Money 2 India: Common FAQ’s answered

The need to transfer funds will always be a requirement in today’s day and age. Given that the advancements in today’s technology and e – commerce market, you can now easily transfer funds from one location to another in a mere click of a button. Additionally, there are plenty of money transfer choices available in the market, each offering competitive rates, valuable features and specialised service.

Amongst the different money transfer services, the Money 2 India is one such service. Through this service, you can send funds back to India and track its progress. Given below are some of the FAQ’s associated with this money transfer service:

Is Money2India safe to use?

Like any other money transfer services, Money 2 India employs a range of state of the art security features, keeping all your transfers and transactions from being access from any outsider. Some of the protective features employed by this service include regularly updated firewalls and 128-bit secure socket layer ( SSL ). Through these features, unauthorised access is restricted while ensuring all information that is exchanged remains confidential.

What are the different currencies I can transfer funds in?

When transferring funds Money 2 India you can use the following currencies to transfer in:
• Canadian Dollar
• US Dollar
• Great Britain Pound
• Sweden Krona
• Switzerland’s Swiss Franc
• Singapore Dollar
• Hong Kong Dollar
• UAE Dirhams
• Australian Dollar

Do I need to sign up for an account to use Money2India services?

Yes, you would need to create a Money 2 India account in order to use its services. Once you use the account for the first time, your details will be saved securely in order to save time and provide you convenience anytime you would want to make a money transfer in the future. You can be well assured that this information will not be shared or made available to anyone else.

How can you start using this service?

You only need to register for this service at the respective bank or financial institute you would want to apply at. Once you log onto the website and register for the account, you will be needed to provide information pertaining to your personal details, contact details, and other security features. Once you have provided the required details as well as accepted the terms and conditions, you must await the successful registration for the service. Once it is successfully registered, you can start using this facility for your money transfers.


How will I get my User ID and Password for my login?

When registering for the Money 2 India, you will need to register with an existing email ID. This email ID will be your login ID. At the same time, you will be required to create a unique password when registering. In the event you forget your ID or password when logging in, you can always use the help link to assist you.

Shifting abroad? Opt for an NRO account right now

As an individual who is travelling abroad, there are plenty of factors you will need to take into consideration. For one, the financial investments you have made for yourself as well as your family will be needed to be taken into consideration. But while closing down your investment schemes and the accounts may seem like a viable option, you can always convert your current account into an NRI account, which is namely the NRO account.

This account offers NRI’s the means to invest their income earnings such as the rent, pension, dividends and other selected forms of income, while settled abroad. The account holder can also transfer foreign currency into this account, which can be converted into the local INR currency when required. While this account has several other benefits and other constrictions that you should be aware of. Given below are some of the features you need to be aware of when opening this loan:

Purpose of the account:

As mentioned previously, the NRO account serves the purpose of allowing the account holder to accumulate and maintain a regular flow of income from India.

Account Holding

With this account, a joint account can be held, by both NRIs. In this account, the co – account holder can also be a resident Indian.

Income Deposit and taxation:

Theseare the main factors of anNRO account you need to be aware of. If you are a non-resident Indian and wish to save or operate money that is sourced from incomes generated within India, then you should opt for this account.Incomes generated from India such as the proceeds from the sale of property, rental income, interest earned on other deposits in India; dividend earned from stocks will need to be deposited in this account. However, in this account, all funds are taxable.

Currency Option for Fund Deposit:

One of the main differences between the NRO account and the other account is the currency option for the deposit. With this account, you can deposit both the foreign funds as well as INR funds. However, it will be held in the INR value in the account

Repatriation of Funds:

Unlike the other accounts, the NRO account has several restrictions when it comes to the repatriation of funds. For one, the account holder can repatriate only an amount of 1million USD during a single financial year.

Tax Imposition:

As compared to the other NRI accounts, the NRO account has tax impositions, which affects the income earned in the account. With this account, not only is the income taxed, but also the interest earned in the account. Taxes such as the income tax, wealth tax, gift tax, etc., are applicable tothis account. However, account holders do have a reduced tax benefit, which can be availed under the Double Taxation Avoidance Agreement (DTAA).

What are the available investment options for NRI’s?

Although plenty of individuals have settled abroad, they still maintain a form of investment back in their home country. Through this, an NRI can invest through two different routes, namely the automatic route or the government route where prior permission is required from the government before an investment is made.

But when it comes to selecting the right option for investment, there are plenty of options available, each with different features and restrictions. These options can also be used for short term or long term investment goals. Given below are some options you can consider:

Non-Resident Ordinary Rupee Account (NRO):

This is one of the popular NRI accounts that several individuals have opted for, especially for individuals who are looking to deposit or manage earnings from India. Foreign funds can also be deposited in this account. In both cases, the funds that are deposited in the account will earn interest. The interest, however, is subjected to income tax deductions at the source plus applicable surcharges. However, repatriation is only allowed under certain circumstances, such as the upper limit for sending funds is only 1 million USD in a single financial year. Additionally, you will need a tax paid certificate from a certified CA before you repatriate any funds.

