Some Indian citizens get opportunities abroad, and they end up traveling miles away to work or study. However, they keep in touch with their families, and at some point, when they settle down, they begin looking for ways to help out people back at home. Besides sending funds, you have to consider some factors if you want to send some funds to your folks back in India.
Some of the things that you should take note of include
- The chargeable fees
- Sending limits
- Requirements by both the sender and receiver
- Government policies
Different Ways to Send Money to India
After researching the different necessities for the transactions, it is essential to choose a particular way that works for you. The choice might be through your bank accounts, or you can use a money transfer app. Regardless of your choice, you have to consider the convenience, time taken for transfers, regulations, fees, and limits. These factors will help you make the bestchoice.
Some of the options that you can go for include
1. ACH Transfer
- The sender registers with an account and routing number
- The remittance service provider sends the details to the correspondent bank
- The correspondent bank creates a file with the information and transfers it to ACH
- ACH subs the dollar transaction to the oversees bank
- The oversees bank gives the receiver the money
PayPal is also a money transfer app. For this particular means, both the sender and receiver should have accounts in the platform. They should also have bank accounts linked to the respective accounts. The bank account will be their source of funds for the sender, while for the receiver, it’ll be where he/she will channel the money. However, for PayPal, money can be stored and used on the platforms for purchases. As long as you have a PayPal account with cash in it, you can make money transfers.
3 Wire Transfer
Wire transfer is the most common type of international money transfer. Its approach is for an individual to visit an institution that does a wire transfer to send the money. Let’s use Western Union as an example. The requirements needed include a source of funding, usually a debit card or cash, to fund the transfer. You’ll also have to provide a government-issued ID at the agent location.
On the other end, you’ll provide the full names of the receiver and their residing country. Usually, when you make a transaction, the receiver gets the money immediately, but they cannot access it. They will have to visit a Western Union agent to receive the cash. Another alternative is to link their Western Union account to their bank account to transfer money directly to their account.
Either way, they will be required to provide a tracking number that confirms the money is theirs’ and provide other information such as the purpose of the funds and their relationship to the sender.
4 Online Transfer
Probably the easiest way to send money is an online transfer. All you need is banking services and an internet connection. You’ll have to indicate the receiver’s name and address as it is in their bank account, specify the financial institution you are sending money through, and SWITCH or IBAN code.
Sending money to India is simple as long as you use the method that suits you best. It would be best if you also informed the recipient of the time they should expect the money to avoid frequent visits to agents or banks.