Every year, there are an estimated million households in India that receive over a combined billion Indian currency back home. These funds are send across to them by their family or relatives staying abroad. Whether those funds are for family or friends, or to purchase international assets, the money has it’s own importance, it is often difficult to send large sums of money. With so many options available. However, people need to take into account the speed, support and cost of the various methods financial institutions provide for sending and receiving funds. When it comes to money transfer, there are plenty of other great services out there, offering added benefits with far less fees. We are living through a communications revolution that has made it easier to live, work and conduct business around the world than ever before. So it should be just as easy to pay a supplier, send money to family or buy property back home in India. However, with fast moving currency markets and hidden money transfer costs, exchanging currencies and sending money overseas can all too often be more hassle than it should be. When an individual or a business needs to make an international transfer or payment for the first time, it can be difficult for them to know where to start and how to follow through with the process. Most people likely go to their banks despite the fact that a variety of cheaper alternatives of money transfer options exist. If so, the cost of sending money is likely to be the most influential factor behind your choice of a money sending service, so you will want to find a service that charges low transfer fees and offers competitive exchange rates which makes your money go further.
What are the simple and easy way to send money to India?
The following are the top best and most secure ways to send large sums of money abroad.
Bank: When you are looking to send money to India, going through a bank may be your initial thought, thus a bank-to-bank transfer is a good option. You’ll set up the transfer with the sending bank, and the funds will show up at the receiving bank, after two or three business days. Many banks allow you to make transfers for free – but it’s a good idea to check with both banks just to be safe.
Wire Transfers: Wire transfer is also considered the best way to transfer money to another account. To complete a wire transfer, you’ll need to provide the same information needed for bank-to-bank ACH transfers (routing and account numbers). The only difference is, that they charge a fee for the transfer procedure. once you instruct your bank to wire money, the funds should be at the receiving bank within one business day – or the same day, depending on how early you get started and how fast the banks move.
Cheques: Not in any rush to move the money? Then sending money home via cheque is also been considered. One of the old-fashioned ways to transfer money, cheques are still in the option. Sometimes technology is more trouble than it’s worth. Maybe you’ve got a few bucks sitting around in an old bank account, and you just want to clean it up and get it over to your new bank. It’s hardly worth the effort to punch in all the routing and account numbers and sign up for a new app just for that.
Online Money Transfer: It will also be really easy to send money to India with the help of online money transfer, as you can send money at your own convenience, 24/7, from anywhere and anytime. Sending money through an online money transfer will also see that your funds are received quickly, as the money should be credited to the bank account in India within 1-2 working days. With an online transfer, you will also know that your funds are in safe hands.