Non-Resident External Rupee Account (NRE):

The NRE account is the second NRI account that is a popular option amongst other NRI’s, who want to deposit funds earned abroad and transferred to India. The funds that you invest in this account will be converted into Indian rupees, with the conversion value taken at a rate prevailing at the time of deposit. The funds in this account, which includes the principal amount as well as the interest are repatriable, without any conditions.


Foreign Currency Non-Resident Bank Deposits (FCNR):

The FCNR account is mostly used for termed deposits, especially if you want to deposit foreign currency. Like any other termed deposit, this account will help provide the ideal protection against fluctuating market conditions and volatile currency values. This account can be opened jointly with an Indian resident. However, the account must be made for a minimum maturity period of one year, and a maximum period of 5 years. The interest earned in this account is tax-free, while the principal amount is taxed.


National Pension Scheme (NPS):

Through this scheme, the policyholder can invest funds in creating a corpus, while also opening a post annuity retirement. Individuals between the years of 18 to 60 years can invest in this scheme. However, unlike the other accounts, this account can be held only by an individual. Once the policy is opened, a PRAN is provided which is the Permanent Retirement Account Number. However, this scheme is only allotted to individuals who holdsan NRI status and a citizenship of India. If at any point, an NRI gives up his citizenship, the account is closed.

Know these car adviser’s tips before purchasing a used car

When it comes to purchasing a car, it can be very easy to spend more than you planned. The more attractive and valuable it is, the more you become unaware of what you need when it comes to purchasing a used car.

No doubt, even with a used car, spending more than its worth will create an unnecessary financial step. Despite what may seem like a too good to be true deal, here are a few tips suggested by top car advisers to keep in mind before you purchase a used car today.

Tip #1 - Set a budget

In order to avoid a buyer’s remorse while managing your finances properly, you must set up a budget that will help you determine how much you can afford for your car. Take into account your monthly expenses, the amount you have sorted for savings and compare it to the income that you get after your deductions. With the remaining funds, you can use it for your car payments, insurance or any other expenses to support your automobile purchase. This is also one way to check whether you can afford the car on your own or opt for a used car loan.


Tip #2 – Do an extensive research

Before you approach any dealers, you must research about the car you want to want. Each car comes with a price and this is no different for used cars. You will find plenty of websites online that showcase used cars with its features, price, performance reviews, car values and more. If you visit the dealership or even a money lender for that matter, you may end up paying for more than what you would want. Any information you get about your car, will help you determine its true value, distinguish between true customers complaints, and even negotiate for a good price.

Tip #3 – Get preapproved for a used car loan

When it comes to the monthly payments for the purchase of the car, you will not only need to consider the purchase price, but also the interest rate on the car loan. A lower interest rate, will mean a low monthly payment, but it can also mean longer repayment tenures. It also works the other way, with shorter tenures and high interest rates. To avoid any possibility of getting an unaffordable loan, go for a preapproved used car loan. Keep in mind your monthly expenditures, while ensuring you have sufficient funds for other expenses. Keep in mind a preapproved loan is one way to keep you within your budget when it comes to selecting your car model.


Tip #4 – Get a vehicle report

Getting a vehicle report may seem like a wastage of resources, but when it comes to getting a car loan, it can actually work in your favour. You can use the vehicle’s history report to help strengthen your bargaining position or ensure that your car is in good shape. You can also be aware of the service records are correlated with a car’s mileage records.

Factors to take into consideration when applying for a business property loan

A business loan is a great way to finance your business and ensure its progress and success. This loan can be utilised for several purposes, which includes ensuring certain business goals are met, focusing on financing certain projects, marketing a new product and much more.

One of the many factors you can take into consideration is the purchase of the business property. Plenty of business may still have an online presence, but yet invest a physical space for storage or even for a production plant. Therefore, if you are looking to invest in a loan to purchase property for your business, here are a few factors you can take into consideration

Ensure your business has good cash flow

Just like a lender will need to ensure that an individual has sufficient income before lending a loan, the same will be expected with your business. In other words, your business must have a steady if not a healthy cash flow in order to obtain a property business loan. You will need to provide sufficient evidence that your business has a strong base and can benefit more from the additional funds. You will also need to provide sufficient evidence that you have the means to repay the loan, regardless if your goal is achieved.

Plan a detailed strategy to generate returns from the property

It is quite obvious with a home loan, you will intend to live in the property or rent it out, and therefore you do not need to demonstrate how you plan to use such a property. However, the same cannot be said for purchasing a property. In terms of this loan, you will need to indicate how the acquired property will have an impact on the business is structured. You will also need to have a clear idea of how the purchased property will fit within your business strategy. Whether it is used the purchased property to manufacture products or purchase a property to store retail products, you will need to communicate these needs to the lender.

