International fund transfers have now become extremely simple and convenient. At one point of time, transferring money from one part of the world to the other would take quite a lot of time and effort. The money transfer agents would also charge high fees and commissions. With increased competition and digital banking, commissions have shrunk and money transfers have become extremely simple. It is now possible to do a money transfer to India in just a few clicks. This money can directly be deposited into the recipient’s bank account.
If you’re in Singapore, doing an online money transfer from Singapore to India is extremely convenient and can be done completely online without even visiting a bank branch. The same is also applicable for Australia.
Here is how you can do a money transfer to India:
Step 1: Register
The first step to a money transfer to India is to register with an online fund transfer service.
If you’ve already registered, then before making your transfer, check the foreign exchange rates that the money transfer service is offering. Apart from that, there are hidden costs and transfer fees that money transfer services charge. Before you make your transfer, calculate the amount you will spend on all of these charges. Opting for money transfer services like QuickRemit by HDFC Bank will ensure you can do an online money transfer from Australia to India in just 5 AUD for transfers below AUD 1,000. Similarly, online money transfer from Singapore to India can be done at SGD 4 for transfers below SGD 1,000. Any transfers above are free of cost, except for the service tax charged on the transfers. This makes it one of the lowest cost money transfer options.
Step 2: Add your beneficiary
In this step, you need to add your beneficiary’s name, address, bank account number, email address in the system. This will help to make the transfer.
Step 3: Choose the method for fund delivery
Money remittance services offer different modes of fund delivery such as deposit in bank account etc. Depending upon what is convenient to the recipient, you can choose the method for fund delivery.
Step 4: Input the amount
In this step, you need to input the amount you need to transfer. Most money transfer services will show you the amount you are transferring and the amount that the recipient will receive. Be careful to check for the exchange rate and any associated fees before you make the transfer.
Step 5: Schedule the transfer
In this step, you need to submit the transfer to the online transfer service. Some payment systems do a money transfer to India instantly whereas others take some time. Depending upon the emergency or the need for funds, you can choose the option that works out the best for you.
Looking to make a money transfer through Remittance? Click here to get started.
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
