Setting up Prepaid ATM Debit Cards for your Family in India
Sunday, Feb 27, 2011
If you are looking for various ways and means
to send money to India, then setting up ATM debit
cards for your family is a simple mode
that’s worth a try. This is a cost effective
and speedy way to ensure that money reaches your
recipient without any problem. Given that speed
and security are the two main considerations for
sending money to India, you are assured of both
when you send funds via prepaid ATM debit cards.
In order to send money via prepaid debit cards,
all you have to do is open a foreign exchange
account in India. Several banks in India allow you
to open NRI accounts, which let you to deposit
money in foreign currency, while allowing you to
withdraw in Indian Rupees. Opening an NRI account
is fairly easy and requires basic information
regarding your country of stay and work as well as
the currency that you plan to deposit. You can
open a savings or a current account, depending on
your needs and requirements.
When you open such an account, you have the option
of getting a mandate to operate the account within
the country. Alternatively, you could opt for two
debit cards to be used, one of which would be sent
to your family in India. The entire process is
pretty simple. All you have to do is transfer
funds to your NRI account, which could be in any
foreign currency. Once the money is deposited in
this account, it is immediately converted into
Indian rupees, which is now ready for use by your
family in India.
While setting up ATM debit cards for your family
in India, always remember to provide the ATM pin
number as given by the bank to your family. This
is extremely important while withdrawing money
from any ATM or while making purchases directly by
using the card. The biggest advantage of sending
money to India via prepaid ATM debit card is
speed. In other words, when you transfer funds
from your account abroad to this account using
wire transfer or any other means, it is
immediately available for use in India by your
family.
Moreover, this is extremely reliable and
absolutely safe, making it one of the perfect
methods for money transfer to India. However, the
icing on the cake is the convenience it offers
your family back in India. They can keep using the
debit card without having to worry about money
transfer and other logistics. Many banks offer
online access through which you can check the
balance and send more money when the balance runs
low. What’s more, in terms of exchange rate,
most banks offer the actual rates that are
prevalent at the time of deposit. This offers your
respite in case the exchange rate takes a dip
after you have transferred the funds but before
you recipient could use the same.
Probably the only disadvantage of this method
could be the fact that not all banks offer such
services. Moreover, if your recipient is located
in a remote part of India where there is no ATM,
chances of him or her being able to benefit from
this method is low. However, despite this small
disadvantage, setting up ATM debit cards has been
accepted as a great way to transfer money to your
family in India.
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