Finance

Given the increasing number of Indians working and studying abroad with relatives, parents, friends and dependants back home, there is always a huge demand for ways of transferring money from and to India. In some cases, the residents are on short term trips abroad and need to transfer money online to India for parents or family. In some cases, the non- resident Indians working and living elsewhere need to send money to their family, invest or send back their savings to India for their future. Whatever be the scenario, there are several services  to choose that are provided by banks and other financial institutions for transferring money from abroad to India and sending money from India to abroad.

The money transfer to India can be done in conventional ways like demand draft and cheque or through more convenient ways like wire transfer. Some banks like HDFC have special tie-ups with banks in the Middle-East, US, UK and Singapore. So, if the sender is settled in any of these places, money transfer from his or her HDFC account to the beneficiary’s HDFC account can happen almost overnight. Similarly, Indusind bank has a tie-up with banks in US,  PNB & Post Office with Western Union and so on…

The transfer becomes even easier for residents in US who can use prepaid ATMCash cards which can be recharged and maintained at very low rates and can be used to transfer money to India at any time literally.

When it comes to international money transfers to or from India, Western Union Money Transfers and MoneyGram transfers are probably the best ways of transferring money. If one finds a western Union money agent nearby, the transfer can take an unbelievably tiny duration of 15 minutes. MoneyGram too is a very convenient way of transferring money and is especially useful if the recipient doesn’t have a bank account. In such a scenario, money can be transferred from the sender to a recipient who just needs to show the photo identity and walk away with the cash transferred from abroad in his or her name.

Now, each of these methods have their pros and cons that we will discuss in different post of this blog.  Generally speaking, every person has his preference; like some prefer methods with less processing fee and good conversion rate while others will choose more convenient method no matter how much they cost. So there is a demand for each method you just need to find what will suit you the most.

Tags: India, Money Transfer, send money, transfer money