Send money to India: What is the best solution?

If you need to transfer money to India, the good news is that, you have plenty of options you can consider. These options offer different features, right from low costs, safety, and quick service. You can even choose different transfer mediums, right from physical to digital transfers.

In order to choose the best services for yourself, you will need to balance out the following considerations:

• The amount to be sent
• The speed of the remittance
• Costing of the service
• Transaction safety
• Rate of exchange
• Fee for currency conversion
• Channel through which the recipient will receive the funds.

Once you have fixed these conversions, you can now opt for the different channels through which you can send money to India. Some of the popular options include:

Bank remittance: Bank remittance will always be one of the safest way to send money to India. Most of the major banks have money transfer services that will allow you to send funds from one location or country to another. In the occasion you need to send money fast, you can always opt for wire transfer. They are very cost effective, especially if you need to end large amounts. Through these mediums, you can easily transfer funds to the recipients bank account or banking card.

Online money transfer services: This is one of the most convenient and popular ways to transfer money to India. You can make this transfer through the computer, laptop and even your smart phone. In addition to this platform, you will also need to secure and uninterrupted internet connection. This option is best for those who want to send small amount. Depending on which online service you opt for, a percentage of the money to be transferred will be charged. Additionally, it may also differ based on the location or country you will be sending it to.

Money Transfer Operators: Certain money transfer operators, function as private money transfer services, with branches all over the world. They offer a convenient transfer service, which does not require the recipient to have the same money transfer channel as the sender. For example, the receiver does not require an internet connection in order to receive the funds. Getting the funds this way will also be convenient, since they have several branches in most countries. To avail this service, you will need to provide relevant details about your account details and the funds you will need to transfer. Furthermore, since the recipient can pick up the funds in person, precaution must be taken to ensure that the appropriate individuals pics it up.

When making the money transfer tips, you need to:

• Be aware of the sender you transferring your funds to
• Always check for hidden fees in the fine print
• Avoid giving out any personal information
• Keep proof of your transaction in the event you need it
• Check with the receiver if they have received the funds.

Why your credit card should be your best friend

When it comes to accessing funds on short notice, the credit card makes for a great benefit. This is beneficial, especially in situations where cash is difficult to be carried or used. This card offers the convenience of making payments and managing your cash situation.

Through this banking card, you can easily borrow funds through the lending bank, and repay pay it back as per your convenience. However, credit cards can either become an easy and convenient money tool, or the evil in your wallet which can easily turn into the root of all your money troubles. You need to exercise caution when using the card, so as to prevent it from harming your financial profile. Here is how it can be done:

It is a convenience, not a source of income: Through the credit card, you can easily access funds borrowed from the bank, as long as you stay within the credit card limit. This limit can be anywhere between minimum amounts of Rs. 2000 to a higher amount of Rs. 20,000. With this, you can easily swipe the card for your purchase, without having to fork out cash immediately. It will give you the feeling that you can spend freely, if not endlessly. However, at the end of it all, there will be a credit card bill you will need to pay for, wherein which, you will require the funds to pay for it. To avoid this situation, you must limit your expenditure to a certain limit, or until you can pay it off. This will help you avoid any unnecessary expenditures or even any additional interest rates.

Risks associated with failure to read T&C: The biggest risks associated with credit cards is the failure to understand the terms and conditions that come with the issuing of the card. In reality, this banking card is nothing but a cost-free, short term, which will benefit you so long as you pay the credit card balance on time. If you fail to do so, it will turn into a high-cost debt. To avoid this situation, you will need to take the time to know all the details about the card. This will include, how the interest that is payable is calculated, the conditions where the interest rates will increase and what type of card usage will attract fees. By knowing these facts, it will help you use the card properly.

Avoid pitfalls: You may think that paying off the minimum amount on balance will mean that you are done with your obligations for repayment. However, till the dues are fully cleared, you will need to pay in large amounts. For one, you will be charged a high rate of interest on the outstanding balance, in addition to all the purchases you make in the future till all your dues are cleared. At this point, if the dues are not cleared, you will not have any free credit period anymore, with all purchases being charged with interest immediately.

When malware is a threat to your mobile banking

You might be aware of the basic fraud prevent steps such as not clicking on suspicious links or even downloading any unknown apps. After all it may lead to installing a threat on your phone which can compromise your data. But what if the malware threat comes pre – installed on the mobile device itself?

Recent research has indicated that certain malware has been detected on brand new phones' software. They have been planted deep within the device and designed to steal information and display ads. Furthermore, the malware would attempt to gain full system privileges, wherein which, it would corrupt or delete data, erase the storage or steal personal information. It would even hijack the screen and spam contacts. Some would even block the usage of the device until a ransom was paid. The alternate solution here would be to erase everything through a factory reset.

This development underscores the fact that malware threat to your mobile is very much in existence, even before you operate it. Imagine you using your device regularly for mobile banking where you need to access your card details or even your bank account. Such systems can easily compromise your finances and put them at risk for fraudsters.

