A responsible Indian never forgets his family and their needs where ever he/she may be in the world. He always looks for a way to provide for all the necessities and comforts even if he/she is staying away. The biggest task for those staying abroad is selecting a method for money transfer to India.
1) Realise who you are sending to – We may often need to send money to different people from different socio-economic backgrounds. There are still many people living in India who do not have bank accounts. To cater to the needs of such a person you would have to resort to an age old method of sending a money order. A money order is a payment certificate that you can buy from a bank, post office or some retail stores. The receiver of the money order can either cash it or deposit it directly to his bank account just like a cheque or a demand draft.
2) Make transactions when rupee value is higher – The value of one pound in rupee keeps changing with the fluctuating market rates. So if you transfer funds at a time when the rupee value is low the receiver shall get lees money as compared to then when the value is higher.
3) Urgency of your transaction – If you do not have an urgency to make a money transfer to India you can take time and send it in the form of cheques, demand drafts or money orders. But if you are in a hurry the best option for you would be using a remittance card. All you need to do is, buy a remittance card on behalf of your family and recharge it regularly. Your family can use this card to withdraw money or make payments as and when needed. This is the most convenient option to carry out a money transfer to India from other countries.
4) Purpose of your transfer – If you are sending the money for an official purpose and specially in case of making payments in business that involves export and import of goods you should use the foreign currency drafts. This process takes time but is safer. Also you can avoid chances of transactions failing due to low balance in your account.
5) Open an NRE account for your transfers and earn interests – An NRE account stands for a non-residential external account. You can open one of these in an Indian bank before leaving the country (opening such accounts from abroad is possible but complicated and time consuming). You can deposit your earnings in foreign currency to this account and the bank shall pay you a good amount as interest. You can have this account in joint-holding with anyone from India or authorise a person in the country to operate your account by giving him a power of attorney. This shall reduce your problems faced for money transfer to India considerably and you will also earn a good amount as interest while taking care of your loved ones.
1) Realise who you are sending to – We may often need to send money to different people from different socio-economic backgrounds. There are still many people living in India who do not have bank accounts. To cater to the needs of such a person you would have to resort to an age old method of sending a money order. A money order is a payment certificate that you can buy from a bank, post office or some retail stores. The receiver of the money order can either cash it or deposit it directly to his bank account just like a cheque or a demand draft.
2) Make transactions when rupee value is higher – The value of one pound in rupee keeps changing with the fluctuating market rates. So if you transfer funds at a time when the rupee value is low the receiver shall get lees money as compared to then when the value is higher.
3) Urgency of your transaction – If you do not have an urgency to make a money transfer to India you can take time and send it in the form of cheques, demand drafts or money orders. But if you are in a hurry the best option for you would be using a remittance card. All you need to do is, buy a remittance card on behalf of your family and recharge it regularly. Your family can use this card to withdraw money or make payments as and when needed. This is the most convenient option to carry out a money transfer to India from other countries.
4) Purpose of your transfer – If you are sending the money for an official purpose and specially in case of making payments in business that involves export and import of goods you should use the foreign currency drafts. This process takes time but is safer. Also you can avoid chances of transactions failing due to low balance in your account.
5) Open an NRE account for your transfers and earn interests – An NRE account stands for a non-residential external account. You can open one of these in an Indian bank before leaving the country (opening such accounts from abroad is possible but complicated and time consuming). You can deposit your earnings in foreign currency to this account and the bank shall pay you a good amount as interest. You can have this account in joint-holding with anyone from India or authorise a person in the country to operate your account by giving him a power of attorney. This shall reduce your problems faced for money transfer to India considerably and you will also earn a good amount as interest while taking care of your loved ones.
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