For several non-resident Indians who live and work overseas, transferring money back home to India is an essential and regular affair. They could have various reasons for remitting money to India, for example, taking care of their child's educational needs, paying for their family's monthly expenses back home, etc. These include taking care of several steps, including deciding the mode of transfer.
So, if you are wondering about the options, here are some ways to easily and conveniently send money to India.
Wire Transfers
Wire Transfers are an electronic method that lets you send funds from one account to another. The process is fast, convenient, and secure, and you can use it to transfer funds from anywhere in the world. It also works both ways, i.e., you can remit money to India and receive funds from India. Hence, Wire Transfers makes sending money to loved ones back home convenient if you live and work abroad.
You can also use this method to send funds to invest in India or pay for a Home Loan if you provide the required details.
Cheque Remittance
Another easy method of carrying out a money transfer to India is by using foreign currency cheques. To use this method, you can draw a foreign currency cheque from an overseas bank in a foreign currency. The cheque should favour your Bank Account in India. When you deposit this cheque, the bank credits the funds to the beneficiary's account in Indian Rupees, and the exchange rate is based on the date of credit.
Telegraphic Transfers
Telegraphic Transfers are an easy way of transferring funds electronically. These transactions use the SWIFT messaging network, utilised by banks worldwide, to securely send and receive information. International transfer through this mode may offer NRIs the advantage of attractive exchange rates and is a reliable way of remitting funds to India. Telegraphic Transfers typically take one to four working days.
Foreign Currency Demand Draft
There are several ways for NRIs to transfer money to India, and one of the most common ways is through a foreign currency Demand Draft. When you want to, suppose, send money from USA to India, you should draw the foreign currency Demand Draft in favour of the beneficiary in India. You can use this method to carry out various payments, and some of the crucial benefits include the following:
- The process is secure and cannot be misused since you always mention the beneficiary details.
- It is low-cost, and you only have to pay a small amount in service tax and fixed fees.
- You can draw a foreign currency demand draft for any amount permitted by the FEMA rules.
- It can be issued in several popular currencies like US Dollars, Great Britain Pounds, Australian Dollars, etc.