Different Ways to Send Money to India

Different Ways to Send Money to India

From online transfers to traditional methods of payment, there are various options are available to send money to India. Before sending money, you must do your research to know the best source of transferring money for a faster, better and safer transfer:

1) E-Transfer : Online Transfer is the easiest way to send or receive money sitting anywhere in the world. All you need is an internet connection and authorization of the local banking services to transfer money to another account. You will need to fill up the information including the name and address of the recipient, the preferred financial institution by the receiver, and the SWIFT code of the recipient bank. Online Transfer is recommended if you do regular transfer of funds. With this, you can also avoid the extra banking charges and the transaction can be carried out as per one’s convenience.

2) ACH Transfer : Automated Clearing House (ACH) is an electronic funds transfer system and is governed by The National Automated Clearing House Association’s (NACHA) of the USA with its own operating rules that monitor the clearance of electronic payments and transactions carried out among the financial institutions. When you transfer money using ACH transfer, the recipient receives the amount in four working days. There are no extra costs involved or the visit to banks thereby saving your time and money.

3) E-mail Money Transfer : This is a kind of online money transfer where the money is transferred from the bank to bank and the sender need not to have receiver’s bank information. The sender has to sign up to his bank’s website and fill a form. In the form, the sender needs to prove the receiver’s e-mail id and answer a security question. The answer to the security question is only shared with the receiver. After this, an e-mail is sent by the bank to the recipient in order to validate his identity. If he/she answers correctly the remaining process will be carried out to complete the transaction. There are no extra charges involved with this type of money transfer. The process merely takes a day if the receiver’s bank is in the list given by the sender’s bank. Otherwise, the transaction takes 3–5 days.

4) Wire Transfer : Wire Transfer is extremely popular if you wish to make international money transfer. The sender has to refer a financial institution like bank or other agencies such as Western Union, or Remit2India to send the money. This facility collects information from the sender about the receiver and his/her bank where the money needs to be sent. Once the information is received from the sender, the sender’s financial institution makes a wire transfer, and sends the transaction message to the recipient’s institution.

5) PayPal : PayPal allows anyone to transfer money electronically from one account to another. A nominal fee is charged to the receiver but the transaction is free of cost for the sender. In case of the international transfers, a fee of 3.9% per transaction is charged.