5 Tips to Transfer Money To India

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5 Tips to Transfer Money To India
2
5 Tips for choosing the right Remittance service

• Transferring funds from foreign country back to
  loved ones or family members residing in India is
  a major concern for all the NRI residents.
• There are several methods of relegating funds,
  yet many people are confused on choosing the
  appropriate service.

3
Selecting Mode of Transfers

• The online options are e-transfers or power
  transfers.

• Power transfer or wire transfer is one of the
  oldest methods of money transfer to India
• Offline option includes using third-party
  transfer services.

4
Speed of fund relocation

• Online mode faster than offline mode
• NEFT take around 24 to 96 hours and is readily
  offered by many banks
• RTGS is real-time transfer service in this
  segment

5
Reach of Service

• Some offer doorstep delivery of cash
• Many offline remitters deliver funds in the
  office only
• Online agents transfer funds directly in to bank
  accounts

6
Cost of Service

• SWIFT international wire transfer system is
  costlier than vis-à-vis drafts and cheques
• Money transfer services (offline) charge higher
  than banks (25-30 higher)
• Drafts or cheques will charge only 1 to 5 of
  transfer amounts
• Banks also offer other remittance products

7
Convenience

• Apart from speed and cost, the convenience of
  fund relegation also matters
• For remote places, offline mode better than
  online
• Ceiling amount of transactions also matter while
  remitting funds
• Demand Drafts have no limits but NEFT transfers
  have a limit of 5 lacs
• Consider these five factors before selecting the
  right remittance service.