subject: Ways To Send Money To India [print this page] All NRIs send money to their families in India back home for various reasons like education, medical treatments of ailing parents, festivals or as a monthly income source. All those who want to send money to India hanker a lot for the best way of remittance. Bank checks and other conventional methods take a lot of time to transfer money to the desired location in India. As a result, these methods prove to be useless during crunch times and financial emergencies. Thankfully, many Indian and international banks and private agencies offer great money transfer services to NRIs from various countries.
Ways to remit to India
Choose a remittance option that has transparent mode of operation along with the best conversion rate and fast delivery. Also check for the credibility, additional processing charges and customer support offered by that agency/bank. Considering all these factors is essential so that you can find the most reliable and affordable money transfer service.
Following are the most common ways to send money to India:
Bank draft
One of the most practiced methods of sending money to India is bank draft transfer. Most of the leading Indian banks have branches overseas. Using any of these banks you can transfer money to India in Indian currency. The biggest benefit of sending money through bank drafts is that they are fast and affordable. Your beneficiaries back home will get the desired amount of money as soon as they present the bank draft to the particular bank.
Online money transfer
Online money transfer has evolved as the most economical and quick ways of remittance to India. Online remit to India is possible with help of a credit card or a debit card. The best thing about this type of remittance is that you can send money to virtually all the international locations within 48 to 72 hours. If your beneficiaries reside away from Indian metropolises, they can collect the transferred funds with help of their debit card or credit card from anywhere in India.
NRI-NRE account
You can easily create an NRE account at any overseas branch of various leading Indian banks. The NRE account or Non-Residential External account permits an NRIs to deposit foreign currency to their accounts. The biggest advantage of an NRE account is that NRIs can authorize one of their Indian beneficiaries to operate the account. The entire process of money transfer through an NRI-NRE account takes about a week. Also, the NRIs can deposit money in their local currencies, without having to convert it into the Indian Rupee.
Other ways of remittance to India
Personal checks issued against your saving account from your residential countries may take a really long time to transfer money to India. Apart from the aforementioned ways, you can send money to India through money order, cashiers check and personal checks. Before you choose a service to remit to India, make sure they are levying the best conversion rate and minimum processing charges. There are a few banks that dont offer any kind of service charges.
