The business of sending money across borders achieves great heights

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 As more and more people use Internet and online facilities nowadays, going to an agent’s office becomes an outdated practice.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.

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

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?

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!

You need a safe remittance service provider to avoid scam

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

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.

Still Worried About Your Money Transfer?

“For the past two years I have been living in USA. Of all the challenges that I faced while living as an NRI, the biggest hurdle for me was transferring money to my family in India. I noticed while transferring money through banks, they were earning their own share of profits and also the exchange rates were not satisfactory, then once while surfing I came across a service provider, RemitLite. They not only provided excellent exchange rates but also the complexities of transferring had become easy and with more security “- Sweekar Sharma

“My mother met with an accident and I had to send an amount of $2000 to India. My friends suggested me to use RemitLite and I have to say I am really happy with their services. Though it took 4-5 days but I enjoyed a hassle free transaction, also the exchange rates they gave me compared to others were awesome. Now I surely recommend RemitLite to everyone” – Pratik Pathak

Just like Sweekar and Pratik, RemitLite has helped many people who are looking out for safe and easy ways for transferring money to India from US with competitive exchange rates. Along with these features RemitLite also offers an Online Exchange Rate Calculator where you can calculate the amount that will be transferred to your account.

Too many formalities are other things that one may consider while transferring money. Well at RemitLite we believe in less formalities and better service and also we provide the easiest way to transfer money to India. Our Customer Support is always there to help you and you can easily get in touch with us by sending us an email to our service centre. So take your decisions wisely and worry about the other important things in life rather than worrying about your money transfer. Send money online to India in a hassle free and best possible way through RemitLite.

Why RemitLite???

Nearly a decade ago the main problem faced by the Indians residing in USA was transfer of money to India. But now the scenario has changed, transferring money is no more a stressful task. With changing times many modes of money transfer has been introduced. Online money transfer has gained a lot of momentum in past couple of years since it is quick and convenient. But in this case also there is a lot of confusion regarding the selection of right service provider who provides good exchange rates along with great service.

RemitLite is one of the best online money transfer service and some of the reason for selecting RemitLite are as follows:

• Best Exchange Rates – We know the value of your hard earned money and therefore RemitLite consecutively have been offering the best exchange rates as compared to others and will continue to do so.

•   Minimum transfer fees – RemitLite charges a very low amount as the transfer fee as compared to others and therefore you end up saving more of your money.

•  Safe & Secure transfer – Your money is safe with us. All your transactions and data exchanges are secured with SSL encryption. So sit back, relax and leave all your worries to RemitLite.

• Ways of transfer – RemitLite offers two ways to transfer the money to India that is ACH Transfer and Wire Transfer. Both the ways are quick and safe.

So now transfer money to India without any hesitation through RemitLite and keep enjoying the excellent exchange rates along with great service.

Wire Transfer Basics

As the name suggests, Wire transfer is a method of electronic funds transfer. In the early 19th century, wire transfers were made over the telegraph lines. It gets its name from the same place because telegraphs were transmitted through wires.

Wiring money is the best and the easiest way to transfer money. These transfers usually are done in real-time but sometimes may take upto 24 hours. Often wire transfer between banks is the cheapest mode of funds transfer. Such transfers are the safest way to make a remittance because the money is flowing within the banks and it does not move out to any third party, so here the chance of losing your money are nil. When we say money flows within the banks, it means that the money is debited directly from the sender’s bank account and is credited directly to the receiver’s bank account, so here no third party is involved at all for the occurrence of a fraud.

RemitLite is one of the best sites to make a funds transfer to India. With RemitLite, one gets freedom of choice to make the transfer since they make Wire and ACH transfers both. RemitLite works round the clock and is the most secured site to transfer money to India. Whether it is sending money to your family, friends, relatives or for the purpose of development of the country, RemitLite is the most trustworthy site to make your transfer.