Transferring money from one to any other part of the world is no more a boisterous task. Indian banks accept various kinds of money transfers and has equipped its banks to receive currencies from all parts of the world. As we march towards a global digital economy, cashless payments are becoming a frequent practice. With such digitization, a lot of options are available for households to send money to India.
Depending upon your requirements you may choose from many mediums to send money. Each medium comes with its own unique procedure; although the ultimate objective is the same.
Means of Transfer
Out of all options, the most common ones include:-
Bank transfer – the traditional way of electronically paying a merchant or transferring funds from your bank account to another.
Wire transfer – international transfer of monetary value between banks.
FX transfers – you can use forex brokers to help you transfer funds. This proves beneficial for big amounts.
Money transfer agencies – Agencies like the Western Union, take a surcharge and transfer funds from one entity to the other, in different places.
Online Transfer – you can choose amongst a number of digital arbitrators and compare currency rates to choose the best possible options available.
Therefore, it does not matter where you are in the world, transferring money to India can be done with sheer convenience.
Taking into account the features of each medium, you can analyze and then decide the best option for you. Each medium or agency that is associated with money transfer to India, has established their own norms and as such users are required to read them carefully. This is because the transfer of cashless money involves a lot of risks. Cashless transactions are accurate but are subjected to strict policies and regulations, with each medium functioning based on their own established guidelines.