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.

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.

Money remittance becomes a matter of clicks due to technical advancement

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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.

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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Tips to Transfer Money to India from USA

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.

The Mode Of Money Transfer To India – Cost And Its Comparison

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.

3. Comparison

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.