There are multiple ways through which you can send money to India. However selecting the best method is quite a challenging one. You need to consider various aspects like the amount you need to transfer, the speed of transfer, whether it’s one-time transfer or a regular one, the cost associated and also the convenience of the receiver.
Some typical methods are listed below:
1. Online Money Transfer
It’s the easiest way of money transfer to India. You just need two things to initiate the transfer– an internet connection and an access to local banking services. For this you will however need information like the name and address of the recipient along with the name of the financial institution and its IBAN or SWIFT code. Online transfers are specifically recommended if you transfer funds on a regular basis as it allows you to avoid the stiff banking charges.
2. Wire Transfer
Wire Transfer is also one of people’s favorite when it comes to transfer of money to India. All a sender needs to do is visit a bank or other agencies which offers such transfers and send money to India. This process however may take few days while the institutions gathers the necessary information regarding the recipient and the recipient’s bank and then commence the transfer.
3. International Money Order
If you are looking for a safer, cheaper and a faster way to make a money transfer to India, specifically to the remote places, then you may opt for International Money Orders. These orders can easily be deposited into the recipient’s bank account and at the same time cashed at various check cashing kiosks.
4. Cashier’s Checks and Bank Drafts
This method has both pros and cons. It requires a minimal fee to be paid in a considerable amount of time. Also the cost required to buy a bank draft is more than that of a money order. However you can trace the money you have transferred in case it fails to reach the appropriate destination.
5. Personal Checks
You can also send personal checks in foreign currency as it is time consuming. However, it may require the recipient to pay extra fee for the exchange rate and the encashment.
6. E-mail Transfer of Money
This type of online money transfer is safe and secure and charge free. All you need to do is to log in to a the bank’s website and fill a form mentioning the receiver’s e-mail id and answering security question, the answer of which is shared with the receiver. The bank then sends an e-mail to the receiver and after validating his authenticity he is forwarded to his bank’s website where he is asked about the details of his bank account ensuring the completion of the transaction.