Transferring money to India from any other country, also known as remittance, involves a high amount of government restrictions, and a tight control of foreign exchange. Once you know what are the money transfer policies of Indian government the process of transferring money becomes easier. You just need to choose a proper method of remittance, and make sure that your transaction meets all the rules and regulations.
If your are residing abroad, it also invites lot of challenges when it comes to money transfer. Today a lot of companies abroad are hiring employees from India, which eventually is increasing number of migrants abroad. The idea of shifting or migrating to an international country fascinates these individuals and plan to shift their base for better living. Although there are numerous benefits, one noted thing is such step also help build a strong economy of the country. Thus today you will find lot of Indians residing abroad and have associated themselves with top notch companies.
With a well settled life and good job, many Indian migrants may come across one particular concern of transferring money to India. One definitely has to choose the best payment option to transfer money back home. Again, this is a common concern when transferring money to India, especially if there is a wide number of option of money transfers.
Sending money to India is easy and efficient, especially when we have multiple methods to do it. The different options have their own unique advantages and disadvantages to consider. It is very important that you do a research before making your final decision. Below are some overviews of the most popular methods of sending money to India.
Money orders are regarded as the safest and the most affordable choice when it comes to sending a small amount of money back home. Most banks offer this service with minimum charges. You’ll need to deposit the international money order into your bank account. As added security, the full amount can be recovered when lost.
Bank drafts is a quick and practical option, however they are considered to be expensive than money orders. If the money gets lost, it can be instantly tracked down.
Another option for transferring money to India is by sending a personal cheque. This is one of the safest options since the cheque can be made out to a specific person and cannot be cashed by anyone except for someone with his or her ID. Also, any cheques that don’t reach their destination can be cancelled. An additional fee needs to be paid for the exchange rate.
One of the easiest ways to send money to India is by making an online transfer. All you need is some basic information about the recipient, such as their name, address and bank account. You can easily put this method into practice from the comfort of your own home, provided that you have an Internet connection.
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