According to the surveys conducted by the Reserve Bank of India, remittance, that is transfer of funds happen mostly from US and the maximum transfers that occur are of a personal nature, that is, they are used to maintain a family. One of the major modes of money transfer from the overseas is SWIFT or electronic/wire transfer.
You might be one of those who remit to India occasionally to support your family. To make the process seamless and error-free you need to follow these few tips that we are going to discuss today. With these tips you can remit to India without any hassle.
Online and offline options: If you are looking into online options you are looking into e-transfers and power transfers. On the other hand offline transfer includes cheques and bank drafts. It is not a question of which option is better; you should concentrate more on the security issues. The first and the foremost thing that you should do is check the list of banks with which the bank from where you are sending the remittance has collaborated with. Go ahead with the further procedures only if the bank to which you will be sending the money is a trustworthy institution.
If you are sending money to India, chances are you will have to stick to offline procedures. Check the RBI guidelines before you remit to India.
Online money transfer: In case you wish to send money to your dear ones within a short notice period, you have no option left other than opting for online procedure. You can use modes such as wire transfer. Your beneficiary receives the money within 24 hours. At the max it takes 96 hours, unlike offline money transfer which takes 7 to 15 days. This is an instant process. There are correspondent banks in the overseas that will assist you in disbursing this process.
Choose a mode that you can afford: A wire money transfer is obviously costlier than a draft or a cheque though the former takes lesser amount of time. You need to decide before you remit to Indiawhether you should give due diligence to speed and drill a hole in your pocket. If there is an emergency to meet with you have no option. But this is one downside of online money transfer.
Foreign Currency Account Banks Scheme: Most of the banks in India cover major currencies like Dollar, Euro, Pound, and Sterling and accept remittance of these currencies. However, to avoid any kind of difficulties it is better to have a foreign currency bank account, which allows uninterrupted flow. This scheme can be used to easily convert currencies like Australian Dollar, HK dollar, dinar, yen, deutsche mark etc.
You might be one of those who remit to India occasionally to support your family. To make the process seamless and error-free you need to follow these few tips that we are going to discuss today. With these tips you can remit to India without any hassle.
Online and offline options: If you are looking into online options you are looking into e-transfers and power transfers. On the other hand offline transfer includes cheques and bank drafts. It is not a question of which option is better; you should concentrate more on the security issues. The first and the foremost thing that you should do is check the list of banks with which the bank from where you are sending the remittance has collaborated with. Go ahead with the further procedures only if the bank to which you will be sending the money is a trustworthy institution.
If you are sending money to India, chances are you will have to stick to offline procedures. Check the RBI guidelines before you remit to India.
Online money transfer: In case you wish to send money to your dear ones within a short notice period, you have no option left other than opting for online procedure. You can use modes such as wire transfer. Your beneficiary receives the money within 24 hours. At the max it takes 96 hours, unlike offline money transfer which takes 7 to 15 days. This is an instant process. There are correspondent banks in the overseas that will assist you in disbursing this process.
Choose a mode that you can afford: A wire money transfer is obviously costlier than a draft or a cheque though the former takes lesser amount of time. You need to decide before you remit to Indiawhether you should give due diligence to speed and drill a hole in your pocket. If there is an emergency to meet with you have no option. But this is one downside of online money transfer.
Foreign Currency Account Banks Scheme: Most of the banks in India cover major currencies like Dollar, Euro, Pound, and Sterling and accept remittance of these currencies. However, to avoid any kind of difficulties it is better to have a foreign currency bank account, which allows uninterrupted flow. This scheme can be used to easily convert currencies like Australian Dollar, HK dollar, dinar, yen, deutsche mark etc.
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