Banking institutions are offering
plenty of financial options to meet the demands of the foreigners or NRI’s
residing in the various part of the world. These options are designed to offer
the optimum flexibility and convenience when it comes to sending money to India
from abroad.
However, the plethora of choices can
prove to be confusing to those who want to remit. How does one select the ideal
choice that will suit their needs, while providing them with the best features?
Given below are different parameters that can be considered before opting for
the ideal choice:
Speed
Amongst the different features, you
will need to consider, speed has always been an important feature. The speed of
the disbursement of your funds is crucial when it comes to transferring your
funds. Most of the regular transfers take around a few days to a week. However,
you will need to opt for a service that will provide you with a faster transfer
in the occasion you need to send funds urgently. Therefore, when opting for a
sender, look for the speed of disbursement they offer and the costing for it.
Consider the situation and urgency to determine the best period within which
you can transfer the money.
Coverage
The second factor you will need to
consider is coverage. Not all banks or financial institutes provide a national
wide coverage. Alternatively, if they do, they will charge an additional price
for it. However, each of these institutes will have limitations, which require
your knowledge to choose the right medium when sending money to
India. Additionally, most banks deal with certain limited currencies
such as US dollar, Euro, and Pound while a few others entertain the use of
foreign currency cheques. Some service providers also offer a foreign currency
non-resident account scheme. With this scheme, a remitter can transfer funds in
any foreign currency to the local currency.
Service
Cost
It is a known fact that service charges
on the remittance depend on the mode of transaction and transaction provider.
Before choosing the sender, you must consider checking the service costs and
charges levied. The standard charges for the SWIFT mode of transaction are
between 1 to 2 %. For demand drafts and cheques, the rate is at 2%. However,
this can differ with private organizations. These charges are in tune with
specialized services, which is offered by the operator.
Convenience
Amongst all the different factors
involved in money transfer, convenience is the least considered point. However,
when the time comes to remit or receive funds, this factor plays an important
role. Not only does the remitter require the convenience to send funds, the
receiver must also have the convenience to receive it. Options such as the
online internet payment or an offline transaction can be feasible to your
needs. You will also need to consider the total amount of the transaction
before selecting the mode of payment.
