How do you send money to India? In this article, we will throw light on the important points to remember and keep in mind while you plan to approach an online company for sending money online to another country.
Sending money back home from abroad online is an integral part of expatriate life; be it sending to India or from it. But, to be safe and comfortable you need to keep in mind the following few points but before those points, we will briefly touch the most popular ways to send money online.
Bank transfer: – A bank account holder in India can receive money easily because there are about 20 commercial banks dotted across India. The sender can easily send money to any of these 20 commercial banks. People use this method when they send huge amounts given the banking industry’s security.
Companies:- Many people find it convenient to avail of the services of online money transfer to India through companies whose services are fast, easy and cost-effective compared to banks. A World Bank report of 2016 stated that online money transfer services are the most used services at 53% followed by banking services at 29% as far as transferring money through banks is concerned.
Post office: – Post office has wide connectivity and is present significantly across Senegal. It is easy for people to collect funds through it as it has given access to financial services to operate in collaboration.
Microfinance institutions: – These institutions have a wide footprint and through these, people receive funds sent to them from other countries directly. These MFIs also collaborate with other online money transfer companies to access larger segments of society.
Now let’s take a look at the important things to bear in mind before you send money to India online.
Licensed company:- First thing to keep in mind is to look for a company that is licensed and operates within the legal framework stipulated by their respective governments.
Draw comparisons:- To draw comparisons between different channels such as companies, banks and MFIs etc., to process your transaction, you must first determine your exact needs and requirements. For example, a bank is a viable option if the amount is huge and a company is preferable if you have to transfer funds immediately to meet emergencies.
Exchange rates:- Knowing exchange rates is of importance if you want to avail of transparent services. Many companies do not give you the best exchange rates so, it is important for you to know the rates from different channels.
Convenience:- It is important to bear in mind that what time the beneficiary will receive funds you have sent in; will it be a holiday in the recipient’s country when they are supposed to collect funds or if you and the beneficiary have to travel a lot to book a transaction or collect money.
Cost:- What cost will your transaction incur is important for you to know. There are many companies that overcharge you and more so if you intend to send in funds quickly. There are a few reputable companies, such as ACE which have flat and low transaction costs whether you book a transaction in an emergency or in normal circumstances.
Repute:- Finding a company with an immaculate reputation such as ACE is extremely important if you want your money transfer to India to be hassle- and trouble-free.
Time:- Bear in mind the time your transaction will take to complete. Time is of the essence in sending money online to your loved ones to help them financially. Delayed transfer of funds or transactions taking longer than usual can aggravate the trouble and multiply the beneficiary’s needs.
Conclusion:- These are some of the most important things you must bear in mind when sending money online to Senegal. Your problem can aggravate when it comes to finding a company that has all the things explained above but you can easily get rid of these troubles if you find companies such as ACE.
ACE is one of the very few companies which offer all of the above with an uncompromised quality under one roof.