Transferring Money to India Online : Top 5 Safety Tips Which You Must Follow

Sending money to India is becoming easier by the day as banking regulations are relaxed and you can now transfer funds online from a foreign bank to an Indian Bank without too much of red-tapism. The key enabler has been the automation of many Indian banks and a phenomenal increase in the number of people who have started opting for online banking in India.

Transferring money online for the first time requires some safety measures to be put in place so that your money is in safe hands and reaches the right account. Most banks are likely to give you a list of Do’s and Don’ts which must be read if you are transferring funds for the first time.  Here’s a set of 5 top security tips which are going to be useful when you begin using online transfers:

1) Do not use a public terminal to do online money transfers (to India or anywhere in the world). The simple problem is that you might leave behind a trail of user name and passwords which can be misused by another user.  Preference should be given to use your own computer or one which is within a secure network/area. Double check the levels of online security encryption offered by both your and the receiver’s bank and make sure that it is at least 128 bit.

2) Read Online reviews of the various money transfer to India services to ensure that you choose the right one. If there are a lot of negative experiences for some money transfer to India services, then it is safe to avoid those. Given the plethora of choices available now, it wouldn't be too restrictive to eliminate the bottom 3-5 money transfer to India services based on online reviews

3) Ensure there is Online Tracking facility in case something goes wrong with the money transfer to India service. Call the customer support department and ask them the question "What happens if recipient haven't received the money" and ensure that the response you get is satisfactory. Can you imagine the hassle of sending someone an online money transfer and the person hasn't received it.

4) Test-drive and be safe! Don’t get me wrong, I am not talking about cars. Test-drive online money transfers by sending a small amount to check you and the family member receiving the funds understand the process. This is a low-risk activity and one which acts as an excellent learning tool when it comes to transferring money online. If there is any hiccup in the process, do not use the online transfer method right away for larger amounts. Fully resolve the issue, send a successful small amount transfer before attempting larger amounts.

5) Keep proof of the online transfer even if it is just an email notification. Most banks offer you and the recipient SMS notifications as well. Sign on for this service (it is usually free) and utilize it to track the transfer.  Email statements of the transfer also help in tracking back the transaction details should there be a problem at either end.

Apart from these key tips, you can also ensure that you have some coverage from the bank on counts of fraud should that happen. Though chances are slim (electronic transfers of money is a common phenomenon globally) it helps to play it safe.

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