Simple Ways to Send Money to India

There was a time when ABROAD was really far and just a thought of your loved one going to some foreign land used to make you feel sad and emotional. With changing times, the geographical barriers have almost become invisible.

Now, if you wish to send something to your loved ones - be it flowers, greetings, gifts or money within the country or abroad, it is just a click away. Sending money has now become more hassle free with no physical visits to banks or other financial institutions.

While sending/transferring money to India, there are a few important concerns like exchange rates, security, convenience, taxation etc that do tick your mind and you weigh each possibility keeping these points in mind. Following are the methods by way of which you can send or transfer money to India in a secured manner and that too with ease. Let’s have a look!

Wire Transfer – Wire transfer has gained momentum in recent times. It is a SWIFT message which is efficient and a highly secured way of sending money to India. Wire transfer is an electronic way or electronic transfer of funds. You require a SWIFT code for this purpose. It is a network which is administered by hundreds of banks across the globe. It is a fast and secured way of movement of funds. Wire transfer is generally used by business houses or by individuals who wish to send a good amount of funds. At some places this method is also referred to as “Telegraphic Transfer”.  

Western Union or MoneyGram – These operate in transferring funds from one city, state or country to another. Western Union and MoneyGram both help you in sending money to India from anywhere across the globe with ease and secured manner. They charge a flat rate for the service they render. This flat rate that is charged by them depends on the location where you want to the send money, the amount that you wish to transfer and the speed or urgency of that transfer. These services, however, do not provide you with competitive exchange rates and you may end up paying hidden charges for the same. Western Union has over 50K Agents across India with more than 14K branches in leading banks and 8,500 Post Offices.

PayPal – This method is considered to be an economical method of transferring money. This is a method by which you can electronically transfer money from one PayPal account to another. The sender is not charged any fees but the receiver in this case has to pay a fee in order to cash the payment. After you have received money in your PayPal account you can transfer the amount to your bank account in India directly from the website of PayPal. Any transaction more than Rs 7K would attract no transaction fees but you will be charged Rs 50 for any transaction less than that. In order to send money from your PayPal to your own bank account you would be required to mention the IFSC code of the branch holding your account and other bank account details. Following are the banks to which you can transfer money by this method –

There may be fluctuation in transfer rates as a low transaction fee may be seen in large transactions. For transfers made in international funds you will have to pay the exchange rate on the transfers.

Personal Checks – It is a safe and secured option of sending money to India but you need to keep waiting for thirty days to cash your personal check in a local bank in India. The rate of exchange on the same is not competitive at all rather it is quite poor. It is not a very popular method of remitting money to India by expatriates.

Cashier’s Checks, Bank Drafts and Money Orders – These methods serve to be a good choice while you wish to transfer money to India. You can buy bank drafts and money orders in the currency in which you wish to send the same. Many post office branches also offer economical money orders that can be bought by you. The advantage of Cashier’s Check is that when you get the same in INR you are well versed with the exchange rate that would be offered to you. Money orders take place when the amount being sent is small as compared to bank drafts. You will have to shell out more if you wish to get a demand draft than a money order. However, these methods may take more time for your funds to get transferred but they are easily traceable.

Credit Cards – These have become a popular tool of providing financial aid to your loved ones. They help you pay bills online and provide you with other payment options online. While you opt for this method, you need to be very sure keeping in mind the due dates of the same so that you do not end up paying penalties and late charges.

ATM Cards – You can also get your ATM cards linked with your savings account that transfers money to your loved ones. This comes with online access and can be managed easily.

It is always advisable that you shop around and try to crack the best deal when it comes to sending money. A combination of these methods should be used instead of becoming dependent only on one method.