Online remittance is one of the most convenient methods to transfer money. However, there are a few things that you should keep in mind when making an online money transfer, such as choosing well-established banks with an online presence, thus ensuring safety and security of the funds.
In this article, we will discuss a few tips to ensure a hassle-free online money transfer process.
Online remittance has helped many people living abroad to send money to their friends and family. While it has made the transfer process quick and simple, there are a few things to consider before transferring money.
Here are some tips that can make your money transfer process hassle-free:
- Compare different service providers
One of the most important things you should do is compare different remittance service providers. This will help you find the best deal for you. For instance, you should use an online exchange rate calculator.
Most service providers will have this tool on their website. For example, if you want to transfer money from Germany to India, with the help of this calculator, you can find out the existing exchange rate for euro to rupee. This tool will help you calculate the amount of funds your recipient will receive. Compare different service providers based on this amount, and you’ll know which one is right for you.
- Opt for a reputed service provider
The exchange rate is an important factor, but the reputation of the service provider is also very crucial. Online money transfer frauds offer great exchange rates to lure customers. Opting for such a service provider will lead to a loss of money. Hence, many people prefer banks for money transfers as they ensure the security of your funds.
- Protect your ID and password
In order to use online money transfer service, you’ll require your ID and password. These details will be shared with you once you register yourself with a service provider.
Don’t share your ID and password with anyone, in order to ensure the safety of your funds and create a strong password for your account. Furthermore, choose a service provider with advanced security features such as OTP authentication etc.
- Check the transfer charge
While looking for service providers, you should check their transfer fee and other charges. This fee can be deducted from the amount of money you want to send. Thus, you’ll know the exact amount your recipient will receive once you know the charges.
- Know the transfer tracking number
You will receive a transfer tracking number once you start the transfer process. This number can be used to check the status of your money transfer. It is important to note the transfer tracking number because it will be required in case you need to contact customer support.
- Understand how to contact the support team
It is important to contact the support team in case of an emergency, such as an unauthorised login. Hence, while looking for service providers, you should also understand how to contact them. This can help you secure your funds. Select easily reachable service providers which have strong presence across the domain.
Choose Online Remittance Service Providers to Transfer Money to India
Sending money has become easy due to online money transfer services. However, it is important to keep these tips in mind when making a money transfer.