By Alexa Gavin
Indians settled overseas often seek reliable and robust ways of sending money to support their financial and familial commitments back home. So let’s look at some popular modes of money transfer to India.
Transferring funds back home is a priority for the staggering number of Indians that have migrated overseas. It may be for anything ranging from family obligations, business interests, real estate investments, and charity donations to retaining emotional ties with India. Thanks to tremendous advancements in the remittance industry, sending money to the homeland has become easy for Non-Resident Indians (NRIs).
There are several providers and services available to facilitate cross-border payments. It’s nonetheless important to find the most accessible, cost-efficient, and efficient mode of money transfer to India. Here’s a quick overview of the different ways that NRIs can send money to domestic shores.
Money Transferring Agencies
Not so long ago, these used to be the only option of sending money for NRIs and foreign citizens to India. It required both the sender and the recipient to hold an account with the agency. The sender would visit the nearest branch of the agency in their country, and the recipient would visit the branch of the agency in India to get the money in cash. While the process has evolved over time and most of these transactions now take place online, there are still a few major problems with this method, such as it requires both parties to have an account with the money transferring agency.
Money Order/ Bank Draft/Cheques
NRIs can use traditional methods like money orders, bank drafts, and cheques for international transfers. Money orders are a tad slow but a good option for sending small amounts to beneficiaries in remote areas of the country. Bank drafts and foreign currency cheques are also safe methods of inward remittance. Both can be cancelled or reissued if lost or stolen. However, they are time-consuming. Cheques can take several days for clearance after being deposited.
Bank to Bank Digital Remittance
Many banks facilitate online remittance to banks worldwide. The paperless process ensures quick and seamless money transfers across borders at competitive rates. What’s more, the platform is extremely convenient as the online transaction can be carried out from your comfort zone. Bank2Bank transfer is a great pick for NRIs sending money to India. It is quick, convenient and safe. The recipient can get the money into their bank account within a few hours or days.
Open an NRI Account
As an NRI, money transfer to India is often a regular affair. Thus, you may need a service that is not only reliable but also cost-effective. Many banks give you preferential exchange rates if you open an NRI account with them. Moreover, some banks also allow you to freeze the exchange rates while making the transfer helping you transfer the exact amount your family needs back home.
The Final Words
Gone are the days when there was only the traditional method for remittance to India. Today, NRIs have plenty of options to choose from. The key is to compare pricing between different platforms, read the fine print, and select a mode that is perfect for your needs. Also, there is a need to exercise due diligence and steer clear of scams.
Happy Transfers!
