Many Indians travel abroad for various reasons. These may include for educational purposes, for employment or even as a preference of a place to reside. A person may have a number of dependents who are living in India and one of your most fundamental duties would be to send them money. Whichever the reason may be, it is extremely important to open an account which enables these Non Resident Indians to send money remittance to India in a safe and secure manner.
There are a number of factors which a person may consider when sending money overseas. Some of these factors include the speed of delivery, convenience, pricing and exchange rates. Some of the popular means of transferring money would include wire transfers which are also known as telegraphic transfers where a person is sent money offline. A person would have to fill an application form for a wire transfer and visit the local branch in order to do so.
There are a number of remittance services and providers that are available to facilitate and make these transactions faster, easier and extremely convenient for these NRI’s. The charges of these companies can be divided into service charges as well as exchange rates. These accounts can be opened either in savings accounts or as current accounts. Both of these accounts are held in Indian Rupees. Many of the remittance services offer safe, pass-word protected and secure means by which people can transfer funds from the US to India. Another growing popular method includes online money transfer services. Here you can transfer money from any bank account that is overseas to any bank account in India.