Transfer money to India

So, you are thinking about transferring your money to India (for that matter any country in the world) from abroad  you will have to consider the below

In the age of Internet driven world, everything happens online.  People don't go to banks to transact in money, cheques are being phased out in UK. When I use the word cheque the retailers and every one else thinks I am from the 18th Century.... 

Most of the immigrants, transfer money to their loved ones at regular intervals, and more at festive periods ( Christmas, Diwali, New Year).

Though I hate to say, never trust the first quote provided by your regular banker.  Many times, they entice you with an offer, and try to increase the spread (thereby their profit) in the subsequent transfers.  Because they know once you are tied into one bank, people rarely move their transactions to another bank.

So, Rule number 1 - Always shop around.  Sometimes the money you save looks small (in $, or in £), but in the receipent currency it is a sizeable amount, which can buy some items for the household. 

Rule Number 2 - Check for small prints - Is there any additional cost involved? for example  courier, or any other costs associated with the transfer

Rule Number 3 - Check transaction limits - The exchange rate, that a provider quotes is generally upto a specific limit - Don't get enticed by advertised offer, the actual rate can be very different depends on the amount you transfer

Rule Number 4 - Trackabaility - Would you be able to track the transfer through various stages. This is very important, as in rare occassions the money could go missing in the banking system, and you would spend ages tracking them down.

Rule Number 5 - Refunds - If there is any error in the banking instructions or other informations, would you be able to get the refund. Some banks don't offer refunds citing exchange control restrictions. - Please ensure you check this out.

Rule Number 6 - Check any charges from your debit / card card provider- When you are comparing the cost of transfer, this one can't be ignored and needs to be taken into consideration.

Please think about the above rules when you transfer money to India  (or other locations).

Please add your comments, If i have missed any.