In search of better livelihood, migration of people to foreign countries has been increased. Migration also creates the need for easy access to banking services, especially money transfer, as one have to fulfill their family's needs. Once you are residing abroad, mostly you need to send money to an individual, or family member or even a friend. Whatever could be the reason, there are several ways to send money and each have their own advantages. Traditional money transfer as a business and banks as an institution, rarely gives you the best deal. They often charge huge fees for international money transfers which is not pocket friendly. Your friends or family may have to wait days for money to arrive as they make it hard to send money online. Apart from banks and post offices, What do you do if you want to send money from a foreign country to India? Given the plethora of options, it's easy to get confused. Majority of the migrant population uses expensive and unsecured informal channels for their money transfer activities. However, online Banking makes it easy for you to securely transfer money between your accounts to your receipient's account. Online money transfer is so much simpler and convenient that you don't have to visit an agent or a bank to complete the process.
How To Transfer Money to India online?
While the most common offline modes are cheques and bank drafts, online money transfer is widely used. However, there is no single option that can be considered the best, you should opt for a reputed player with established systems in place so that you can be assured of a safe transfer. While opting for offline options, be sure to ask your bank to list its correspondent banks. This becomes especially important if you are remitting money from abroad to India. Make a point to take a look at the foreign banks your financial institution has partnered with to make the money transfer smooth.
Speed- If you are in a hurry to transfer money, your only viable option is an online option or an instant money transfer. This typically takes 24-96 hours, but can also take place in real time. For instance, you can instantly move money through 'direct transfer to bank accounts'. If a cheque is issued in a foreign currency, there can be a delay of 7-15 days before the holder can encash it as the bank needs to verify the deposit. Remittances made through money orders can take from three to 30 days. Keep in mind that most banks and financial institutions do not remit money on public holidays.
Cost of service- Before you choose a mode of transfer, consider the damage to your wallet. It's an accepted fact that there is an inverse relationship between the speed of transfer and the associated cost. According to an RBI survey, SWIFT (an international wire transfer system) is costlier vis-a-vis drafts and cheques. This is because they offer more specialized services?neither the sender nor receiver needs to own a bank account, for one?and have a better reach. However, they don't generally offer a competitive exchange rate, so rate shopping is a must before picking any option. Also check for hidden charges such as service tax.
Convenience- It's not just the speed and cost, but also convenience of transfer for both you and the recipient, that matter. If either party is not comfortable using the Internet option, an offline route would be better. Another factor is the amount to be transferred. Also make sure you ask the service provider about its refund policy and your rights in case the money is not received within the specified period.
Online money transfers are super easy. You have to get registered and create an account and post that your details will be verified. After that you can do everything over the internet - set up payments, add beneficiaries, get rates and confirm deals. The transparency of web interface makes money transfer online a quick and uncomplicated procedure.