Here is how you need to be aware of malware:

Fraudsters Follow the Money: Cybercrime brought on by malware, is very much about funds. What was once a trivial measure of pinging online portals in search of vulnerabilities to exploit, has now exploited to an organised enterprise that focuses on stealing data and funds. In fact, with the aid of technology’s speed, power and storage facilities, malware can be easily penetrative in every aspect of a user’s life, which also includes mobile banking. Since most mobile platforms are still developing their security protocols, it represents an attractive target for most money targeting fraudsters. For example, a few apps were known to be infected with the XcodeGhost, a malware designed to turn the device into a botnet, creating a zombie-like a network that disperses spam or any other activity as commanded by the controller.

Rooting targeted OS: Targeted attacks are often sophisticated and most concerning, especially for mobile banking facilities. They target the vulnerabilities in the phone OS platforms, and root the victim’s device and begin spying. It would include accessing messages, calls, emails, logs, and more from apps including Gmail, Facebook, Skype, WhatsApp, Viber, FaceTime, Calendar and Line along with other mobile banking apps. One of the most notable malware of this functioning was Pegasus that attacked the iOS vulnerabilities. With the root access, malware provides the relevant leverage over a device. It is concerning for any person or business wanting to protect sensitive data, such as their bank details.

When should you use traveller’s cheques when travelling abroad?

Traveller’s cheques have been one of the most oldest and traditional forms of money exchange, as an alternate to physical currency. This cheque is similar to a normal bank cheque, as it receives a unique check number or serial number. In the occasion the cheque is lost or stolen, the provider can cancel the cheque, and get a new one.

Travellers normally use these cheques, specifically for vacations in foreign countries, as it was one of the safest ways to take a currency overseas. While plenty of individuals have moved onto banking cards and other forms of money transfer, these cheques are still in use in selected locations. Given below are a few instances where you can use the traveller’s cheques:

Locations where ATM’s are sparse: While the forex, debit or the credit card may be popular options for international travellers to access funds when abroad, it is convenient only if ATM’s are available. Even if the most isolated of destinations have a few financial institutes or banks, they will accept the traveller’s cheques. While it may take the time to complete the transaction, it is a better option that being completely cut off from any funding you may have.

When you are concerned about travel safety: Before the introduction of the ubiquitous ATMs, there was another reason why travellers opted for cheques. The main reason was safety. If you had a physical cheque, it could be cashed only if you penned a signature that matches the one where you wrote when you got the cheques. Unless your signature is copied to perfection, you need not worry about your funds being stolen. The same goes if the cheques have been lost or stolen as you can always cancel the cheque.

In the case of a true emergency: While there are plenty of benefits when it comes to traveller’s cheques, in the end, it boils down to one thing. It is safety, especially in the case of emergencies. In the case of the banking cards, the PIN can be stolen, your password changed, or even your card details compromised through a skimming device. Even more, your cards could be stolen and misused.

Eventually, you will be left with the little resource in finding your home, on such short notice. This is one wise reason why you should carry an emergency stash of traveller’s cheques. This will guarantee that funding will always be there, and it can be replaced quickly.

While there are several other financial options you can consider when travelling abroad. But when it comes to the traveller’s cheques, these are some of the important points you need to remember when you are looking for funding when travelling abroad.

What is the difference between the NRO and NRE fixed deposits?

The financial savings of local Indian residents and NRI’s are vastly different. For one, NRI’s will be earning in their local foreign currency. At the same time, they may or may not also be earning a small substantial amount from India through rent or dividends. Keeping these factors in mind, the government has set up a banking system that caters to the needs of these individuals. This is where the NRI bank deposits come into place.

The NRI deposit systems has been divided into two different accounts, namely the NRO and the NRE fixed deposits. They function similar to the local fixed deposits. These accounts offer a host of benefits such as repatriation, tax benefits, currency flexibility, etc. that make them the preferred choice for NRIs.

However, there is a considerable difference between the two deposits. They include:

Interest rate: In most cases, the investing bank will have different rates for each account. You will need to check the available rates, to know what the highest returns will be for you.

Taxation: When it comes to taxation of fixed deposits, the NRO is taxed. Any interest that is earned from an NRO FD is taxed, according to the Income Tax Act, 1961. This attracts around 30% of the income, which is comparatively high when compared to FD tax rates. On the other hand, the NRE fixed deposits do not attract any taxed on any income earned. This factor alone makes the NRE fixed deposits favourable over the NRO deposit.

Repatriation: NRO fixed deposits does not offer repatriation on the principal investment. In fact, the interest earned from this deposit can be transferred to a foreign account. NRE fixed deposits offer the option for full repatriation of funds, which includes both the principal and accrued interest to a foreign account. These accounts simplify the process of transferring funds earned from a local Indian account, making it a great deal.

