send money to India wasn’t an easy task earlier. Problems in transfer of money, complaints of theft, calamities, problems of late delivery and many other dangers of exchanging money through post. Such services have been improved due to enhancement of internet and online services. Today we have money transfer services online which not only transfer money from abroad to India but also offer a very good exchange rate at the same time. This has happened due to the highly improved technology that has emerged in the 21st century. At present there are many money transfer services that are available but we need to choose the best way to transfer money to India from USA.
RemitLite is one such money transfer service that provides money transfer with an exchange rate and it is the best way to transfer money to India from US. It offers the best exchange rates to their customers unlike any other online money transfer portal. RemitLite is not only trustworthy and reliable but also speedy and convenient. RemitLite keeps you updated with the rates that they are providing. Along with the updates of the rates that they will be providing, you also get updated with money transfer details and will be well informed in case of delays that may have occurred due to certain reasons. To hear this from a Remitlite Customer that has been using its services for past 6 months, “I am a single mother and I have my daughter studying in India since last few months. With time the gap grew but the money exchange services by RemitLite have now narrowed the gap. Now I can send money to her during her emergency without worrying about its security in transfer.” Such services make life easy and make transactions hassle free. Online transfers have revolutionized the way money can be sent from one person to another.
So now we know that RemitLite is one of the best services that can be used for online money transfer to India from USA conveniently without worrying about the exchange rates. You now don’t have to compromise on your need for money on immediate basis from the people living abroad. What are you waiting for? Your money transfer is just a click away!