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The Precautions To Take While Remitting Money To India
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Many individuals from India travel abroad for the purpose of education, work or even short terms holidays. While they are abroad, they sometimes need to send money to India back to their families. While there arevarious methods and services to remit to India, certain precautions must be taken when doing so. In this article, we tell you the safety measures to be taken when remitting money to India.
• Appointing a joint partner for NRI banking
NRI’s who travel out of the country normally can send money to India back though their accounts. There are several types of accounts for these individuals, and each account has a different functionalities. With the NRO account, an NRI can have an Indian resident as a joint holder in this account. The funds present in this account, which can be normally used by the individuals in India. The amount of funds NRI are allowed to remit to India is almost 1 million USD in a year. With the NRE account, the joint account holder has to be another NRI. Normally this account can be used only for non-local rupee sources. In this way, the joint resident will be able to have an access to the funds, as well as moderate the transactions that are happening with the account. If there is any misuse or loss of finance, the applicant will recognize it.
• Transferring from one branch to another
Some of these bankshave branches which are present locally as well as abroad. Normally you can open a bank account in one branch, and access it abroad. You can also transfer funds from one branch to another without any extra charges. If there is a way, you can send money to India, through the branches of the same bank. This reduces the chances of loss, due to transfer rates, which happens mostly when you transfer funds from one bank to another bank.
• Conversion rates
The FNCR accounts are term deposit accounts that can be maintained at tenure of one year to three years. Normally, they are paid back in the same currencies and reparable in the same. In this way there is no conversion of currency takes place when balance is to be remit to India. If the account holder decides to convert the balance into rupees at a maturity, the conversion rate will take place at the rate that is ruling at that moment. Thus if the rupee value is high, he will thus gain more on the principle and the interest. The applicant should watch and understand the market scenario before he decides the tenure of the term deposit
Author Bio :- Neha Sharma; a finance student, knows a lot about the process to send money to India. She also informs us how to remit to India. Thus, it comes as no surprise that she wants to continue offering useful information about different aspects of this process to the public.
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