Answering Common Questions about Online Remittance to India

[Shashank Bhaskar]

You want the best for yourself and your family. You want to pursue higher education and secure a decent job. You would also like to financially support your loved ones when you move away to pursue any of these dreams. As you move overseas, your citizenship status changes from an Indian citizen to a non-resident Indian. As you gain the NRI status, your priorities change. Remittance becomes a primary banking priority.

You may need to transfer money to India to support your family financially, pay off your Loan dues, and invest. Now, there are several means of remittance. Online remittance is the most popular, allowing you to remit funds soon. You may have several questions about online remittance. The following FAQs answer all those queries.

How to make an online remittance?

Initiating an online remittance is simple. First, choose a reliable remittance partner. You should opt for one with a solid and secure digital presence. This lets you initiate a remittance request within minutes. For the remittance partner, you should have an extensive global network. This ensures your money transfer from Canada to India or anywhere gets processed instantly.

What is the cut-off time?

While your remittance request is processed digitally, your service partner plays a crucial role. Cut-off time is the limit to which your partner processes remittance requests for the day. Any request made after the cut-off time gets processed the following day. Hence, if you want your funds to reach your loved ones soon, be mindful of the cut-off time.

Check your partner’s website to know their cut-off timings. Also, note that Bank Remittance are non-functional on weekends and bank holidays.

What beneficiary details are required for online remittance?

You need to mention specific beneficiary details to make an online remittance. Generally, you should have the following information handy:

• Beneficiary name and address
• Bank name, Bank Account number, and bank branch name/ code
• Bank’s SWIFT code

Also, mention the remittance purpose. Make sure you double-check all details before confirming. The slightest error can lead to your hard-earned money landing in the wrong hands. Hence, you be mindful.

What are the associated costs?

Typically, you need to cover the transfer amount when you send money from Australia to India. A plus point of opting for a Bank Remittance is it lets you remit at preferential exchange rates and zero processing fee.