A guide to making a money transfer to India
There may be times when a friend, family member, or even a business associate needs money and needs you to send it now. Whether you wire money online, send by way of electronic funds transfer or use a banking service, take the time to know both the money transfer rates and length of time it takes before the money arrives.
Money transfer rates
Many sites online allow you to send money using either ACH Transfer (electronic transfer), credit cards, check transfers or wires. If using a credit card to wire money, consult with your bank's terms and conditions since there are usually finance charges added, and most places (like Remit2india.com) charge 3% of your remittance amount in addition.
HDFC Bank
HDFC Bank offers Quickremit, a remittance service which offers a competitive exchange rate many people recommend. Although created by HDFC, you can send money abroad to HDFC and non-HDFC accounts alike, as well as rupee demand draft or travelers cheques. The receiving account can anticipate a minimum charge of Rs 0.25, and an additional Rs 0.75 for every Rs1,000 rupees sent (source: Sendmoneyindia.org).
Sending money online
Remit2India.com is a site which allows over 20 different countries to send money online to India. After a standard registration to the site using login and password, users submit a brief registration online (first and last name, phone number, date of birth and address). Just provide your bank routing and account number, followed by the receivers' bank details, and the money is sent.
ICICI Bank
ICICI Money to India offers the same ways of money remittance as other sites, but also offers Cheque Lock Box as well. Cheque Lock Box is also known as Web Based Cheque Transfer, and is a relatively new way of sending money. It works by printing a form from the site (Icicibank.com) and mailing it at any post office along with the cheque. This saves on many fees incurred by traditional money transfer services and there is no limit to remittance amounts.
Western Union
Western Union has become popular globally in regards to sending money internationally. However, there are several ways of making a money transfer to India.
Final word
Before sending money abroad, do the research to find out what the current exchange rate is (this usually change daily). Besides, compare transfer fees, as some places will offer transaction fees waived and other promotions as a courtesy.
