How to Send Money to India Quickly

There are very many professionals from India all over the world and the fact is that they have many dependants back home. There is a need to find a money transfer method that is affordable, fast and safe.

Luckily, many options are available presently. It is thus very important to know the advantages and disadvantages of these money transfer options.

Sending Money to India through Checks

For those that are conservative, sending money to India by check is a great option. Sending a check ensures that only the intended recipient gets access to the funds. It also happens to be the cheapest international money transfer method.

However, the check has to be sent by international mail. This is extremely slow and can take up to four weeks. At the same time, once the check is received, the receiving bank may hold on to the funds for even four more weeks as they try to clear it.

Another problem is that you are reliant on the exchange rates charged by your bank. The exchange rates are rarely in your favour and you may lose money during the process.

Sending Money to India through a Bank

India’s largest bank, the State Bank of India, has opened up some branches in the USA and other countries. You can open accounts with the bank and send money back home.

The advantage of this method is that you get to transfer dollars to the accounts. You then draw checks in Rupees to send to India. This substantially cuts down the costs of exchange rates.

If your recipient also has an account with the bank, you can directly transfer the funds to their accounts through a wire transfer.

International banks such as Citibank have also started these types of accounts. The hope is that more banks will follow suit.

International Money Transfer Companies

For those that would like to avoid the banks, you can use International money transfer companies.

Companies such as Moneygram, Western Union and ATM Cash have huge networks of agents in India. The biggest advantage with using these services is that the money transfers are almost instantaneous. Some of these companies boast of sending out the funds in no more than ten minutes.

The disadvantage with this method however, is that the recipient must be near a money transfer agent. Being located far from an agent may entail more expenses to the recipient.

New Websites to Transfer Money to India

Due to the large number of Indians working outside the country, websites have been created with the sole purpose of transferring money to India.

Websites such as clicksindia and remit2india allow you to send money to your relatives using online credit cards. The recipient is then contacted and issued with a check in India. Within five business days, they should have the funds.

These websites are generally cheaper than other services.

As you can see, there is no shortage of methods to transfer money to India. You however, have to ensure that the company you choose has good customer support and credible.