The trend of international money transfer to India started after a massive number of Indians had immigrated to other nations for working there or for settling down permanently in those lands. It was important for these overseas Indians to remit money to India regularly to help their elderly parents pay their home maintenance bills, personal expenses, utility bills, etc. Many overseas Indians were culturally and emotionally attached to India. The various remittance methods, including the latest online remittance method, have permitted NRIs to send and receive money globally. The mostly paperless online money transfer system has made the remittance process smoother, safer, quicker, user-friendly and stress-free for many NRIs.
Before initiating money remittance to India, it is important for you to understand the exchange rate. This term basically means the value of one national currency in another nation, which has its own currency. The Indian national currency is the rupee. You need to be aware of the current exchange rate while thinking of remitting money to India. Subsequently, you must find out the exchange rates being offered by various online remittance providers and arrive at a conclusion. The INR value, which your currency obtains in India, is the exchange rate.
This is how the exchange rate works. For example, you are residing in the United Kingdom and desire to remit money to your beneficiary in India. If the average currency exchange rate is 1GBP = INR 93, use that as the yardstick for comparing the exchange rates of different online remittance providers. It makes more sense for you to choose an online remittance portal, which offers the same exchange rate or even better. The exchange rates can swing from day to day but remain constant throughout a day.
Merits of online remittance
Because of online international money transfer to India, there is no need to carry hard cash to transfer money to the recipient. Thus, with online remittances, there is no possibility of hard cash being lost or misplaced in transit. Online remittances between branches of the same bank take place within a few hours. Online remittances between branches of different banks take more time but are finished sooner than traditional remittance methods.
You must, however, not rely on those online remittance portals, which have untested technology in place to safeguard transactions. Always look for security certificates on these portals. You must not conduct transactions in public computers and must only do it on your personal computer to safeguard the privacy of your transactional details. Your PC must have a dependable Internet connection. You must adopt all precautionary steps suggested by the banking portal to prevent frauds in the course of your transaction like hacking, phishing, etc.
If you are duly careful, then you are sure to have a smooth experience of money remittance to India.