Joint accounts: An NRI can opt for another NRI joint account holder, for the NRO or the NRE joint account. However, an NRI can only opt an NRO account jointly with an Indian resident. NRE fixed deposits cannot be opened with any Indian resident, even if the said individual is a member of one’s direct family.

Withdrawal and deposits: Only funds that have originated from India can be used to open and invested an NRO account and fixed deposit. This is not applicable for funds earned abroad. Funds from the NRE account be transferred into an NRO account for the purpose of opening a fixed deposit. However, funds from the NRO account cannot be transferred to the NRE account. Any withdrawals that have to be made from either account will need to be done only in INR currency.

Interest rates
The rate of interest in NRO and NRE accounts may vary according to the bank you are applying in. As such, it is imperative that you check the available rates to find the option with the highest returns for you. Typically, an NRE or NRO FD is offered with maturity between 1-20 years.

What are the benefits of using the Remit 2 India service to transfer funds?

When it comes to transferring any money, there are plenty of choices you can opt for. Some of the popular options include wire transfer, personal checks, online transfer and much more. Depending on one’s requirement, location and the urgency of the transfer, you can transfer the funds through the channel that is most appropriate to you.


But amongst the upcoming money transfer services, the remit2india is one such option. Through this money transfer service, you can avail the following benefits:

Get the best exchange rates and low charges: One of the main concerns about money transfer is exchange rates and charges. In most cases, the exchange rates will reflect the then rates in the financial market. During peak transfer seasons, especially around festive times or end of the months, the exchange rate can increases, causing you to spend more on the conversion rate more than the actual amount to be transferred. The same applies to the service charges. If the demand for money transfers are high, the service charges will also increase, especially if it calculated in percentage off the funds being transferred. Remit2india offers the best exchange rates and low charges, for any money transfer occasions.

Quick money transfer services: You may be accustomed to sending funds on fixed date on a monthly service, based on the speed of the transfer. However, in the case of financial emergencies, you will need to opt for a quick money transfer service. Most money transfers do offer a quick transfer but at a higher price. However, remit2india offers a money transfer service, which will not only make money transfer quick but also at an affordable price. This makes it an excellent option for those who want to make a quick money transfer, especially during any financial emergency.

Prompt transfer alerts: Making a money transfer will require two parties, namely the sender and the receiver. However, when you as a sender makes a money transfer, both parties need to be aware of when the money transfer is being made. At times, the money transfer service does not have the appropriate transfer service, leaving either party unaware of the progress of the transfer, causing them to either miss out on the money transfer or be unaware of any possible delay. Remit2India offers prompt transfer alerts every time a transaction takes place so that each party is aware of the transfer process in progress. You can set up alerts for custom transfers or even your regular payments.

The extent of money transfer services: Plenty of individuals make money transfers from over 24 countries. This means, they also have to transfer funds in different currencies. If the choice of foreign currency is not available, one would need to transfer it in the next approved currency. This would lead to further extra conversion charges, once the funds have been withdrawn in the local foreign currency. Remit2India offers a wide range of money transfer services, in over ten different currencies, making it the ideal choice for money transfer for your needs.

4 mistakes you need to avoid when making a telegraphic transfer

The telegraphic transfer, also known as the wire transfer, is a process that transfers funds from one institute to another. This has been a traditional form of money transfer from one bank account to another bank account.

Even today, making a money transfer through a telegraphic transfer can be quick, effective and cheap. However, any mistake you make can cost you time, resources and money. Here are some of the mistakes you need to avoid when making a money transfer through this medium:

Getting your account details wrong: As a part of the wire transfer process, you would require the bank account and routeing numbers, for the both the sender and the recipient. However, theses bank account numbers will have different formats that vary from country to country. If you are making an international money transfer, you need to be aware of the code and the bank account you will be transferring to. Any wrong detail in the account number will reject your transfer, or send it to the wrong account number.

Failure to convert the currency into the local one: When you make a telegraphic transfer, you begin the process with your currency, and expect the right currency to arrive at the recipient’s account.

However, not many are aware that the currency conversion also matters. If you are not aware of the currency conversion or even skip it, two possibilities can occur. Either the transfer will be rejected, or the bank might be converted the funds at a higher exchange. Either option will put a strain on the recipient, especially if it results in a delay of the delivery, or the funds transferred is lower than expected.

Being aware of the upfront fees only: There are two primary costs when it comes to sending funds on an international basis. The primary charge is the service fee that the institute will charge for sending money. The second cost is what you will end up paying, in order to change the dollars into the local foreign currency. These costing will change depending on the two currencies, and the provider itself. Most of the service providers generally mark the exchange rates for customers to make a profit on the transfer. You need to be aware of this.

Failing to check the estimated delivery time: Each provider will have a different transfer speed, especially if it has to be done overseas. Furthermore, some of the transfer options will have different payment methods, which will affect your delivery option, which in turn will impact the speed of your money transfer. Normally, paying with a banking card will usually speed up the delivery. However, it can be expensive when compared to the direct withdrawal from the bank account.