If you want to Send Money To India from overseas, there are multiple ways to send funds quickly. With technological innovation, different types of online fintech services and money transfer service providers are available.
There are different methods, from e-transfers to traditional ways of payment, various options are available to send funds to India. Therefore, it is essential to do some research and make sure you make the best choice to send money.
Here, we describe more ways to manage your savings overseas while sending money to India from anywhere.
Multiple Ways To Send Money To India From Overseas
Online Bank Account Transfer Or ACH Transfer
ACH is the abbreviation for Automated Clearing House and is an electronic fund transfer system. In the United States, ACH is governed by The National Automated Clearing House Association (NACHA).
Its operating rules regulate the inter-banking clearance of electronic payments and transactions among participating financial institutions. When you send money from the bank in the United States to India through ACH transfer.
The recipient bank receives the amount, which gets transferred in four working days. However, it can be picked up by the recipient the next day. Moreover, there are no additional costs, visiting banks or sending cheques associated with ACH transfer.
Finally, it helps you save time and money while transferring funds to India with this method.
- Online Transfer
Online transfer is the quickest and easiest way to send money to abroad. You require an internet connection and local banking services to transfer money to an account in India.
For doing a transfer, you will need information, including the name and address of the account holder or the recipient. In addition, you require information about the financial institution to which the money is being sent.
Also, you require the IBAN or SWIFT code of the recipient bank. However, this method is especially recommended if you do regular transfers of funds. So, you can avoid the expensive banking charges, and the transaction can be done from the comfort of your home.
- Wire Transfer
Wire transfer is one of the most common and versatile ways to make an International money transfer. In addition, it is the preferred method for sending funds to India from overseas.
However, the sender has to go to an institution like a bank or other agencies or branches of agencies. So, by physically visiting agencies, they can send the money using this method.
The wire transfer facility verifies the information of the sender and the recipient with the recipient’s bank or other sources. Indeed, they check the details about the location where the money needs to be sent.
After the information is acquired from the sender and all necessary processes are completed. Now, the sender institution initiates the wire transfer and sends the message to the receiving institution. Moreover, this process takes a few days to deliver funds to the recipient.
- International Money Order
International money orders are a fast, cheap, and safe way of transferring money to remote places in India. In addition, the money orders can be deposited into your bank account or cashed at many cheque cashing locations.
For doing this, most of them will require an ID to cash the cheques. However, it is simple to purchase, and no checking account is needed. Finally, it is an ideal way of sending money to India if the amount is small.
- Bank Drafts and Cashier’s Cheques
Bank drafts and cashier’s cheques are available at any bank for sending funds to India. However, there is a fee associated with these money transfer services. Also, it may take some time to cash the cheques in India.
However, the cost of purchasing a bank draft is higher than a money order. This technique of money transfer is trackable when cheques or drafts fail to reach the destination. Instead, they are more economical although time-consuming.
- Personal Cheques
Sending a cheque in foreign currency is another option to transfer funds to India. In addition, cashing the cheque can be delayed because the bank has to verify the deposit.
Moreover, the recipient may have to pay an additional fee for the exchange rate and encashment. Indeed, this method is safer than sending cash by mail. It is because you can cancel a cheque if it fails to arrive at its destination.
What is the cheapest method to send money to India?
There are multiple ways to send funds to India from abroad. All the methods discussed here are affordable to the sender to transfer money to the recipient in India. But, there are two cheapest ways to transfer money to India. They are international money orders and use of the Tamsey fintech app. With international money orders, the funds will get delivered to remote places in India. Tamsey app offers the lowest fees for international money transfers to India. This feature makes the Tamsey app the cheapest way to send money to India.
Read Also : 5 Tips to follow while sending Money overseas
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