How to Money Transfer to India

Estimates show that more than 2.5 crores Indians fall under the category of “NRI”. Many, if not all, of them send funds back to India more or less on a regular basis. They are always looking for ways by which they can send India money in a reliable, safe and hassle-free manner. All this is operational at the individual level; on corporate level the booming outsourcing industry has also given these services a shot in the arm. As such outsourcing firms need a channel through which they can Money Transfer to India as way of making payment for the service rendered by their Indian subsidiaries.

Below are the two most widely-used methods to Money Transfer to India

Wire Transfers

The quickest and in terms of security, the safest way to Money Transfer to India is the wire transfer method. By this method, one is able to make transfers in any bank branch of their choice; this can be simply done by either paying cash or drafting the equivalent amount from your bank account. All that you got to make sure is that you have all the accurate details of the recipient’s name, the bank name, the account number and lastly the location where the bank is situated.

In some situations, you would be capable of sending India money to a person who does not hold a bank account in his/her name. Often the regulation over this issue varies from country- to-country. So in order to be on the safer side of the isle, in case the person does not hold any account in a bank, send the draft through a mail directly. If you still want to persist, enquire with your bank for more specific information in terms of the bank and the country involved.

Generally these types of transfers are very fast, taking an average of 2-3 days to complete the entire cycle of transactions. But a word of caution is necessitated here, a few small banks in India are not as quick and efficient as we may like and can hold your money for a few weeks. So before you send to India money, make sure that you are aware of the time frame that it’s going to require.

Bank Drafts

A bank draft is nothing more than a cashier’s check albeit in a foreign currency. You typically send a draft by issuing it at any of the bank branch that you choose. You are presented with choice of either to draft money out of your bank account or pay in cash, whichever suits you. All the issued drafts needs to be mailed; hence the amount of time it will take to transfer money to India will majorly depend on the mailing system and the location of the country.