A Quick Guide for Money Transfer to India
A Quick Guide for Money Transfer to India
Sending money to India from a foreign location can be fretful; here we make the process easy for you.
With millions of expatriates living outside India, there is a steady inflow of money every day. No matter how seam less the process may seem, transferring money to their families or friends in India can be nerve wrecking for some, especially those who haven't had any prior experience of sending money to foreign locations. Emigrants look out for safe, reliable and fast methods of transferring money to India. With hard-earned money and a hand-to-mouth existence, Non-resident Indians have more to worry about than their Indian counterparts do. At such a time, an easy and reliable transfer of money is a welcome option. Here is a low-down on the various options that NRIs have, when they intend to transfer their money to India.
Cash can be transferred by both online and offline methods. However, most Indians are still conservative about the safety of the internet, and prefer offline methods. No matter what the preference is, there is a wide variety of methods from which to choose.
Common avenues for money transfer to India:
Writing a check
This is a traditional and the oldest method of transferring money. You can write a check and post it to the one you intend to pay. The receiver can deposit the check in a bank and avail the money within a few days. It includes a service fee. Though outdated, many expats still swear by this method.
Wire transfer
This includes both bank and non-bank wire transfer, and is an electronic way of transferring money. Using bank wire transfer, there is no physical but an electronic transfer of funds by the bank. The sender as well as the receiver needs to have a valid identification proof for successful transfer. Non-bank wire transfer involves electronic transfer by another service provider, which isn't associated with a bank. Money Gram and Western Union are such service providers. This method is a fast and safe method of money transfer.
Online payment using PayPal
PayPal is an online money transfer website. PayPal allows you to send money from wherever you are. All you need is an account at the site and an email id. This method also involves electronic transfer of funds, and an extra fee is charged for the service.
Other third party service providers
There is a host of third party money transfer services, which undertake money transfer for an additional fee. These services enable money transfer through checks, ACH/Direct debit, ATM cards, credit cards etc. The beneficiary can collect the money from any bank in India using demand drafts, remittance cards, reloadable credit cards (debit cards) etc. Examples of such service providers include Remit2India, iKobo, and XOOM Global money transfer.
There is no need to worry about money transfer to India, as most banks and service providers offer high-end customer service and real time alerts on the status of the transaction.
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