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The Different Remittance Facilities Available To Nris
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There are various financial institutes that have banking facilities which include bank remittance, which allows individuals who are abroad to remit to India. In this article, we give you the different remittance facilities available especially for NRI’s.
• NRI accounts
This account is really helpful for NRI’s as the banking facilities exclusively cater to their needs, and can be adjusted when they go abroad, as well as when they shift back to their home country. These accounts can be opened as savings, current as well as fixed deposits in the Indian rupee accounts. A minimum balance will have to be maintained in these accounts. You can choose an NRE account if you want to will be regularly using the bank remittance service to remit to India in the Indian rupee. This is a common option for NRI’s when there’s a need for remittance to India.
• Overseas Branch banks
Most of these banks have branches that are overseas in other countries. If you have an account in this bank, you can easily access the funds in them from any part of the world. If there is a joint account holder with this account, either of the account holders can use the banking facilities. There are no extra charges for funds transfer for such services. Thus in this way it is also easy to use the bank remittance service to ensure that your family back in India can have access to the funds.
• Banking cards
Most banking facilities have various banking cards like prepaid cards, debit cards and credit cards for account holders. You can apply for any of these banking cards and send this card back to your family in India, where they can use the card to access the funds just with the pin code. This is one form of bank remittance that is available to NRI’s. However, in this form of remittance to India, you will need to pay additional charges for each bank transactions for the converted value of the currency.
• Wire transfer
Wire transfer is the traditional method of remittance to India. It is a form of electronic mode of fund transfer from local banks to overseas banks. This is one of the safestremittance services today. There are various factors like location and urgency of the need for funds that influences the cost of this service.
• Foreign currency DD
This is one method of remittance to India that is available all around the world. You can deposit any demand drafts that are made in the denomination of the local currency and avail the Indian rupee equivalent against the draft. You can easily mail this cheques or DD’s with an authorized instruction letter containing the account number where the funds have to be credited. This is a very hassle free transfer, but it does take time.
Author Bio :- Neha Sharma; a finance student, has considerable knowledge about bank remittance and remittance to India. Thus, it comes as no surprise that she wishes to share this information so that others can benefit from it.
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