The business of sending money across borders achieves great heights

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Technology has changed the face of banking completely and we have the bestways to transfer money to India in the form of electronic remittance. It is fast, smart and highly safe. Not only big banks but even small local banks also offer the facility to their customers. The virtual version of money transfer let the banks sweep out and sweep in huge loads of money without handling a single currency note. Looking at the volumes of money transfer to India, it is the need of the day to find out effective and fast methods of transferring money.

In the world of electronic money transfer, the sun never sets. When the night falls in India, millions of rupees get transferred from the brighter side of the globe.
No need to go to the agent when online transfer is possible
When people want to “wire” money today, they do not need to step out of the house. Just login to an agency offering online money remittance to India and click “Transfer” button and the work is done. As more and more people use Internet and online facilities nowadays, going to an agent’s office becomes an outdated practice. Cross-border remittance conquers newer heights every year. Statistics says that the major chunk of it has been contributed by transactions of small amount, but the enormous volume makes the overall turnover huge. The major contributor is transferring money to India fromUS. As the number of people working abroad swells, the figure is expected to reach the rooftop. Unofficial estimates say that it will show an annual increase of 8 percent or more. The figures are certainly encouraging, and private agencies are ready to reap the maximum benefit from it.
Banks are reluctant to use the opportunity because they have other priorities
Since most of the banks don’t see money remittance as a lucrative business area, private remittance agents have a gala time. They offer more alluring services to the customers so that the largest share of the cake can be consumed. They offer the easiest way to transfer money to India and treat customers with utmost care. No wonder, people also give them preference. The flourishing market opens exciting opportunities for small and medium players. They can grab more customers by adding further services to the menu card.
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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.

Only the most transparent remittance operator is trusted by clients

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Remittance operators that offer online money transfer to India from USA expect a great surge in the business in the coming years. There has been a phenomenal growth in the number of transactions both volume wise and value wise in the recent years. Financial experts say that the future of remittance industry is bright, but with a few riders.
It goes without saying that offering competitive rates for remittanceto India is a distinguishing aspect. According to the latest convention of remittance operators held in Switzerland in 2015, transparency will be the only way forward. As the technology becomes easily available to everyone, it doesn’t remain a game changer.
What is the meaning of transparency in this business?
Well, the term transparency is quite ambiguous, and it can be interpreted in several ways. What do the experts mean about money transfer business? As per business stalwarts, it means that the customer has to be well-informed about everything which is relevant for him, e.g. fees and charges applicable, details of service, money transfer rate, transaction time, and exchange rate margin.
Initially, it might be a daunting task for remittance operators because they do not have a system established to transfer money to India. However, it will become a routine thing after a few years as everyone will follow the same path.
It has been observed that in spite of stringent regulations, still there is a big gap between the actual cost of money remittance and what customers perceive. They get a surprise at the end of the transaction when the payout is less than expected. Business leaders feel that it is not the right way of doing business. Hence, transparency is more than required.
Remittance costs are declining every year
Statistics proves that the cost of remitting money is declining gradually. However, it doesn’t bring the profitability down as the number of transactions shows an increasing trend. The economy of scale governs the sector. New age technology and innovative techniques simplify the procedure, and more people find it practical to remit to India.
The use and popularity of the Internet increases worldwide and penetration of handheld devices makes the remittance fast and convenient. How to send money to India is not a daunting question now.
Experts say that user education is still a big challenge. People don’t know about several charges while initiating money transfer and often receive a “bill shock”. Use of intricate financial jargon confuses them sometimes. All these issues will have to be eradicated by making the process fully transparent. It will be the only success mantra!

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.

You need a safe remittance service provider to avoid scam

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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.

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.

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.