The money transfer industry in India is growing at a good pace of 10%. This suggests that money transfer to India from all parts of the world is done on a regular basis and at very large scale. According to the American Community Survey of the United States, the population of Indian Americans has grown at a pace of 53%. In 2000, the population of Indians in America was 1,679,000, which increased to 2,570,000 by 2007. Among these, the working force makes up quite a large percentage of this population. This is the reason why so much money is remitted to India every year from the US alone.
Simple Methods of Money Transfer to India
The following are the options used by people living abroad for the money transfer to India:
Personal Cheques: These cheques are guaranteed funds and normally get cleared within a day. Transferring money to India becomes very easy with this option. All you have to do is to fill the amount in the cheque and send it to India via mail. The recipient of the mail can deposit the check to the nearest bank and get cash.
Demand Drafts: This is a popular and safe medium of transferring money to India. You can draw a demand draft on behalf of the recipient’s bank account. The best thing about sending a demand draft is that it cannot be encashed by any other person whose details do not match with that of the recipient. Although this method takes more time, it is very safe.
Wire Transfer: For instantaneous money transfer to India, this is the best option. It costs slightly more but task is done very rapidly. In this method, you have to order the bank to send the money to the bank in India, from where the recipient can collect the cash. The sender bank sends a message using systems such as SWIFT or Fedwire. After receiving the message, the recipient bank deposits the ordered amount into the account of referred person. However, the bank charges a free from both the sender and the recipient.
Online Money Transfer: This is the most customer friendly option of money transfer to India, as it saves time. There are many banks that provide this service. All you need to do is to have internet access and an online banking account. You can send money to India without needing to visit the bank physically. Within a week, your family members in India can receive the money. This service is also chargeable but the charges are very nominal.
While you are transferring money through the online mode or with help of an agent, ensure the legitimacy of the website and the agent.
