Understand some options to remit money to India

by | Dec 11, 2013 | Financial Services

Because of the existence of a variety of methods to remit money to India, the need to carry out proper research of the available methods is crucial. Various methods are online remittance, bank drafts, cheques, money transfer agents, wire transfer, international postal services, money orders, etc. Thus, the choices are aplenty, which makes it all the important for you to understand the pros and cons of every method. Finally, you must select that remittance method, which offers you a cost-effective deal. After all, your hard-earned cash is at stake, right? Of the various methods for sending money to India, the online remittance method is the newest and certainly the fastest.

Online remittance
With respect to online remittances, it is a method that is being used more by Non-Resident Indians (NRI) to remit money to India annually. Online remittance service providers guarantee multiple delivery modes, multiple monthly payments and extensive global coverage. Such service providers are safeguarded by encrypted state-of-the-art technology and are user-friendly. Thus, the process of registration and booking transactions with online remittance service providers is rather easy, smooth and quick. Your transactional details are kept confidential by these service providers. Thus, many people find online remittance services trustworthy.

What will particularly attract you to online remittance services is their low/zero transfer fee and better exchange rates. The overall remittance deal, which you get from an online remittance provider, is cost-effective. Thus, more hard-earned money of yours is saved by online remittance and more money reaches your recipient in India rather quickly. Wouldn’t you want that?

But you do need to check the credentials of an online remittance provider first. Carry out a minimal transaction with them and see their process, before conducting a high-value transaction. Keep all the transactional documents with you by taking a printout. This will be helpful in case your money has not reached your beneficiary. Consider the needs of your beneficiary.

Money transfer agents
With respect to money transfer agents, your money may be lost in transit. You will not be able to constantly track the status of your remittance. The transfer fee can be rather steep and may vary as per the agent’s request. Information on the transaction’s status depends on whether the agent is free. You will have to reach his office and book a transaction personally. If you want a money transfer agent to transfer a lot of money, the transfer may take place quickly. Otherwise, the process is longer generally.

Cheque transfers
Bank cheque transfers come with fluctuating exchange rates and higher transfer fees, which makes the remittance deal expensive for a sender. Also, the money transfer via this method takes a lot of time. Instant transfers are not possible.

Thus, if you are interested in sending money to India fast and want cost-effectiveness, online remittance seems a wiser option.

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