Nowadays, an increasing number of businesses in foreign land are hiring Indian employees. This is often because they hear about the positive effects that other companies enjoyed in their overall business development thanks to the Indian workers. Many Indians in this age of globalization work away from their home, in different countries and deal with more and more businesses. And if you are staying abroad, at one time or another, most people need to send money to their family member, relative or someone else. Maybe you need to top off the account of a child away at college, pay your electricity bills or split the cost of something with a family member. Whatever the reason, there are several ways to send money, each with its own advantages. From e-transfers to traditional methods of payment various options are available to send money to India.
For many years, foreign workers that wanted to send funds back to their families had little choice but to resort to going to banks, post offices, or a limited number of remittance service providers located in physical office buildings. Today, there are numerous options available to anyone who wants to send money anywhere in the world, in person or online. Online money transfer is now what everyone needs to do business or for remittance. Despite the ease of money transfers, people still prefer to use bank for their remittances or business transactions even though the banks charge astronomical fees and exchange rate that are above market rate. The matter of fact is banks are not specialist in currency exchange and hence charge their customers more.To send money to someone, you need to find the right provider and the best way to transfer money to someone depends a lot on how and where you want to send it. Thus, it is important to do some research and make sure you make the best choice to send money to India. Let us have a look at some different ways to send money to India.
Personal Checks
You can write a personal check to the recipient who can then deposit it in their bank account back in India. However, some banks do not accept foreign checks, and even if they do, there is usually some delay in cashing the check since the bank must verify the deposit. The recipient may also be required to pay a fee to cash the check.
Cashier’s Checks, Money Orders, and Bank Drafts
All of these options may be purchased through a bank. Although there are fees to purchase, they are much less expensive than wire transfer fees. With cashier’s checks, money orders, and bank drafts, you purchase the amount you want to send in the currency of the country the recipient is in, in this case, India. With money orders and bank drafts, be sure to make a copy of the money order or draft and keep it in your records.
Wire Transfer
Wire transfers are very common for international money transfers and most international banks offer wire transfer services. With a wire transfer, the funds are transferred directly to any foreign bank account and usually only take a few days. Wire transfer service charges vary from bank to bank, so check the fees of a few different banks before selecting one.
Online Money Transfer Companies
Online money transfer companies offer a variety of money transfer services, including options to send money to India. They offer a secure, fast, and inexpensive means of sending money from abroad to India and often come with many benefits such as better exchange rates, lower transfer fees, and excellent customer service. There are many money transfer companies to choose from, and you can select the company best for you based on their exchange rates, fees, and other features.
Each of these methods varies in their fees and transaction process. You can research the best method for you by comparing exchange rates, transfer fees, and processing time to select the money transfer option that best fits your needs.