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What Options Do You Have To Send Money To India From Abroad?
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There are a number of individuals working or studying abroad. With the increase in that number, there has also been an increase in the exhaustion of online money transfer services. Many people use money transfer services to send money to India quickly and safely from different countries. But bank checks and other major processes take a lot of time to transfer money to the wanted location in India.
As a result, these methods prove to be useless during crunch times and at key financial junctures. Thankfully, many local and international banks provide services to NRI's from various countries, which allow them to send money to India as well as remit to India. Here are a few options to send money to India or remit to India:
• Bank Draft:
It is one of the common and most practiced methods to send money to India from abroad. It is also one of the traditional methods people cater to. Most of the leading Indian banks have branches overseas where 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.
• NRI-NRE account:
You can conveniently create an NRI account at any overseas branch of various leading Indian banks. The NRE account or Nonresidential External account allows an NRI's to deposit foreign currency to their account. 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.
• Online money transfer
online cash transfer has evolved as the most economical and quickest ways of remittance to India. Online remit to India is possible with the 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 ranging from UK, US, Canada and many more within 48 to 72 hours. If your beneficiaries reside away from Indian cities, they can collect the transferred funds with the help of their debit card or credit card from anywhere in India.
Apart from the mentioned ways, you can send money to India through money order, cashier's 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 don't offer any kind of service charges. The institutions coming up with cash remittance options have been on a steep rise in recent times.
Author Bio :- The author is a seasoned writer on finance topics, and her articles help readers more efficiently manage money matters. She writes about a variety of topics relating to NRI Banking covering NRI accounts, NRI deposits, send money to India etc.
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