In today’s digitally connected world, transferring funds internationally has become a fairly common practice. Many people working abroad send money to their families back home to support their living expenses and as a form of saving/investing. A large population of Indians working in the US also transfer funds to their families back home for a variety of purposes. However, there are a number of laws and regulations that you need to be aware of while transferring funds overseas and undertaking currency transfers. In this article, we willtake a look at the best practices to follow for a secure money transfer from the USA to India.
Choose a reputed service provider
While you are looking to send money to India, the first step would be to select a trustworthy service provider who can help you securely transfer funds to your family and friends in India in a timely manner. While people traditionally used to transfer funds through banks, other alternative money transfer services have also become popular. Online money transfer portals are popular options today among people working abroad to transfer funds back home.
Here are some important factors you should keep in mind while choosing a service provider to transfer funds abroad.
- Ensure that they are properly licensed and operating in a legal manner.
- Carefully read about all the transfer charges and fees to ensure that you do not have to pay any hidden costs.
- Consider their user reviews and ratings, along with how effective and helpful their customer support is.
- Most importantly, consider the time it will take for the transfer of funds.
If you wish to transfer money to India safely and quickly, you can also use IndusInd Bank’s Indus Fast Remit platform. With Indus Fast Remit, you can now transfer funds online in just four simple steps!
Verify the receiver’s information
Once you have chosen which service provider to use for the money transfer to India from the USA, ensure that you have all the accurate information regarding the receiver’s banking/account details. While sending money to India, make sure the receiver’s critical information such as bank account number, IFSC code, bank branch address, etc. is accurately recorded. Even a single error can lead to the bank transfer failing, or money being transferred to the wrong account.
A good idea is to transfer a small amount of funds to the receiver initially to ensure the transaction is going through smoothly, and then send the majority of the remaining amount, to reduce chances of failure or errors.
Be wary of scams
If you are looking to make a currency transfer transaction online, make sure you do not end up choosing a fraudulent or fake service provider. As online transfers have become popular and dozens of service providers have popped up, many fraudsters have taken advantage of unknowing senders by setting up fake money transfer websites and mobile apps to steal people’s funds. Choose the service of a trusted provider, such as IndusInd Bank’s Indus Fast Remit to keep your funds secure.
Maintain records of your transactions
Whenever transferring funds online, ensure that you keep a record of all the transactions you make. In some situations, you may have to produce the details of these transactions to provide to the banks or government authorities for taxation or regulation-related purposes. Moreover, keeping records will ensure that you will have documented proof to get back your funds, in case the transfer fails, or some other error occurs in the transfer process.
Key takeaways
Money transfer from the USA to India has become incredibly easy with platforms such as IndusInd Bank’s Indus Fast Remit. If you follow all the best practices mentioned above, you can safely and quickly transfer funds to your family and friends back home. Make sure to double-check all details and ask the receiver to send you a confirmation once they have received the funds to ensure your transaction goes smoothly.
