NRIs who stays and work abroad, are generally quite familiar with the term ‘remittance’. This refers to the transfer of money from an overseas account into an account located in India. This transfer of funds usually involves a certain amount of the money being deducted as processing fee for the transaction. However, one can remit to India through several valid methods such as Bank wire transfer, online money transfer and transfer of money through agencies. They have been further elaborated below-
Bank wire transfer
This is perhaps the most direct form of remittance. In this form of money transfer to India, you can directly transfer the funds from your foreign bank account into an Indian account. It usually involves the usage of SWIFT or Society for Worldwide Interbank Financial Telecommunication code. In such a form of remittance, processing fees may be levied on the transaction. A limit to the amount of fund transferred may also be present for bank wire transfers.
Online money transfer
With the evolution of the internet, several websites and portals have also come into existence, which offer the users a safe and reliable way of transferring funds from overseas. These online transactions can include the transfer of money directly from the account of a foreign bank into the account of Indian counterpart. Users can also transfer funds directly from their credit cards.
Money transfer through agencies
You can approach any remittance agency abroad to have your money transferred to India. An agent needs to be given the details of the transaction as well as the details of the receiver. After handing out the money to the agent, he/she will provide a special code to you. This code needs to be revealed to the receiver of the money.
A representative of the agency in India will hand over the funds to your contact, given that this contact is able to recall the code given out to the sender. This form of money transfer to India usually involves a small fee, which must be paid by the sender. This fee varies from one bank to the next.
These are some of the most common and most reliable ways through which an NRI can remit money to India while living overseas. However, one must be careful to check the processing fee that their bank deducts on each of these transactions. Try to save money and send greater sums at once. Some banks also offer free remittance in case of higher amounts of money. Furthermore, ensure that the method of transfer is secure, reliable and free of scam attempts.
Bank wire transfer
This is perhaps the most direct form of remittance. In this form of money transfer to India, you can directly transfer the funds from your foreign bank account into an Indian account. It usually involves the usage of SWIFT or Society for Worldwide Interbank Financial Telecommunication code. In such a form of remittance, processing fees may be levied on the transaction. A limit to the amount of fund transferred may also be present for bank wire transfers.
Online money transfer
With the evolution of the internet, several websites and portals have also come into existence, which offer the users a safe and reliable way of transferring funds from overseas. These online transactions can include the transfer of money directly from the account of a foreign bank into the account of Indian counterpart. Users can also transfer funds directly from their credit cards.
Money transfer through agencies
You can approach any remittance agency abroad to have your money transferred to India. An agent needs to be given the details of the transaction as well as the details of the receiver. After handing out the money to the agent, he/she will provide a special code to you. This code needs to be revealed to the receiver of the money.
A representative of the agency in India will hand over the funds to your contact, given that this contact is able to recall the code given out to the sender. This form of money transfer to India usually involves a small fee, which must be paid by the sender. This fee varies from one bank to the next.
These are some of the most common and most reliable ways through which an NRI can remit money to India while living overseas. However, one must be careful to check the processing fee that their bank deducts on each of these transactions. Try to save money and send greater sums at once. Some banks also offer free remittance in case of higher amounts of money. Furthermore, ensure that the method of transfer is secure, reliable and free of scam attempts.
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