For NRIs working and living in all the other parts of the world, sending money to India is now easier than ever with online transfers. But as simple and secure as the process is, there are a few mistakes that people commit regularly. Check out this post for 5 such common online remittance mistakes.
Online remittance has completely transformed the way NRIs all over the world send money to India. Reputed Indian banks now offer highly affordable, secure, and fast digital remittance services. This means that NRIs no longer need to visit offline agents or wait for several days to get their transfers processed.
But while the whole process of online remittance is simple and secure, many users, especially ones new to digital transfers, end up committing mistakes. At times, such mistakes also prove very costly. If you are new to online remittance, then here are 5 mistakes that you should avoid-
- Not Understanding the Transfer Process
Even within the online remittance universe, there are many different ways in which you can send money to your beneficiaries in India. For instance, some service providers allow you to directly transfer funds from your foreign bank account to the Indian account of your beneficiary.
Then there are other services that require you to transfer funds from your foreign account to the foreign account of your service provider for completing the transaction. Not knowing the transfer process in detail often leads to many other mistakes. Before making a transfer, ensure that you understand the entire process in detail, as it can vary between service providers.
- Not Checking the Exchange Rate
The exchange rates depend on the forex markets that work 24×7. Before confirming a transfer, it is essential to check the current exchange rate. This will help you ensure that you are sending the correct amount to your beneficiary’s account.
Some of the top Indian banks now also have exchange rate calculators online for enhanced convenience. Use this online tool to know the exact amount your beneficiary will receive in India.
- Errors in Beneficiary Details
Another very common mistake that people make when sending funds to India online is regarding the beneficiary details. After entering the details, you should always cross-check to ensure that there are no errors.
Mistakes like wrong bank account numbers could result in delays or even financial losses. Also, if you do end up making this mistake and confirm the transfer, then ensure that you get in touch with the support team of the service provider as quickly as possible.
- Not Knowing the Transfer Fee
Service providers charge a fee for processing your transfer. Some charge a flat fee, while in other cases, the fee is a certain percentage of the transfer amount. There are also a few service providers who do not charge any transfer fee up to a certain limit.
When selecting a service provider, ensure that you thoroughly check the transfer fee to avoid any discrepancies in the future.
- Sending Money to Unknown People
Online scams are at an all-time high. From phishing scams, online shopping frauds, lottery frauds to dating scams, the digital world is full of tricksters waiting for an opportunity to defraud gullible people. One of the best ways to avoid these scams is never sending money to anyone you don’t know personally.
For the complete safety of your NRI remittance to India, avoid clicking on links that you receive in suspicious emails and never trust any deal that sounds too good to be true.
Ensuring Safety When Transferring Money to India Online
While online remittance has transformed the way NRIs send money to their family and friends in India, it is crucial to take every possible precaution to ensure that the transfers remain protected at all times.
If you are new to online remittance, then trust only a reputed remittance provider and watch out for these common mistakes.