When staying away from the home country, it may be tricky to transfer money to India. However, Money2India (M2I) makes this task more straightforward for you. It provides an easy-to-use and convenient interface to send money to India from overseas. Here is a step-by-step guide on safely sending money to India with M2I:
- Login to M2I Account – One must log into the Money2India account to securely transfer the remittance details. Further, since one would also need to make a fund transfer for funding the remittance, it becomes more crucial to transact only through a secure environment. It helps transmit the data encrypted and protects the information getting intercepted by unauthorized people. If you are visiting M2I for the first time, registering over the portal is easy. You need to provide basic details about yourself and proceed with the online money transfer process.
- Transaction Details – While initiating the funds transfer, you must provide the details, including the amount to be transferred, the purpose of the money transfer, etc. Sending money to Indian from overseas involves multiple currencies. Thus, the currency being sent (USD – US Dollar or any other foreign currency) will be different than being received by the recipient in India (Indian Rupee). M2I portal provides a transparent user interface for such currency conversion, as the forex conversion rate is shown and confirmed within the transaction process itself. The amount of foreign currency to be remitted, the amount of the Indian rupees sought to be credited to the Indian account, currency exchange rate used for the transaction, and transaction charges levied by the portal are also confirmed over the screen before the user confirms the remittance transactions.
- Details of the Recipient – One must be cautious while sharing the recipient details, as any wrong details can cause the fund transfer to be rejected or the amount credited to a wrong bank account. The account details that must be provided include the account number, bank name, branch address, SWIFT Code, IFSC Number, correspondent bank details. If it is a repeat funds transfer to an Indian bank account, the details would be saved already in the portal. One can choose the recipient bank account from the drop-down list to avoid punching the bank account details manually.
- Funding the Remittance Transaction – Once the transaction details have been provided and confirmed, the M2I portal then seeks the funding details for such remittance. One can add a fresh bank account or select an existing bank account from the drop-down list to make payment for the requisite funds to the M2I portal. Once the funding has been completed, the portal initiates the remittance transaction, and a transaction confirmation for the money transfer will be displayed on the screen. The SWIFT code generated through the system is also shared with the user as an acknowledgement of the remittance transaction.
M2I portal also allows you to track the status of fund transfers done through the portal. The 11-digit M2I tracking number is required to check the remittance status online, which can be seen from the transaction confirmation generated by the portal. As such, the tracking feature makes the remittance process more reliable for the users.