5 Reasons NOT To Send Money To India Via The Western Union Money Transfer Service
Saturday, Feb 12, 2011
You can send money to India quickly through
Western Union Money Transfer. You can hand over
cash at an agent location, send money over the
phone from the US and Canada, or send money online
from select countries. The receiver can pick up
cash or a check from hundreds of Western Union
locations in India. A check or draft can also be
delivered at your beneficiary’s doorstep.
Western Union is a fast, reliable, and convenient
service, which has become very popular. However,
in some situations you may want to consider using
another service to transfer money to India. Here
are 5 reasons why you may not want to remit money
to India through the Western Money Transfer
service:
1. Transfer automatically to India every
month
If you want money to be transferred automatically
to a beneficiary in India every month, you will
have to use another money transfer service. For
example, if you use the Citi Online Remit service,
you can arrange for the money to be transferred
automatically from your account every month. Once
you have set up the automatic transfer, the money
will be transferred directly into your
beneficiary’s bank account or a demand draft
will be sent to your beneficiary through courier
every month.
2. More than 12 money transfers to the
same payee every year
As per government regulations, a payee cannot
receive more than 12 transactions in a calendar
year. If you want to send money to the same payee
more than 12 times in a year, you will not be able
to do it through Western Union money transfers.
You can consider sending money through the bank in
which you have an account. You may also be able to
send money through your beneficiary’s
bank.
3. Send money to India for business, investment,
or to buy property
As per government regulations, money transfer
payments are meant for private purposes only.
Money transfers to India are not meant to be used
for investments, to purchase property, or for
business / commercial purposes. If you want to
send money for these purposes, you need to
consider other options besides Western Union.
4. Remit more than USD 2,500 at a time
As per government regulations, the maximum payout
cannot exceed USD 2,500 or its equivalent in
Indian Rupees per transaction. If you want to send
a larger amount, you need to consider other
options besides Western Union. If you send money
from a US bank account through Citi Online Remit,
the maximum limit for the first transaction will
be USD 1,000, the maximum daily transaction limit
will be USD 10,000, and the maximum monthly
transaction limit will be USD 25,000.
5. Cost-effective way of sending money to
India
You need to compare the Western Union Money
Transfer charges with those offered by other money
transfer services. Click on “Estimate
Price” on the Western Union website to find
out about how much your money transfer will
cost. Shop around before you make up your
mind. Lower fees and a more favorable exchange
rate can help you to save a lot of money if you
have to send money to India frequently.
For more information, please visit the Western
Union Money Transfer website.
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