Are you aware of the different ways to send money to India?

There are a lot of ways to send to money to India. You can do an e-transfer or you can also use the traditional methods to send money to India. Whichever way you prefer it is always wise to do your research before you use any of these methods to send money to India.

International money order – International money orders are safe, cheap and a very fast way of sending money. This process if sending money is very good especially when you are sending money to remote places in India. The money orders can be deposited in your bank account, or you could also encash them in many cheque encashing locations. However to encash the cheques most will require n ID. It s simple to purchase and no cheque account is required. This is a very convenient method to send money to India if the amount is small.

Personal Cheques – You can also consider the option of sending a cheque in the foreign currency. The encashment f the cheque can be delayed though because the bank has to verify the cheque before doing it. The recipient has to give an additional fee based on the current exchange rates and per the encashment rules. This method is safer instead of sending cash by mail because once the cash is sent and it reaches the wrong destination, it cannot be brought back, however in case the cheque reaches the wrong destination, the cheque can be cancelled.

Email money transfer – It is an online money transfer. Here are no extra charges associated with this kind of transfer of money because this is very similar the bank to bank transfer. However in this case it is not mandatory for the sender to have the bank information of the recipient.  The person who is supposed to send money to India had to log onto his bank website and fill the form.The form doesn’t ask for too much detailed information;just the mail id of the recipient and the security question needs to be answered. The answer to this security question has to be shared by the sender only with the recipient. The bank then sends an email to the recipient and then the recipient needs to validate his identity for which he/she too requires to answer a security question accurately. If he answers the question correctly he will be forwarded to his bank[s website asked for the details of his account and then the transaction would be completed. This process just takes a day of the recipient’s bank is in the list provided b the sender’s bank. If the bank is not listed in the sender’s bank list, the transaction might take up to 3 to 5 days to complete.

These are some of the common ways and most used ways to send 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.

​

What are the options for the best way to send money to India?

Plenty of individuals who have settled abroad, look for ways and means to send funds back home. While traditional options such as wire transfer have been a popular option for several individuals, online money transfers are slowly taking over. However, bank drafts may still seem the best way to send money to India, especially on a regular basis. But with so many options and each factor to consider, how do you to for the best option? Given below are the various options available in the market and how they can benefit your requirements.

ACH transfer:

Automated Clearing House, also known as ACH, is an electronic fund transfer system, which is used in the US. It is governed by the National Automated Clearing House Association’s operating rules, which also regulates clearances of electronic payments and transactions within participating financial institutions. Through this mode of transfer, the recipient can pick the transferred amount within four working days. This is the ideal option for those who want to save time and funds.

Online transfer:

Online transfer is slowly becoming one of the best ways to send money to India. All that is required is an internet connection along with the use of the local banking services to transfer money to any account within India. In addition to this, you will also need access to information that includes the name and address of the account holder, or recipient. You will also require information about the financial institution the money is being transferred to. Additionally, you may also need the IBAN or SWIFT Code of the recipient bank. If you make regular transfers, this is best option to consider.

Wire transfer:

As previously mentioned, the wire transfer option has been one of the most popular choices of fund transferring, especially for international transfers. The sender will be required to go through a financial institution in order to send funds to the receiver. The wire transfer collects information about the recipient and the recipient’s bank or facility.  Once the required information has been acquired, the sender’s financial institution will proceed with the wire transfer.

PayPal

PayPal is one of the many services that allows individuals to transfer money electronically, from one account to another. Normally, it is free for the sender; a fee is charged to the recipient. Additionally, the exchange rate of transfer is different for local transfers as compared to international transfers.

Bank Drafts and Cashier’s Checks

Bank drafts and cashier checks are accessible at any bank or financial institute. However, there is a fee associated with these services. Additionally, it will take time for the checks to be cashed in India. You will also need to pay more for the purchase of bank drafts as compared to money orders. One advantage of this money transfer is that it can be traced in the event it does not reach its destination.

Factors to consider when sending money to India from the USA

Plenty of Indians have settled in the USA for better career options as well as a better lifestyle. At the same time, these individuals send funds back home, for various reasons ranging from families to repaying a property purchase back home.

However, with so many options available in the market, how can an individual choose one that will suit his needs? Given below are a few features you can consider when opting for an option to send money to India from the USA.

Exchange rates:
This is one of the most important and first feature you will need to consider when comparing options to send money back home. While this exchange rate will not be fixed on a daily basis, the variations offered between the rates is often similar. However, you must keep in mind, while the exchange rates may be beneficial, you may need to pay higher transfer fees.

Transfer fee:

Each transfer company will offer their transfer fees. Therefore, it is crucial that you review the fees before you apply for the transfer or even proceed with the transaction. Look for companies that offer you transfer fees that match your requirements. At times, some companies also waive the fees if you transfer more than the minimum amount.

Transfer method:

There are plenty of companies that offer traditional means of transfer, such as a demand draft, wire transfer or even through cheques. Alternatively, some companies also offer digital transfers through emails. Some companies also allow you to make the transfer through the means of a single phone call or a message. You will also need to compare payment options available, such as bank deposit, debit or credit card.

Transfer time:

Each company will offer you different time durations when making a transfer. This is a crucial factor to consider, especially when you want to send an emergency fund to your destination company. Additionally, to reduce the duration of the time taken for the transfer, you may need to pay a premium. Alternatively, some companies only specialize in quick services.

Pick up methods:
As a sender, you will need to consider options that will provide you the means to send money to India. However, at the same time, you will need to consider how the receiver will have access to the funds. Will the funds be transferred directly to the recipient’s account or can does the receiver need to pick up the funds from a fixed location?

Transfer options:

At the time, you will want to make a flexible transfer. This includes the ability to lodge contracts forward, place orders in the financial market or even schedule payments in advance. You can look for options that offer you this flexibility.