Reasons For Delayed Overseas Fund Transfers

By Author: Shashank Bhaskar
Total Articles: 63
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The United States of America is a preferred migration destination for most immigrants worldwide. It promises incredible career opportunities and a better lifestyle. Moving to the USA would be on the cards if your child aspires to study at an Ivy League University or work for an MNC. Support your child in pursuing their big dreams by providing solid financial backing.
You can transfer money from India to USA to finance their education, travel, and accommodation costs. There are different money transfer methods. Online Remittance is one of the ways. You can initiate a transfer by completing a simple procedure that takes a few minutes. Typically, the transfer request gets processed within one to three days. At times, the transfer is delayed for several reasons:
Cut-off time
Though the entire Remittance process happens online, the bank gets involved eventually. Hence, be mindful of the cut-off time when initiating a Remittance. The cut-off time varies for every country. Check the International Money Transfer ...
... for the Remittance cut-off time and other details. Typically, try initiating a Remittance before the cut-off time. This ensures your Remittance request is processed on the same day.
You can always initiate a Remittance request after the cut-off time. However, your request will be processed the following day. Hence, the beneficiary may receive funds a little later than expected.
Public holidays
Like the cut-off time, you should also check for public holidays as the banks remain closed. Typically, the bank is closed on weekends and national holidays. You may expect a delay if you initiate a transfer a day prior or on a holiday. Note down the public holidays of both the sending and receiving country and plan your Remittance accordingly.
Peak periods
During peak periods such as the start or end of the month or festive season, the bank receives many Remittance requests. Given this, there could be a delay. The currency exchange rate may also increase, translating to a higher transfer cost. Typically, the best time to send money from India to USA is when the INR value is higher. This way, you can transfer a significant amount without bearing a whole in your pocket.
You should also open an NRI Account. You can enjoy preferential exchange rates and the shortest Remittance time. Besides Remittance, the NRI Account provides various other banking benefits, such as Online Banking services, higher interest rates, and credit facility.
Inaccurate or missing details
In the case of inaccurate or missing details, your Remittance request gets delayed or credited to the wrong account. Add all the details carefully and double-check before submissions. Ensure the beneficiary’s name is the same as mentioned on the bank records. Avoid using short forms and nicknames. Furthermore, ensure you enter the right amount and choose a suitable currency.