Simplistic Ways Of Money Transfer To India

By Author: icici moneyremitindia
Total Articles: 9
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With hordes of Indians migrating to Canada each year, the need for secure, quick, and seamless modes of money transfer has intensified. After all, they have families in the homeland who depend on them for financial support. Luckily, the remittance industry has evolved immensely in recent years. Thanks to a plethora of options out there, transferring money to loved ones in domestic shores is a breeze. Let’s dwell on the different ways to send money to India from overseas.
1. Money Transfer Companies: This is a simple method of transferring money. You can use cash/credit card/debit card to send funds via companies like Western Union to your family in India, where they can collect the money in rupees through their bank account. The service is dependable and speedy but comes with transaction fees and high exchange rates.
2. Bank Wire Transfer: This is an electronic payment system from bank-to-bank using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network code for transactions. It is a fast, secure, and efficient way to transfer money from an overseas account to that of the beneficiary in ...
... India. Wire transfer comes with a fee based on the amount.
3. Third-party Money Transfer Systems: This is a web-based mechanism of processing monetary transactions through third party agencies. The online payment systems with an easy-to-use interface and highly encrypted mechanism ensure a safe and smooth money transfer experience. The agencies take a small cut of the transaction along with a service fee. On the downside, both the sender and recipient need to have an account with them, which can sometimes be an inconvenience.
4. Money Order/ Bank Draft/Cheques: These are the age-old techniques of sending money back home. Money orders are ideal for remitting small amounts to the remote corners of the country. They, however, may take weeks to arrive at the destination. Also, the recipient needs to show ID for verification to get the money. A demand draft issued in favour of the beneficiary is another safe option of money transfer. This service attracts a small fee. You can also write a foreign currency cheque and send it via mail or courier to a beneficiary in India. Cheques are an inexpensive mode of money transfer but can take between 15-21 days for clearance after being deposited. Both cheques and DDs can be reissued if they are stolen or go astray.
5. Online Money Transfer: Due to high convenience, affordability, and optimal security features, online transfers have become a rage across the globe. There are many options in this category, but the online transfer is a great pick for NRIs wanting to initiate transfers for relatives back home. What makes this method truly stand out is its quick turnaround and competitive rates. International online money transfer to India is safe, simplistic, easy to carry out, and can be processed within 24 hours or even instantly in case the receiver’s bank is IMPS-enabled.

As you can see, there are plenty of options for dispatching funds to beneficiaries back home. Just compare the money transfer services side-by-side on various parameters like fees, exchange rates, transparency and customer support, etc. to find the best solution for your needs. And yes, be wary of transfer scams!