You will want to share your success with the family and send money to India. In this case, there are a number of options available and selecting the right one can be a challenge. Here is some of the means of transferring money overseas:
Wire transfer technology allows you the remit money from your foreign bank account to the bank account in India. If you are using a bank, which has a branch in your residential area and in India as well, the transaction can be done within one working day. On the other hand, if you are making a transaction between two different banks, it can take up to four working days. It can also be a little bit on the expensive side. Banks may either offer a fixed exchange rate or one that varies according to the market rate. It is important to do a little bit of research and find the best rate. They also have an upper limit on the amount of money you can remit to India. So it is best to plan your transactions accordingly.
Some banks use a combination of online and offline methods. The money is transferred to the bank online after which, a physical draft or cheque is delivered to the beneficiary’s doorstep. This transaction can take up to 7 days before it is successfully completed. Courier charges and bank service charges will be deducted according to the current rate.
Best way to transfer money to India is several online platforms that allow you to send money to India from anywhere, without any inconvenience. These transactions can be carried out in a matter of hours or in a few days. They are relatively quick and easy to use. These portals usually use the actual exchange rate that is prevailing in the market however, a number of them have fixed rates. They try to make the transactions quick and cost effective. The limits on the amount that can be transferred at a time vary from each service provider. It generally on the lower side, in comparison with the banks limits.
