The Many Methods of Transferring Money to India

Money transfer can be a little tricky, especially if you wish to send money overseas. A lot of people find it overwhelming given the huge range of money transfer methods available to them. Billions of dollars are sent every year through the many remittance methods available out there. You may have to send money quickly, and with the advent of technology, you can even use the Internet to send money to your loved ones. Money transfer is no longer limited to age-old methods and you can explore your options after careful consideration. Along with the methods, you must also factor in a few other things to ensure a smooth and swift money transfer. Let us explore the many methods available for money transfer to India and things you need to remember before you make a choice.

Cash transfer – This is perhaps one of the oldest methods of transferring money to India and is uncomplicated. The recipients can personally collect the money or you can have it delivered at their doorstep to further ensure their convenience.

Bank transfer – Banks are now offering excellent remittance services to empower their customers and serve them better. You can send money to your loved ones through your bank account. Of course, the recipient will also need to have a bank account to receive money. This method is undoubtedly safe and your bank will help you with everything you need just in case something goes wrong during the money transfer.

Mobile transfer – If you do not have access to transfer agents and yet wish to send money quickly, you can send money to the recipient’s mobile phone or mobile wallet. This method is quite popular in some countries, and becoming common in India too.

Online transfer – Several web portals and online transfer agents offer you the comfort and convenience of sending money online. All you need to do is subscribe to their services or create an account on one of the websites and send money overseas. It can be a bit confusing initially because there are just too many players in this field. But the good part is that there are several sites that you can trust for your money transfer. A little discretion of course is necessary initially, but once you get the hang of it, it’s very easy to send money online.

The cost of transfer is something you need to consider while sending money to India. This is because of the ever fluctuating money transfer rate to India that will affect your transaction. The cost of sending money will also vary depending on the method you choose. While some money transfer operators may waive off the transfer fee on big amounts, there would be others who may charge a certain percentage of the final amount of transaction.

Make sure that you retain the bill or e-receipt of the transaction so that you can use it in case an error occurs during money transfer.

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