There are a lot of ways to send to money to India. You can do an e-transfer or you can also use the traditional methods to send money to India. Whichever way you prefer it is always wise to do your research before you use any of these methods to send money to India.
International money order – International money orders are safe, cheap and a very fast way of sending money. This process if sending money is very good especially when you are sending money to remote places in India. The money orders can be deposited in your bank account, or you could also encash them in many cheque encashing locations. However to encash the cheques most will require n ID. It s simple to purchase and no cheque account is required. This is a very convenient method to send money to India if the amount is small.
Personal Cheques – You can also consider the option of sending a cheque in the foreign currency. The encashment f the cheque can be delayed though because the bank has to verify the cheque before doing it. The recipient has to give an additional fee based on the current exchange rates and per the encashment rules. This method is safer instead of sending cash by mail because once the cash is sent and it reaches the wrong destination, it cannot be brought back, however in case the cheque reaches the wrong destination, the cheque can be cancelled.
Email money transfer – It is an online money transfer. Here are no extra charges associated with this kind of transfer of money because this is very similar the bank to bank transfer. However in this case it is not mandatory for the sender to have the bank information of the recipient. The person who is supposed to send money to India had to log onto his bank website and fill the form.The form doesn’t ask for too much detailed information;just the mail id of the recipient and the security question needs to be answered. The answer to this security question has to be shared by the sender only with the recipient. The bank then sends an email to the recipient and then the recipient needs to validate his identity for which he/she too requires to answer a security question accurately. If he answers the question correctly he will be forwarded to his bank[s website asked for the details of his account and then the transaction would be completed. This process just takes a day of the recipient’s bank is in the list provided b the sender’s bank. If the bank is not listed in the sender’s bank list, the transaction might take up to 3 to 5 days to complete.
These are some of the common ways and most used ways to send money to India.
International money order – International money orders are safe, cheap and a very fast way of sending money. This process if sending money is very good especially when you are sending money to remote places in India. The money orders can be deposited in your bank account, or you could also encash them in many cheque encashing locations. However to encash the cheques most will require n ID. It s simple to purchase and no cheque account is required. This is a very convenient method to send money to India if the amount is small.
Personal Cheques – You can also consider the option of sending a cheque in the foreign currency. The encashment f the cheque can be delayed though because the bank has to verify the cheque before doing it. The recipient has to give an additional fee based on the current exchange rates and per the encashment rules. This method is safer instead of sending cash by mail because once the cash is sent and it reaches the wrong destination, it cannot be brought back, however in case the cheque reaches the wrong destination, the cheque can be cancelled.
Email money transfer – It is an online money transfer. Here are no extra charges associated with this kind of transfer of money because this is very similar the bank to bank transfer. However in this case it is not mandatory for the sender to have the bank information of the recipient. The person who is supposed to send money to India had to log onto his bank website and fill the form.The form doesn’t ask for too much detailed information;just the mail id of the recipient and the security question needs to be answered. The answer to this security question has to be shared by the sender only with the recipient. The bank then sends an email to the recipient and then the recipient needs to validate his identity for which he/she too requires to answer a security question accurately. If he answers the question correctly he will be forwarded to his bank[s website asked for the details of his account and then the transaction would be completed. This process just takes a day of the recipient’s bank is in the list provided b the sender’s bank. If the bank is not listed in the sender’s bank list, the transaction might take up to 3 to 5 days to complete.
These are some of the common ways and most used ways to send money to India.
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