Choose Between A Few Comparable Options Before You Make A Money Transfer To India

The currency of India is the Rupee, which means silver

, though it is no longer a silver coin. One U.S. dollar is equal to 48.314 Rupee, which you should remember when making a money transfer to India. No matter which method you choose, your U.S. money will be automatically exchanged for the Rupee for your relative to easily spend anywhere in India.

Many banks in the United States are willing to work with financial institutions in India to transfer money. For example, the State Bank of India in California will transfer money to any branch in India, and any transfer over 50,000 Rupee is free. Wire transfers at that bank require a hold period until they receive your check, and cost $15 to $25 each depending on the amount you send. Instant transfers are immediate, and are available to those even without an account at the State Bank of India. ICICI Bank provides similar services.

Most wire transfers are preferred over personal checks as a method to make a money transfer to India because they are faster. This is because personal checks are considered a collection item in India, and as such, take anywhere from one to three months to be processed. There is also usually a fee for your relative to cash the check. Therefore, if you go through a bank to make a money transfer to India, remember that a wire transfer is much preferred to a check.

If you need to send money regularly to India, there is a more cost-effective method than wire transfers or checks. You can simply purchase a prepaid debit card from one of many companies, and send it to your family member in India. For security reasons, you should not mail the PIN with it, but instead call with it once you know they received the card. You can then add money to the card through the Internet by phone. There is a small fee when you send money, usually $5 to $8. Most prepaid debit cards also charge fees of less than a dollar per transaction, with slightly higher fees to get cash out of an ATM. However, the convenience is often worth it, as your relative will not have to pick up the money anywhere or wait for you to send a transfer. The money you add to the card via computer is accessible instantly, and you can pay with debit or by credit card.

Compare the fees for each method of making a money transfer to India. If you only need to send money once, your relatives do not need it right away, or it is a particularly large sum over 50,000 Rupee, going through a bank might be best. But if you need to send money frequently, fast, and for a very small fee each time, a prepaid debit card will be your best bet.

by: Peter Frampton

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