Other Free Encyclopedias » Business Management » Small Business Resources

Remit To India - Effective and Swift Ways of Remitting Money to India

indian transfer means bank

Indian NRI’s, or non-resident Indians, are always looking for effective, swift, and safe ways to remit money to India. Beyond the traditional, slower methods of bank wire transfer, or the expensive services like Western Union, there are three principal other means of remitting to India. These include remit to India via internet based money transfers, remit to India using a NRI-NRE account, and doing a remit to India utilizing a bank draft in Indian Rupees.

How to Remit Funds to India via Internet-based Money Transfer

Internet based money transfers are swift, easy, and economical means of remitting money to India. An Internet transfer can be accomplished simply by utilizing a debit card or credit card via an ACH transaction from a US based account. With this means, the individual is capable of sending checks to literally any legitimate postal address in all of India, in forty-eight hours or less in the metropolitan areas, or in seventy-two hours or less to the remainder of India. This is a fairly quick and completely safe means of performing a remittance to Indian transfer.

How to Remit Funds to India via NRI-NRE Accounts Transfer

The majority of non-Resident Indians choose to set up an NRI-NRE Account. This is principally because this is an effective means of safely remitting money to India with options. To take advantage of this excellent service, an NRI will have to open an NRE account. The benefits of having this account are several. First, Indians are able to deposit U.S. dollar denominated deposits in the United States. Secondly, the Indian individual assigns an authorized user still residing in India, typically a close family member. Finally, the Indian family member is capable of drawing on these funds in Indian Rupees. The time lag for this type of transfer is around a week. A final advantage to this type of remittance to India is that it is completely non-taxable. The majority of Indian banks offer such NRI-NRE accounts and facilities. Banks offering such types money transfers remittance to Indian include Citibank, SBI, ICICI, and HDFC. The majority of these listed banks also allow for the Indian to utilize an Internet transfer, making this type of account the much preferred means of remittances to India.

How to Remit Funds to India via Bank Draft Transfer

The third way of sending a money remittance to India involves doing a bank draft in Indian Rupees. The majority of Indian Banks which maintain branches in the United States possess facilities for Bank Drafts done in Indian Rupees. These can be cashed immediately in India. This makes such a remittance to India highly desirable. The end user can access his or her funds right away, and since it is via a reputable and established Indian bank, there is no risk of fraud involved.

Other elements to consider when choosing a means of remitting money to India are useful to consider. Where an Internet transfer is concerned, both transaction fees levied and the rate of exchange offered ought to be contemplated. Bank drafts sent will provide paper work, which should be kept safely until the sending individual is able to confirm with the recipient that he or she has accessed the funds. Good receipts should always be obtained in any money remittance to India affected.

Secured Business Credit Card - Repairing a Company's Financial Reputation with a Secured Business Credit Card [next] [back] Print Free Business Cards

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or

Vote down Vote up

over 5 years ago

How can a person in south africa remit his earnings to his NRE account in India as his salary is in Rands and he want to send the money in Indian rupees pl guide

Vote down Vote up

over 5 years ago

How can a person in south africa remit his earnings to his NRE account in India as his salary is in Rands and he want to send the money in Indian rupees pl guide