When you are planning on sending money to friends and family in India, you need to think about how the process works. You can learn a few things from the tips below, and you can plan to send money to people who need it the most using a simple system. However, you need to make sure that you have followed the process that suits your situation. Not all the money transfers are the same. Plus, you need to know that your money is safe when it is sent.
1. Is There A Bank That Can Help?
Sending money to India is easier when you are using a bank or a bank account that allows for international transfers. When your bank allows you to send international transfers, you can send money to a bank in India that your friend or a family member has control of. This is a very simple thing to do that is very cheap, but you need to know the name of the bank the recipient uses.
2. How Much Does It Cost?
Every transfer has a fee attached to it. There are a lot of people who would like to send money through a bank or service, but they often forget that there is a cost attached to the money transfer. You can ask the bank how much they charge, but you also need to ask if there is a fee that the recipient needs to pay when they get the money. You can pay for that fee upfront, or you may need to spend extra money to make up for the fact that the recipient needs to pay another fee.
3. Does The Recipient Need To Go To An Office To Pick Up The Money?
You can send electronic transfers to international banks or offices at any time, but you need to know if the recipient needs to go to the office to receive the money. An electronic transfer should be immediate, but some banks will not deposit that money in the recipient’s bank account. Because of this, you need to talk to your friends and family in India to find out where the nearest office is.
The company that you use to send money may have a partner in India that will be used for transfers and pickups. Let the recipient know where they are going, give them the transaction information, and make sure that they know the process for picking up the money. If you do not know the process, you may not be able to pick up the money. Keep the receipt you are given, and send the recipient a picture of that receipt. Also, remind the recipient that they need a valid photo ID to pick up the money.
4. What Is The Exchange Rate?
The exchange rate that you pay for these transfers changes how much money your relatives or friends in India will receive. If the exchange rate is favorable, you can send a bit less money to achieve the desired result. If you are sending money when the exchange rate is not favorable, you may need to send a bit more money so that your friends and family get the cash they need.
5. How Long Does The Transfer Take?
You must ask the bank or transfer office how long the transfer takes. Most companies will tell you that you need to wait at least one business day, but it is possible that these companies may need three or four business days to transfer the money. Make sure that you know the policy, tell your recipient when they will get the money, and check your bank account in a few days when you think the transfer should be done.
6. Can You Verify The Transfer Was Completed?
You need to ask the company or bank if they will send you notification that the money was sent and retrieved. You need to know that your friend or a family member has been able to pick up the money, and you can avoid fraud when you get a notification. you may be concerned that someone will steal the money, and that is why you need the notification.
7. Is There A Transfer Limit?
Some banks or transfer offices will put a limit on the amount of money you can send. Plus, you need to ask if there is a daily limit, a weekly limit, or a monthly limit. You can remain within these limits if you schedule your transfers properly.
When you are sending money to India, you must get all the information listed above before sending your money. You will find that it is easy to send money, to send the right amount, and to make sure the money was picked up by the right person. Plus, you need to keep the recipient informed so they know what to do.