Know the best method to send money to India
Posted: Oct 18, 2020
If you send money to India quite often, then you are probably always on the lookout for cheaper and better ways of doing so. After all, FOREX rates change rapidly, and margins remain unclear. And, the cost of an international money transfer also depends on how fast you want it sent; faster the transfer, higher the cost. So, if you live abroad and need to send money home, here are the various methods you can use:
Automated Clearing House (ACH):
It is one of the easiest methods to remit money to India. Automated Clearing House (ACH) is an inter-bank electronic fund transfer network administered by the National Automated Clearing House Association, headquartered in the US. A typical transaction processed via ACH takes 2-3 business days to get processed.
Wire transfers are a slightly more expensive alternative when it comes to international money transfers. The process is set in motion when you visit a bank and initiate a transfer. Accordingly, the bank contacts a local bank in India or an intermediary which is also called a correspondent bank with the payee information you provide. The transaction is processed via a secure system called SWIFT, and the money is credited to the recipient in a few days.
Bank draft’s and cashier’s cheques:
You can opt to remit money using a bank draft or cashier’s cheque; both are readily available in banks across the world. However, a bank draft or cheque is more expensive than a money order. And it also takes longer to be cashed compared to the latter. In instances where the cheque or draft is misplaced, there is a mechanism through which they can be traced. The main drawback is the amount of time it takes for clearance.
International Money Order:
It is the most viable option for those who often money transfer to India. It is a time-tested method of sending money to individuals or families living in the interiors of the country. The USP of the money order is that you do not need a bank account for it. All you need is an ID to deposit money which can be withdrawn at multiple locations. It is an affordable and fast method of sending small amounts of money across borders.
The digital revolution has given a fillip to how money transfer works! Through online transfer, you can transfer funds instantly from your bank account within minutes. All you need is the name and address of the payee and the bank to which the money is to be sent with the SWIFT/IBAN numbers.
ICICI Bank Money2India
ICICI Bank brings you a safe and affordable online international payment service, Money2India. Trusted by NRIs around the world, this service lets individuals and businesses transfer money online to more than 100 different types of recipients in India.
How does it work?
With ICICI Money2India, you can transfer funds in a secure and reliable way in just five simple steps:
- If you’re a new user, register online. Existing users need to log-in.
- Enter the amount to be transferred.
- Enter the information required for individual or business transactions, respectively.
- If you do not have the payee added already, add their details.
- Select or add your bank account, confirm and pay the desired amount.
Here’s what’s in it for you:
- Locked-in exchange rates compared to market rate
- Convenient and secure
- Facility to schedule future-dated payments
Finally, do check whether your preferred money transfer method gives you the flexibility to cancel a transaction should the need arise. Access to a 24X7 customer care line counts during an emergency where you need immediate assistance.
I am Reuben Williams. I am a professional writer. I would like to share my thought on financial sector.