Sending money to India holds a majority of the remittances which is been directed to Asian countries. Remitting money from abroad is a way through which personal remittances are being sent to beneficiaries in India. This plays a big role for the Non residential Indians sending money to their families.
Realizing the importance of international transfers to India and with the increase in number of NRI’s it has become a matter of paramount importance and a big area for the business tycoons and the government to come up with a solutions for this.
Ways to transfer Money to India
There are a lot of ways of sending money to India. Knowing them all and taking the correct choice that fits your requirement is very important.
ACH Transfers (Automated Clearing House)
It is fund transfer system run electronically. When one sends money through this method it takes around 4 working days and this can be picked by the beneficiary on the fifth day. The biggest benefit that is associated with this system are – no extra costs and save a lot of time
Online Transfer
This is one of the easiest ways of sending money to India. IBAN or SWIFT code of the recipient bank is required in such transfers. Such method is very useful if the transfer of funds is made on a regular basis. The benefits associated with such systems are: Avoid steep banking charges and the comfort because the transaction can be done sitting in your home.
Wire Transfer
The most common way of transferring money to India is through wire transfer. The sender needs to banks of other agencies like Xoom, Remit2India or Western Union and make the transfer of money to India. The information of the sender and the recipient is gathered after which the money is send to the beneficiary. The process takes a few days. This transfer eliminates the hassles of any internet bugs and can be used even by a layman.
Paypal
It is one of the most convenient ways of transferring money and from one account to other. 3.9% per transaction is charged apart from the normal exchange rates.
International Money Order
Such system involves the benefit of a cheap, safe and fast way of remittance to India. Such transfers are helpful if they are made to remote places in India. Depositing the money order to the bank account or encashment of the check can be done with the received money order.
Bank Drafts and Cashier’s Cheque
These are available in all the banks. This way of remittance is quite economical. But the biggest advantage it has is that it is traceable in case the drafts or checks don’t reach the beneficiary. Such transfers are quite time consuming.
Personal Cheques
Sending personal cheques is another option. Encashment of the cheques needs the verification of the sender by the bank. The recipient may need to pay some extra charges for the encashment and the exchange rate. The advantage of such transfers is the option to cancel a check in case it reaches to any wrong person.
Email Money Transfer
As the name suggests this transfer is done via Email. The sender needs to fill up a form with some information. The sender needs not to have the recipient bank information; just the email address of the recipient is required. A security question is asked to the sender. The sender shares this question with the recipient. The recipient receives an email and is asked with some information and the security question that is asked to the sender. With all this information to ascertain the validity of the recipient the money is send to the sender’s bank. Email transfers are sometimes mistakenly considered as insecure. In case if the email goes to an unintended or wrong recipient even then it is secure because the unintended recipient does not have the answer to the security question.
With so many options discussed it becomes very convenient to make the right decision of the method that you will opt to make such transfers. Look for all the different ways of sending money to India and based on your requirements, your convenience and most importantly the charges involved opt for it. It’s an end to millions of worries for people looking to send money to India. Quick and efficiency of these systems helps in sending the money without worrying about any losses or any the fear of getting it sent to any unwanted recipient.
