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Dos and Don'ts of Sending Money to India

If you are planning to start sending money back home for personal or business purposes, here are few dos and don’ts that you need to consider.

Dos

  • When initiating a money transfer from US to India, you need to choose a remittance mode such as a bank or an online remittance agency.

  • Make sure you research and compare rates and services of different remittance agencies before choosing one. The one you choose should be reliable and have the license to carry out international remittance services.

  • The device you are using for money transfer should be safe and secure. It should have the latest anti-virus software installed. Also, use only secure internet connection.

  • Compare foreign currency exchange rates being offered by different agencies to get the best rate. Compared to banks, online money transfer agencies offer competitive FX rates.

  • Try and send a large sum instead of sending small amounts so that you get to save money on transfer fees.

Don’ts

When sending money to India, here are few mistakes you need to avoid:

  • Don’t send money to someone you’ve not met in person. It is advised to send money only to people you know such as your family, friends or business partner.

  • Don’t send money for paying taxes or processing fees on prize winnings or lotteries.

  • It is not recommended to use a test question as an additional security measure for protecting your online transactions.

  • Make sure you don’t send money in advance for obtaining a loan or for covering any kind of fee or deposit that concerns the sale or purchase.

  • Don’t send money in advance for obtaining a credit card or a loan.

  • Make sure you don’t click on a link in or any unsolicited email that claims to be from a remittance agency.

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