Ask these questions before transferring money online!
Did you know that online services offer the cheapest remittance options (Infosys money transfer report, 2016)? With the number of migrants increasing rapidly, the need for online money transfer services has increased as well. They are the easiest and safest way for expats to send money back home.
Are you new to the whole online remittance scene? Then here are simple fundamental things you need to know about the online money transfer. Ensure you ask these questions and get atleast similar, close answers (as given below) before you remit online.
Q1: How long does an online transfer take?
A1: The cash should reach the beneficiary almost instantly.
Q2: What are the fees involved?
A2: Reputable online money transfer services charge a very nominal fee and there are no hidden costs involved.
Q3: What documents will be required to transfer money?
A3: The sender just needs to login and send cash. No documents are required for the same.
Q4: Is the online remittance portal secure?
A4: Ensure the URL begins with” https://”, where the ‘s’ stands for secure and that a small padlock symbol appears at the beginning of the web address. There should be a Verisign seal on the bottom of every webpage.
Q5: Is online remittance and its customer service available 24-hours?
A5: Any online money transferring service should be available 24 hours a day, 7 days a week, 365 days of the year.
Q6: Can I track my transactions?
A6: Of course! Any reputed money transfer service will allow you to track your transfer, either by sending it to your registered mobile number or by providing you with login credentials so you can go to their website to login and track your payment.
Q7: Can I send money to someone who does not have a bank account?
A7: Absolutely! People who do not have bank accounts can collect cash directly from the authorised agents. They just need to carry relevant documents such as ID proof and the unique pin number which will be provided.
Q8: Can anyone send money online? Is it very complicated?
A8: Anyone can transfer money online, since it’s an extremely easy process and no documents are required. Just register yourself online, and activate the service, add beneficiaries and start sending money.
Q9: What is the difference between exchange rates shown before and while transacting?
A9: The best accurate exchange rate is always provided at precise time of transaction. Rates shown under rate calculator and currency rates are indicative rates. The correct rate shown on the website is the rate displayed at the time of transaction.
Q10: How can you avoid delays in payouts?
A10: Make sure you input the correct information and respond back to any additional information requests quickly. Keep in mind the bank holidays which will affect the transactions and above all, be considerate of the payment network’s processing hours.