How To Select The Best Service For Money Transfers To India? Focus On These 5 Factors

By Author: icici moneyremitindia
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The number of Indians moving to foreign countries for employment opportunities is consistently increasing with every passing year. As the number of NRIs is rising, the demand for online remittance has increased too. To take advantage of this opportunity, several new companies have entered the remittance service industry.
But with all the different options now available to NRIs, choosing the best can be challenging. To help make the selection easier, we've listed five factors that NRIs should focus on while selecting an online remittance provider-

1. Exchange Rate and Service Fee
The exchange rate is the rate at which the foreign currency will be converted into INR before getting deposited into your beneficiary’s account. The exchange rate fluctuates 24x7 as per the forex markets. The rates can also significantly vary between service providers. Thus, the first thing you should compare is the exchange rate offered by the service provider.
You should also check the service fee charged by the provider. It should be in line with what most reputed services charge. Avoid shady platforms that claim ...
... to offer considerably higher exchange rates or minimum/no service fee. The best option would be to select a top Indian bank.

2. Service Accessibility
The service provider should have a user-friendly online portal that is available 24x7 so that you can quickly transfer funds to India as and when needed. It’d be great if the service provider also has a mobile app for on-the-go transfers.
This will ensure that you’re able to send funds to your family and friends in India, no matter if it is day or night.

3. Transfer Duration
Even the transfer duration can significantly vary between service providers. You can find service providers who take 3-5 working days to complete the transfer, and you can also find ones that offer same-day transfer service. Prefer one from the latter category for faster transfers.
Moreover, if you and your Indian beneficiary have an account in the same bank, then some of the most reputed remittance services offer instant fund transfer facility from some countries.

4. Platform Security
Security is another area of concern when it comes to digital remittance. Select a remittance service that implements the latest tools and features to make the transfers safe and secure. You should also receive regular notifications and tips to enhance the safety of your remittance account further.
Banks are known to use the highest level of safety. If you want your fund transfers to remain fully protected, then a top Indian bank can be a smart choice.

5. Customer Support
Last but not least is customer support. The service provider facilitating your money transfers should also have a knowledgeable support team to help you with all your queries. There should be multiple ways, such as phone and email, to reach the support department as and when required.
The support team should be able to offer quick resolution and detailed answers to all your queries and requests.

How to Pick the Best Online Remittance Service?
If you’re new to online remittance, then the sheer number of options can be very daunting. But now that you know the factors you should focus upon, the selection shouldn’t be difficult.
Choose a few top remittance providers and then compare them based on the factors discussed in this post. In no time, you should be able to make the right selection.