There is a growing list of services you can utilize to send money to India. With an increasing number of Indians working abroad, there is more need to send money back to their families living in India. Whether they need the money for household expenses or it is a birthday or anniversary gift, Indian families will love to receive the money from their family members living abroad. It is also a valuable service for businesses working with Indian companies.
Western Union is one popular way to send money to India. It is a very secure method since Western Union is a recognized and well reputed agency. However it might cost more per transaction, around $16, and there may also be a charge per the amount of money being sent. To send money through Western Union you will have to visit a Western Union agency and give them your relevant information and information about the recipients in India.
You can also mail a check or send a bank draft. Sending a check requires you to write a check to the recipients in India and mail it to their address. The recipient can then deposit the check into their bank account and once the check clears after a period of 15 to 20 days, the money will become available to withdraw.
Another way to send money to India by mail is to purchase an international money order from the US postal office. However mail is usually not the most reliable or expedient way to transfer money. The money might potentially be stolen or lost. To protect it you can buy insurance from the postal office. If the money is needed in a hurry you are better off using another method.
Many online websites have popped up to fill the demand to send money to India. They have made the process of sending money really easy with a step by step process. And the best thing is that you can do it straight from your home and do not have to make a visit to any office!
Some popular internet money transfer websites that let you send money to India are:
- Xoom
- iKobo
- Cash2India
- Remit India
Such online sites may require you to create a free account. When transferring money from one of these sites, Xoom, you have to input your information in an online form. Then select a delivery method and a payment method such as Paypal or bank account and you can send the money with a simple click of a button. Xoom will even give you a tracking number so you know what phase the delivery is in.
Online transfer has several advantages such as convenience and a delivery which in most instances takes only minutes. Plus the people in India do not have to have a bank account or internet connection.
Wire transfers can also be used to send money to India. It allows the millions of Indians living around the world to send money back to their homeland. With wire transfers you can use your bank account to transfer money to a bank in India where the money can be taken out in rupees. Banks will charge a transfer fee. This is a secure and reliable method which will take a day or two to be complete.
Non Resident Indians want quick and cheap ways to send money to India. Luckily with the increase in demand, there are also a lot of services now available to deliver them this service.
The method you use to send money to India will depend on your needs. First of all you should calculate how much money it will cost to send the money. Second, is timing important to you? If not you can choose a cheaper option that may not necessarily be the fastest method. And it will also depend on whether you want to send the money once or set up a system to automatically send payments every week or every month.
Not all transfer services that allow you to send money to India are alike and by shopping around you can get the best deal.