Some ways to remit money to India

Transferring money to India has never been easier

If anyone wants to send money to India the procedure is very efficient and there are a lot of ways to do it. There are multifarious money sending options  available  that the business decision of which to use is also very demanding.  Here are mentioned are some of the ways to send money to India.

1.ACH transfer – an ACH transfer or an Automated clearing house transfer is a very good option for businesses based in the US. You just have to send the money from your bank account by the ACH transfer and whoever you are sending it to will get it in the next 4 days. In this method one doesn't need to make additional trips to the bank and neither does one have to pay any charges and thus this is quite a promising way to send the money because of the fact that it saves you both the time and the money.

2. Online transfer – This method of money transfer is perhaps the most basic and the most used as well. All you need for this kind of money transfer is the basic details of the person who is the recipient of the money for instance the name of the person, address and bank account. You can do this whenever you want to from the comfort of your own home, a computer and an internet connection.

3.PayPal -  Paypal is the largest online payment processor. You can easily transfer your money to India from a bank account to another without directly using your credit card or bank account. Whoever sends the money is not required to pay any fee but the recipient has to pay a nominal fee on the transaction

4.Wire Transfer – This is a traditional method of payment,, it is also the oldest method and this method existed for the last 10 years. In case you want to use this method, you have to go through the banks and other agencies so that the money can be sent. Just when you provide the institution with the required information about the recipient , they will start the money transfer procedure and then send the money. This process is actually pretty long drawn. A wire transfer may actually take a few days before the recipient gets the money. One important aspect about wire transfers is that they cannot be used to transfer small amounts of money because the fees depend on the money and the destination as well.

These are few of the methods for remitting money to India.

Money to India: What you can do when you send money to India to the wrong account

When it comes to sending money to India or any other account, there are plenty of options you can consider. For one, you can always make a physical transfer, by sending funds through a bank. Otherwise, you can do it through online bank transactions. Alternatively plenty of mobile banking apps is available to make the required transfer, through a simple log in.

However, no matter the choice of medium of money transfer, there is always a risk of error when making the transfer. In the event, you make a wrong money transfer when you want to remit to India,here a few steps you can take.

• First, you need to remember the legal implementation by the Reserve Bank of India. The RBI has indicated that the transfer of funds electronically depends on the account number. In the event, you have punched in a wrong account or wallet number, which does not exist when you want to transfer money to India, you need not worry. The money will be transferred back to your account automatically. You can always contact your bank to hasten the process. Normally, it would take about a few days to a week for the money to be transferred back into your account.
  
• There are instances where you want to send money to India and have unintendedly punched in the wrong account or wallet number, but yet have the right beneficiary named. In this case, you can contact your bank and provide evidence that the transfer you made was a mistake. In this case, the bank, on your behalf will reach out to the account holder and ask for the amount to be returned. However, in this case, your bank will only function as a facilitator.
  
• Additionally, there are instances wherein you have typed in the wrong account o wallet number when you want to transfer money to India. However, the name of the unintended account belongs to a person who shares the same name. In this case, you will need to prove to the bank that the transaction made is wrong. However, like the previous case, the bank can only act as a facilitator.

In each of these cases, the funds that are deposited in the unintended account cannot be returned and given back to you. Once you have initiated the transaction to send money to India, the case is between you and the person you have transferred it to. Such situations normally become worse, if there is a combination of different banks, cities and branches.

However, to prevent such instances from occurring, here a few things you can take care of:

• Take extra effort to check whether the account number and the beneficiary names match appropriately, especially when you remit to India.
  
• Your bank may ask you to type your account number twice. If you happen to put in the wrong account number, the mismatched number will not allow you to proceed further.
  
• If you need to make a wallet transfer, ensure that the wallet you use is Payment Card Industry Data Security Standard compliant.

