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If you are internet savvy, no mode of money transfer could match the simplicity and speed of online transfers. But what are the steps to initiate an online money transfer to India? Read this post to find out.
While there are now many different types of online and offline remittance services available for sending funds to India from all the different parts of the world, most NRIs prefer the online transfer facility offered by top Indian banks. They are quick, convenient, cost-effective, and highly secure.
But while online transfers are getting more popular, a detailed understanding of the transfer process is mandatory to effortlessly complete the transfer. So, if this is the first time that you are using one such online remittance service, here are the 3 steps you should follow-
1. Place the Transfer Request
The first step is to log in to the online portal of your remittance service provider. Once you are in, look for the option to initiate a new transfer. As this is the first time that you are sending funds, you will have to register the details of your beneficiary. After registration, the beneficiary details would be saved for future use.
Once the beneficiary details are registered, you can select the beneficiary and start filling the transfer details. You will have to enter the amount you’d like to transfer, followed by your transaction password. A tracking number will be generated on successful transfer initiation.
2. Fund Transfer
The next step is to fund this transfer. You should now log in to the net banking portal of your local bank. From your local bank account, you need to transfer the required funds to the local bank account of the service provider. The banking details of the service provider can be found on their website.
Make sure that you enter the exact amount that you’d like to remit to India. You should also enter the tracking number in the “Payment Reference” or “Message to Recipient” box to let the service provider know that you have sent this amount.
3. Beneficiary Receives the Funds
When the service provider receives funds from your local bank account, it will then send money to India online as per the details submitted by you in the first step. Most top service providers now offer same-day remittance services.
The amount will be deposited directly into the bank account of your recipient as per the average transfer duration. In case of any queries or delays, you can always contact the support team of the service provider. Note that you will need the tracking number for detailed information about your transfer.
Sending Funds to India Online
As can be seen above, the whole process of sending funds to India online is straightforward and quick. Simply follow these three steps, and your recipient in India will receive the funds in the safest and most hassle-free manner.
But make sure that you do check the transfer process at the official website of the service provider you select as the steps can vary. Also, go through the exchange rate, transfer fee, transfer duration, and other basic details to avoid any discrepancies in the future.
