Know how to get your hard earned Money Transfer to India
Know how to get your hard earned Money Transfer to India
Making money transfer to India has never been cooler and chic, but a few NRIs are yet to board the bandwagon of this new way in which they can transfer funds to India. With the advent of the information age, sending money back home to your relatives and loved ones has now become as easy as indulging at your favorite hangouts. This has led to mushrooming of financial institutions which specialize in this service alone. Well, economic theory of differentiation seems to work well for such institutions. The entire process is very unpretentious. All you got to transfer funds to Indiais to log in from your home or office, and conclude the entire transaction with additional security checks.
The money is then delivered straight to the door of the intended beneficiary via a demand draft or it is unswervingly credited to the beneficiaries account in India. Almost all service providers allow the use of bank account or debit account to do money transfer to India. A few service providers' courier the demand draft, which is locally payable, to the residence of the beneficiary and what the sender receives in return is a confirmation via e-mail after the delivery of the funds to the intended destination.
So no more beating around the bush, transfer money directly from the comforts of your home to the doorstep of your family. Few of the service providers allow the sender to attach a personal message for free, track the path and status of your remittance through the internet and a delivery confirmation.
An important consideration
It is vital to recognize that each service provider or banking institution or even the post office set their distinct exchange rates which are based upon the rate prevalent in the market. Certain banks offer better rates Vis-a Vis others, so one must monitor the published rates before finalizing your venue.
Some Disadvantages of money transfer to India by Banking Transfers
You have to mail the cheque to the beneficiary.
Clearing of the cheque can take minimum 4-6 weeks.
It is universally agreed that issuing a check is nothing more than a child's play, but to cash the check is not equally easy.
The beneficiary has to pay a processing charge for the cheque.
A few countries have a banking system which is less streamlined than others and there are chances that they may not honor cheque that are drawn overseas.
The funds are deducted from the remitters account as soon as the draft is issued, not at the time when the recipient receives it i.e. funds are held in the banking channel for a considerably long period.
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