Indians staying abroad played a very important for making India the highest remittance receiver in the year 2015. This again proved that money transfer and migration goes hand in hand. Many Indians who are residing abroad belong to a set of international migrant population and the remittance outflow prooves that they have their families staying back in India. Gone are those days when depositing amount in a friend/relative’s bank account would take a few business days. Today, it is more easier and now there are different ways and methods of money transfer to India. World is moving faster and now there are various methods for money transfer to an another account within no time. Let us view some of those methods along with the associated charges in this article.
Online Transfer is the most easiest way of money transfer to India. All what you need is an internet connection and the use of your local banking services for money transfer to India. Basic information like the name, address of the recipient, information about the financial institution the money is being sent to. This method is especially recommended if you do regular transfer of funds. Transaction can be done from the comfort of your home and You can avoid the steep banking charges.
International Money Order
Especially to remote places in India, International money orders are considered to be safe, cheap, and fast way of sending money. The money orders can be deposited into your bank account or cashed at many cheque cashing locations. Most of them will require an ID to cash the cheques. It is simple to purchase and is an ideal way to send money if the amount is small.
Money Transfer Operators
MTOs are companies that only offer money transfer services, usually through agents, and only send money between countries. They do not generally require you to open an account and are usually easy to find in high streets, where they can be located in various local locations. You will need to fill in forms and provide identification to send your money. Some offer online money transfer services and are also developing mobile phone transfers.
Historically, wire transfers referred to a time when funds were transferred through messages sent by telegraph. Today, the telegraph has been replaced by highly complex and sophisticated networks.
From e-transfers to traditional methods of payment various options are available for money transfer to India. However, it is important to do some research and make sure you make the best choice to send money to India.