How To Send Money To India  Safely
The Concern <ul><li>Non Resident Indians sending money to India in the form of a personal cheque from their NRI accounts i...
Contd. <ul><li>When a cheque is made as 'Account Payable' then it cannot be cashed over the counter liker a bearer cheque....
So what is the Solution?
Sending Money To India Safely <ul><li>Deal only with reputable banks. </li></ul><ul><li>Many banks spend large amounts of ...
Banking Ombudsman India <ul><li>Resolving Banking Problems   </li></ul><ul><ul><li>The Ombudsman scheme in India is a syst...
Guidelines For Sending Money to India <ul><li>When sending cheques to India by mail, make sure you use registered mail </l...
Contd. <ul><li>By virtue of online banking access that is offered by many banks in India, you can also check to make sure ...
Tips when requesting customer service   <ul><li>Problems do happen and mistakes are sometimes made. Don't loose your tempe...
Thank You Powered by :  www.alwaysindian.com
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How To Send Money To India Safely

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In todays world where money transfers are becoming an increasing trend among the NRIs, there is a need to educate them with a number of things before sending their hard earned money to India.

The presentation gives you a jist of what one should do to beware of the malpratices and transfer money safely to India.

Published in: Economy & Finance, Business
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How To Send Money To India Safely

  1. 1. How To Send Money To India Safely
  2. 2. The Concern <ul><li>Non Resident Indians sending money to India in the form of a personal cheque from their NRI accounts in India should be aware of the numerous cases </li></ul><ul><li>When it comes to recovering money lost in transit, the time involved in investigating and correspondence back and forth from your residence overseas and bank offices in India can take up a lot of time. </li></ul><ul><li>Also unfortunately when it comes to customer service for Indian banks, some of our Indian banks do not entirely live up to the mark. </li></ul>
  3. 3. Contd. <ul><li>When a cheque is made as 'Account Payable' then it cannot be cashed over the counter liker a bearer cheque. The person who gets the cheque has to deposit the cheque in his/her account. This protects you to some extent as the account where your cheque was deposited can always be traced. </li></ul>
  4. 4. So what is the Solution?
  5. 5. Sending Money To India Safely <ul><li>Deal only with reputable banks. </li></ul><ul><li>Many banks spend large amounts of money on advertising to get new customers but their customer service is anything but satisfactory </li></ul><ul><li>When sending money to India by cheque drawn on your personal NRI accounts in India, make sure you mark the cheque as 'Account Payable Only'. </li></ul><ul><li>This is a simple procedure that involves you to just write on your cheque the words 'AC/Pay Only‘ </li></ul><ul><ul><li>Note :Unless you make your cheque 'Account Payable' only, your cheque is a bearer cheque and can be cashed by anyone. </li></ul></ul>
  6. 6. Banking Ombudsman India <ul><li>Resolving Banking Problems </li></ul><ul><ul><li>The Ombudsman scheme in India is a system to resolve customer complaints against their banks in a quick and inexpensive manner </li></ul></ul><ul><ul><li>One can file complaints even on the internet on www.bankingombudsman.rbi.org.in or by sending an email to the Banking Ombudsman </li></ul></ul>
  7. 7. Guidelines For Sending Money to India <ul><li>When sending cheques to India by mail, make sure you use registered mail </li></ul><ul><li>It is always advisable to send money to India though websites like www.remit2india.com , transfer money online, etc. to the account of your loved ones. This just involves a one time setup and is safe and convenient </li></ul><ul><li>Western Union is another option for those of you who wish to send money to India </li></ul><ul><li>Never send money through money transfer agents who offer home delivery of your money at slightly higher than bank rates </li></ul>
  8. 8. Contd. <ul><li>By virtue of online banking access that is offered by many banks in India, you can also check to make sure your money is safely credited to your loved ones bank accounts </li></ul><ul><li>But keep a record of your correspondence with your bank </li></ul><ul><li>If you do not get satisfaction from first level of customer service then do write to the higher banking authorities of the concerned bank. Many customer level people do not have the authority to correct mistakes and keep passing the buck </li></ul>
  9. 9. Tips when requesting customer service <ul><li>Problems do happen and mistakes are sometimes made. Don't loose your temper and make threatening calls or write threatening letters </li></ul><ul><li>Keep your focus on getting the problem resolved. Regardless of who is at fault, it is in your best interest to get the problem resolved as soon as possible. </li></ul><ul><li>If your problem is not resolved within a reasonable time you have the option of filling a complaint with the banking ombudsman </li></ul>
  10. 10. Thank You Powered by : www.alwaysindian.com

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