Money Transfer Tips for the NRIs Living Abroad
If you are working abroad, transferring money to India might not be an easy task. You have to be aware of various options like exchange rates, additional charges, and time taken while transferring the money. Here are some tips that will help you in exploring various options for money transfer from abroad. It is necessary to note that the availability of options depends on the country you are remitting the money from.
Choose from Various Types of Account
There are various types of accounts available for NRIs like- NRO (Non-Resident Ordinary Savings Account), FCNR (Foreign Currency Non-Resident) and NRE (Non-Resident External). Consider the below given points before selecting the suitable bank account:
- Sources of funds to be deposited
- Currency preference
- Currency Repatriate Plan for your resident country
- Tax policy of the country of residence
Selection of the Best Service Provider
The international money transfer service is available on the online as well as offline mode. But, the amount of funds that can be transferred is limited and varies on the basis of the service providers’ policy. Most of the international money transfer service providers charge a modest fee.
Additional Tips for NRIs
Consider the below given tips while transferring money from foreign countries:
Find out the best exchange rate along with lowest transfer fees and reliable service before initiating the money transfer.
Verify the money transfer limit.
Send a large amount of money in a single transaction to avoid paying transfer fees every time.
For an urgent money transfer, it is recommended to use online sources like net banking.
Check about the refund policies and hidden charges involved.
Check the currency availability to ensure that your recipient can receive the funds on time.
Many money transfer agencies provide a calculator on their website that is used to measure conversion rates. Avail those conversion rate calculators and get a better deal on the exchange rate.
Confirm about the procedures or other alternative options in case your funds are not transmitted within the specified time. Do proper research and some calculations before availing money transfer services from the service providers.