​

How to send money to India in 3 easy steps

The number of individuals who have traveled abroad and settled for reasons such as better extended studying, earnings or migration purposes is increasing every year. However, while these individuals may travel abroad, they still keep in touch and provide for their families at home. Most individuals take this step, by sending money back home, in order to reduce any possibility of financial burden or as security sake.

However, sending finances from one country to another takes considerable planning. As the sender will need to consider several factors when making a decision to send money to India, very often, each decision taken is a calculated one. If you are looking to transfer any funds to India, here are certain steps you can take:

Step 1: Look at all your viable options
 
Each individual will have different financial requirements as well as habits. Based on these factors, you can opt for a sending option that will suit your needs and requirements. Most of the sending options include:
• Bank or financial institutes
• high street transfer firms such as the Western Union
• Forex brokers
As a general rule, banks and financial institutes are the safest options, especially if you are considering regular payments. Alternatively, money transfer firms are often quick, especially if you need to send funds in an emergency. Forex brokers are the best choice for those who want to send large amount of funds, as they provide the best protection against fluctuating foreign conversion rates.

Step 2: Ensure that you are aware of the costing

When you send money to India, the overall amount you will spend will not only include the amount you need to send. You will also need to include additional costings, which include:
• What is being charged by the firm when transferring the money
• The charges the recipient may incur when converting the funds into the local or another foreign currency
• The current foreign exchange rates
How much will it cost, when transferring funds from abroad is obviously a key consideration. You will need to find out the total amount of foreign currency you will by after all the costs have been done.

Step 3: Confirm all details before making the transfer

Once you have settled on the best option, you will need to consider the transfer. At the same time, ensure that they will be able to manage the amount you need to transfer, within the time limit you want. The best way to ensure this, is by getting a written proof through the means of an acknowledgement receipt or email. Ensue that you keep all the paperwork and receipts as evidence in the event something goes wrong or you need to provide proof.

What are the factors to consider when you are going to send money to India?

Banking institutions are offering plenty of financial options to meet the demands of the foreigners or NRI’s residing in the various part of the world. These options are designed to offer the optimum flexibility and convenience when it comes to sending money to India from abroad.

However, the plethora of choices can prove to be confusing to those who want to remit. How does one select the ideal choice that will suit their needs, while providing them with the best features? Given below are different parameters that can be considered before opting for the ideal choice:

Speed

Amongst the different features, you will need to consider, speed has always been an important feature. The speed of the disbursement of your funds is crucial when it comes to transferring your funds. Most of the regular transfers take around a few days to a week. However, you will need to opt for a service that will provide you with a faster transfer in the occasion you need to send funds urgently. Therefore, when opting for a sender, look for the speed of disbursement they offer and the costing for it. Consider the situation and urgency to determine the best period within which you can transfer the money.

Coverage

The second factor you will need to consider is coverage. Not all banks or financial institutes provide a national wide coverage. Alternatively, if they do, they will charge an additional price for it. However, each of these institutes will have limitations, which require your knowledge to choose the right medium when sending money to India. Additionally, most banks deal with certain limited currencies such as US dollar, Euro, and Pound while a few others entertain the use of foreign currency cheques. Some service providers also offer a foreign currency non-resident account scheme. With this scheme, a remitter can transfer funds in any foreign currency to the local currency.

Service Cost

It is a known fact that service charges on the remittance depend on the mode of transaction and transaction provider. Before choosing the sender, you must consider checking the service costs and charges levied. The standard charges for the SWIFT mode of transaction are between 1 to 2 %. For demand drafts and cheques, the rate is at 2%. However, this can differ with private organizations. These charges are in tune with specialized services, which is offered by the operator.

Convenience

Amongst all the different factors involved in money transfer, convenience is the least considered point. However, when the time comes to remit or receive funds, this factor plays an important role. Not only does the remitter require the convenience to send funds, the receiver must also have the convenience to receive it. Options such as the online internet payment or an offline transaction can be feasible to your needs. You will also need to consider the total amount of the transaction before selecting the mode of payment.