5 Tips to Send Money to India Easily and Quickly

Planning to send money to India for personal or business purposes?Apart from post offices and banks, you can also approach global payment service providers for transferring funds from one country to another. There are online as well as offline methods for sending money too. Since you can get bogged down by the number of options, here are few tips to help you make an international money transfer with ease:

·       The first thing you need to do is decide how you would want to transfer money. You can opt for online options such as wire transfers or offline methods such as bank drafts and cheques. No single option can be considered the best because your choice will depend on your requirements. The main aim should be choosing a reputed service provider for a safe remittance experience.

·       The second tip is to consider the speed of disbursement when you send money to India. You can opt for an online remittance method if you are in a hurry and want the money to reach the recipient within one business working day. Wire transfers and NEFT from banks take 24 to 96 hours for funds transfer to an international location.Offline methods take time. For instance, if you are sending a cheque to India, it may take 7-15 days before the receiver can encase the money. This is because banks take time in verifying the deposit. It takes approximately 3 to 30 days if you are sending money through money orders.

·        Third important tip is to understand the kind of coverage that is offered by remittance service providers. Not all locations are catered by banks or financial institutions. For instance, offline route can be availed at all bank branches but online routes are mostly limited to urban areas. You also need to check whether or not the currency you wish to transfer is covered by the ban in India. Not all banks in India allow money routing through foreign currency cheques.

·        Fourth tip is to determine how much it will cost you to send money from one country to another. This needs to be done before you choose a mode of money transfer. You need to know that the speed of remittance and associated cost are inversely related. Rates charged by banks and money transfer services differ so find out the details and then make a choice.

·       Convenience of sending money to India is also an important factor to consider. This is because if you have to send money every month, a complicated and time-consuming process will spoil your remittance experience. Many people prefer to use online money transfer service for transferring funds. They can use the services of online remittance agencies to sit in the comfort of their home or office and initiate money transfers.

Before you choose any method, it is necessary to understand all factors like, transfer fees, currency exchange rates, how India money exchange works, documents required, duration for remittance and so on.