Track market conditions

Lending institutes take into consideration plenty of factors before providing a business loan, one of which is the current market conditions. In a weak market or recession, lenders tend to protect their interest over yours. Therefore, you might find it a bit tougher to obtain approval for business property loans. Alternatively, in a strong market, the property prices will be higher, which can affect the outcome or profitability of your business. Therefore, it is essential to time the purchase of your property in accordance with affordable market prices.

Validate your ability to repay the loan

While your business may be enjoying a healthy cash flow, you will still need to provide solid evidence that you are making sound decisions pertaining to the stability of your business, in order to repay the borrowed funds. Therefore, when taking such a loan, you must prevent any over stretching of your funds that will affect our debt – repayment ability.

3 points to keep in mind to ensure a flexible credit card payment

Amongst all the banking cards that are used, the credit card is one of the most popular ones. There are plenty of reason why this card is popular, ranging from a large access to funds, flexible credit card payment and reward system amongst many others.

But while the credit card will provide you with the means to access plenty of funds, you will also need to keep in mind, that at some point in time, you will need to repay back these funds. Additionally, depending on the time you will pay back the funds, you may also need to repay back an interest rate. Any delay in this repayment will attract additional fees.

So how do you avoid any additional fees or delays when it comes to this repayment? You only need to create a flexible repayment plan. Here are a few pointers you can take into consideration when doing so:

Lump sum vs.installments

One of the facilities that a credit card shares with a loan is the fact that you can use a large number of funds to facilitate your transaction. You can even repay back the borrowed funds just like the loan, in fixed installments. However, this depends on the amount you have borrowed. If the amount is large, you can divide it into installments that you can afford and pay off the borrowed funds over time. But, during this time, you may have to pay an additional amount as interest. Alternatively, if the amount you have borrowed is low, you can opt to repay back the funds in one lump sum. This will help you avoid any additional funds as interest.

Create an auto pay system from your account

Another credit card payment system you can opt for is the auto pay system. Most lenders offer this facility, especially if you have attached your credit card to an account, wherein which, the funds of the account are used to pay off any borrowed funds. By creating an auto payment system, the funds from your account will automatically be deducted in order to pay the bill. This is extremely beneficial for those who use their credit cards on a regular or monthly basis. During this time, you will be required to select the date and amount that needs to be deducted until you will be required to change it.

Keep track of the interest-free payment period

Another way to repay back funds borrowed through a credit card is through the interest-free period. Unlike loans, most lenders offer an interest-free credit card repayment period. However, this offer is only limited to certain conditions, such as new credit card joiners as well as loyal customers. This can also be offered as a promotional scheme for and upgrade on your credit card.

How to shop safely with a credit card?

The e – commerce industry is slowly progressing and evolving. Not only is it easier to shop online, but also make transactions from the comfort of your home. However, while the e – commerce industry has progressed to offer such convenience, the fact remains that there will always be a risk involved. Whether it is transferring funds from one account to another or using a banking card to make a purchase from an online store, you risk your financial data being leaked to the public or individuals who can have the means to access it
This is no different for the credit card. The credit card, a popular bank card is used by several individuals who use it for several transactions such as making online purchases, bill payments, or even taking and paying off small loans. However, in most cases, it is used as a means to shop online. So keeping in mind the risks associated with the e – commerce, how can you shop safely with this banking card? Here is how:

Create Strong Passwords

While this may not be news to you, it is still an important piece of advice you must keep in mind. The password is one facility that allows you to access your funds. Most cards are compromised due to the fact that the password can be easily deciphered. Creating a stronger password will help eliminate this problem. You can make your passwords stronger by using a mix of complex, upper case, lower case, letters, numbers and symbols. As far as possible use a unique password whenever you can.

Opt for chip indented card

Another way that credit cards are compromised is through compromised card readers, wherein which, your card data is collected as the magnetic strip on your card is being swiped. That includes the password you use, as well as the account being accessed, as the data on the magnetic strip does not change. Unlike these traditional magnetic strip cards, the EMV card which is chipped cards, use a unique transaction code which cannot be used again. In the event, a hacker managed to steal the information from a specific point of sale; the chip cannot be easily duplicated.

Track your credit card statements

While the data on your credit card can be easily compromised when you use it, it can also be compromised when you don’t use it. In other words, transactions which you have not authorised may be made from your card. But how do you know when and where your card is being used? This can be done by tracking your card statements. With each transaction you make, the date, time and location will be recorded. Review it in details when you can. You will notice if any unauthorised transactions have been made without your consent. You can even sign up for alerts, thereby alerting you if any transactions have been made.