5 Reasons NOT To Send Money To India Via The Remit2India Money Transfer Service
Monday, Feb 07, 2011
You can use the Remit2India money transfer
service to send money to India from more than 22
countries. Remit2India has been in business for a
decade. It is backed by the Times group,
India’s largest media conglomerate.
You need to consider your options and shop around
before you transfer money to India. Here are 5
reasons why you may not want to send money to
India via Remit2India:
Want the money to be delivered within minutes?
Remit2India requires a processing time of
between 1 and 5 working days after your money is
received in its account. If you want to send money
fast, you can consider using a service like
Western Union Money Transfer or Moneygram. You can
transfer the money and pass on the reference
number to your beneficiary in India via e-mail or
over the phone. Your beneficiary can get cash or a
check within minutes from an agent after providing
the reference number and some
identification.
Want to complete the transaction in cash?
If you use Western Union Money Transfer / Money
gram, you can deposit the money in cash with an
agent. Your beneficiary in India can collect cash
from a conveniently located agent. There is no
need for you or your beneficiary to have a bank
account. Remit2India will not accept or deliver
funds in cash. Your beneficiary can get a
remittance card issued by Remit2India in
association with Axis Bank and use it to withdraw
cash from an ATM or to shop.
You may prefer to transfer money through the bank
in which you have an account
Compare the money transfer rates offered by your
bank with those of Remit2India. If you find that
your bank can transfer money faster and at a lower
cost than Remt2India, you can consider using it.
For example, if have an account with Citibank, you
can consider using the Citi Online Remit service
to transfer money rather than Remit2India.
The bank in which your beneficiary has an
account may take less time to transfer money to
India
Your beneficiary’s bank may deliver the
funds faster than Remit2India. Once the money
reaches your beneficiary’s bank, it will be
transferred quickly to his / her account. For
example, if your beneficiary already has an
account with ICICI Bank, you can consider using
ICICI Bank’s Money 2 India service to send
money to India.
You may be able to get a better
deal
Compare the charges of different international
money transfer services. Remit2Inda’s
transaction rates are as follows: for transfers of
USD 50 - 500 - USD 3, for transfers of USD 501 -
1,000 - USD 5, for transfers of USD 1,001 and more
- nil. ICICI Bank’s Money2India charges USD
2 for transfers of USD 1,000 and below. There is
no remittance service charge for larger amounts.
Citi Online Remit charges a flat transaction fee
of USD 1 for transfers of up to USD 10,000.
Compare currency conversion charges, additional
service / processing charges, and exchange rates
before you make up your mind. For more
information, please visit the Remit2India
website.
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