If you are an NRI you have to send money to India one in a while. It becomes a compulsion while living abroad. Whenever you are sending money to friends and family or transferring money back home in order to manage finances at home there are myriad methods to send it. Listed below are few of the options through which the money can be sent.
Money transfer companies – Money transfer companies offer a lot of money transfer services which includes the option to send money to India. They offer a secure, fast and comparatively inexpensive ways of how to send money to India from abroad locations and they are often come with alot of benefits. These benefits include better exchange rates, lower transfer fees and excellent customer service. There are multifarious money transfer companies to choose from and you can select the best company depending on their exchange rates fees and other features and benefits.
Wire transfer – Wire transfers are extremely common for international money transfers and most of the banks abroad offer wire transfer services. With a wire transfer t as well.
The funds are transferred directly to any foreign bank account and most of the time it just takes a few days. The charges for the wire transfer services vary from bank to bank which is why the fees need to be checked.
NRI and NRE accounts – NRI and NRE accounts are a tried and tested ways of sending money to India. In order to send money to India through an NRI or NRE account, first you must open an NRE bank account. With this method you can deposit foreign currencies in your account and the authorised recipient bank in India can withdraw the amount in Indian rupees. The transaction process usually takes a week’s time and is not taxable.
Personal cheques – You can write a personal cheque to the recipient who can then deposit it in their bank account in India. Some banks though do not accept foreign cheques and even if they do there is more often than not a delay in encashing the cheque because the bank has to first verify the deposit. The recipient may also be required to pay a certain amount to encash the cheque.
Cashier’s cheques, money orders and bank drafts – All of these options can be purchased through a bank. Also there are fees to purchase these but these fees are much less when compared to the wire transfer fees. With cashier’s cheques, money orders and bank drafts you can buy the amount you want to send in the Indian currency. Be sure to make a copy of the money order and the bank drafts and keep it with yourself for the records.