5 Things to Consider Before you Remit to India| North Loop Official Blog
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15 Apr 2020

5 Things to Consider Before you Remit to India

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5 things to consider before you remit to India

If you’re considering sending a foreign remittance to India, there are some important factors to consider - everything from which company you use to Indian laws! Millions of Indians send remittances to India every year, and there is a wide variety of options for you to consider using.
We’ll also help you with the factors to consider when you are comparing money transfer businesses - to compare remit to India, you have to take into account a variety othe below factors.

Whether you’re sending money to a family member, a loved one, a friend or to yourself, remember to consider these 5 things before you remit to India!

1. Price

When you are comparing remittance services, price will be an important factor. The remit to India rate is broken up into two components:
  • Remit to India Exchange Rate
  • Remittance to India Fees

Remit to India Exchange Rate
Depending on the remittance service, this is where you will see the most variability. Banks can charge extremely high exchange rates, and many times don't even tell you what the exchange rate is. Always remember to check before sending - otherwise you are wasting money!

Remittance to India Fees
You may see a lot of providers charge an upfront fee, or no fee at all. The companies that don’t charge an upfront fee will have higher FX rates for INR to make up for that lost revenue. The best way to check price is to always check how many rupees will be received, and how many dollars you’re paying for those rupees - this is the true remit to India rate.
Profile image2: 1. Price
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2. Delivery Time to Remit to India

If you’re sending a wire transfer to India, this can take 8 business days to arrive. Other money providers can send money faster, with some being able to remit to India within 24 hours (such as North Loop). A combination of delivery time and price will help you make the best decision on which company to use to remit to India.

3. Reputation - Best Remittance Service to India

The best remittance service to India combines the above two factors, as well as a reputation for security and good customer service. Many companies claim to have amazing prices and speed of delivery, but if something goes wrong they have terrible customer service that ends up being even more frustrating and time-consuming!

4. Laws and Regulations

India is a country with a lot of strict laws and regulations about receiving foreign funds. Make sure you’re not violating any of these laws - it is important to be truthful when selecting the reason you’re sending money to someone in India. There are limits to which accounts you can send to, and the beneficiary may have to report it as well. This is particularly true if the transaction is involving real estate (read more here).

5. Method of Payment

If you choose a wire transfer to remit money abroad, it will go via SWIFT and cost a lot of fees. If you choose a money transfer service, you will get the option of paying in a variety of ways:
  • Debit Card - if you choose this, the funds will reach faster, but there will be higher fees.
  • Local Transfer - this is usually the cheapest method, and funds will be remitted once the business receives your money.
  • Credit Card - some companies let you pay by credit card. Be warned! Check with your credit card provider - many remittance companies are billed as ‘cash advance’ (and not considered a normal purchase) which means you may have to pay a hefty interest and fee.
  • In-store - some providers have brick-n-mortar branches, letting you pay by cheque when you visit their branch.

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Save time, money and the hassle - the best best remittance service to India is right here for you - North Loop. Safe, secure and the easiest way to send money quickly and for the most transparent rates. Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.