Any Non-Resident Indian will be familiar with the term remittance. It involves transferring money from their foreign bank account to their accounts in India. This may sound like a simple proposition, but it is anything but simple. People need to keep in mind certain factors while remitting to India.
Here is a look at some of the options that you can consider when you want to remit to India.
1. Bank wire transfer
The simplest form through which you can remit to India is through a bank wire transfer. Usually this means that the money gets transferred directly from an overseas account into an account in India. Generally, this kind of remittance involves the usage of SWIFT or Society for Worldwide Interbank Financial Telecommunication. Banks usually charge a transaction fee for such a remittance. Some banks may also set a limit concerning the maximum amount that can be transferred.
2. Agency money transfer
In case of agency remittance, you can approach an agent in the foreign country and ask him/her to transfer the money on your behalf. The agent will present you a code for the transaction. You need to mention this code to the beneficiary in India. The representative from the same agency in India will then enquire about the code. If the beneficiary is able to recall the code, the money is transferred to them. Usually, a fee is charged for such a remittance.
3. Online money transfer
Transferring funds online is perhaps the simplest method of money transfer from a foreign country into India. Several online portals and sites allow you to discharge funds to your Indian account or to a beneficiary here. Users can transfer the funds directly or they can also use their credit cards to transfer an amount into an Indian account.
However, with all forms of remittance to India, NRIs need to pay special attention to the transaction fees. This fee can be drastically different from one place to the next, so choose a firm that offers the best rate. It is also important to ensure that the mode of remittance is safe and secure. Select a trustworthy agency or bank to conduct such a transaction in order to ensure your funds reach their destined account in India. Be wary of scam agencies and options, which may promise you zero fee transactions, but may vanish with the transfer amount.
Here is a look at some of the options that you can consider when you want to remit to India.
1. Bank wire transfer
The simplest form through which you can remit to India is through a bank wire transfer. Usually this means that the money gets transferred directly from an overseas account into an account in India. Generally, this kind of remittance involves the usage of SWIFT or Society for Worldwide Interbank Financial Telecommunication. Banks usually charge a transaction fee for such a remittance. Some banks may also set a limit concerning the maximum amount that can be transferred.
2. Agency money transfer
In case of agency remittance, you can approach an agent in the foreign country and ask him/her to transfer the money on your behalf. The agent will present you a code for the transaction. You need to mention this code to the beneficiary in India. The representative from the same agency in India will then enquire about the code. If the beneficiary is able to recall the code, the money is transferred to them. Usually, a fee is charged for such a remittance.
3. Online money transfer
Transferring funds online is perhaps the simplest method of money transfer from a foreign country into India. Several online portals and sites allow you to discharge funds to your Indian account or to a beneficiary here. Users can transfer the funds directly or they can also use their credit cards to transfer an amount into an Indian account.
However, with all forms of remittance to India, NRIs need to pay special attention to the transaction fees. This fee can be drastically different from one place to the next, so choose a firm that offers the best rate. It is also important to ensure that the mode of remittance is safe and secure. Select a trustworthy agency or bank to conduct such a transaction in order to ensure your funds reach their destined account in India. Be wary of scam agencies and options, which may promise you zero fee transactions, but may vanish with the transfer amount.
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