A lot of people living abroad have friends and relatives in India. Sometimes individuals living abroad may need to wire money to India for personal or business purposes. With the banking sector having a global presence in the current times, it has become quite easy to send and receive money to and from any part of the world. With more and more people working abroad the amount of money being sent to India from other countries has increased over the years.
There are several ways of sending money to India, but the fastest and the most popular ways have been mentioned below:
1. Online Transfer:
If one wants to send money to India, they can do so through online transfer. You only need some basic information about the recipient to do this. This includes the name, address and bank account details of the recipient in India. If you have internet connection and online banking facilities transfer of money to India can be done from the comfort of your own house.
2. Paypal:
Paypal is a money transfer service which allows one to transfer money easily and quickly. Paypal service is mobile friendly and the sender does not have to incur any transfer fee though the recipient is required to pay a minor cover fee at times.
3. Xoom:
Xoom is a money transfer service which has recently gained popularity among those NRIs who send money to India from the United States of America. This transfer service assures that the money is transferred to the recipient in India in just a few minutes. Once the amount has been transferred to the given bank account in India, a message is sent to the registered mobile number.
4. NRI/NRE accounts:
This is one of the safest ways to transfer money to India. To transfer money in this manner one must first open an NRE account. Through this method one can basically deposit a given amount in say US$ and the authorized recipient in India will receive it in the bank account in Indian rupees. This kind of transfer may not be instant. It usually takes a few working days for a successful transfer but then this kind of transfer is not only safe but non-taxable as well.
The four most popular, quick and safe methods of transferring money to India have been explained above. Now the choice of the best method, depends on the urgency of the transfer and the purpose of the transfer as well. If the transfer is not urgent and one does not want to incur any transfer charges, they can opt to use NRI/NRE account transfer.
There are several ways of sending money to India, but the fastest and the most popular ways have been mentioned below:
1. Online Transfer:
If one wants to send money to India, they can do so through online transfer. You only need some basic information about the recipient to do this. This includes the name, address and bank account details of the recipient in India. If you have internet connection and online banking facilities transfer of money to India can be done from the comfort of your own house.
2. Paypal:
Paypal is a money transfer service which allows one to transfer money easily and quickly. Paypal service is mobile friendly and the sender does not have to incur any transfer fee though the recipient is required to pay a minor cover fee at times.
3. Xoom:
Xoom is a money transfer service which has recently gained popularity among those NRIs who send money to India from the United States of America. This transfer service assures that the money is transferred to the recipient in India in just a few minutes. Once the amount has been transferred to the given bank account in India, a message is sent to the registered mobile number.
4. NRI/NRE accounts:
This is one of the safest ways to transfer money to India. To transfer money in this manner one must first open an NRE account. Through this method one can basically deposit a given amount in say US$ and the authorized recipient in India will receive it in the bank account in Indian rupees. This kind of transfer may not be instant. It usually takes a few working days for a successful transfer but then this kind of transfer is not only safe but non-taxable as well.
The four most popular, quick and safe methods of transferring money to India have been explained above. Now the choice of the best method, depends on the urgency of the transfer and the purpose of the transfer as well. If the transfer is not urgent and one does not want to incur any transfer charges, they can opt to use NRI/NRE account transfer.
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