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Non Resident Indians need to send money to India either to support family, business requirements or investment purpose and they send a huge amount back to India every year. The process of sending money to India from abroad is called inward remittance. There are many ways to remit money to India if your source of income is from abroad. Each has its advantages and disadvantages. You should understand each method properly before you decide which is most suited to you. Here we list ways to remit money to India.
Wire transfers via Banks – Wire transfer is the most common and secure way of transferring money. You send money from one bank to another through their online systems using secure codes and technology. This process takes 2-3 working days in reputed banks. The charges in case of wire transfer are quite high compared to some other methods. The bank that you have an account with abroad needs to be a correspondent bank of the bank in India where you need to transfer money in case it is a different bank.
Online Money remittance – There are online platforms available to transfer money. You can transfer money easily from the comfort of your home. But the exchange rates, fees and terms and conditions have to be carefully studied. Remit2India and Xoom are examples of online money transfer services. There are also new age platforms like Paypal wherein one can deposit money in your Paypal account and that can be withdrawn into a bank account. This method has to be studied properly as the Paypal rules for India are different than those for other countries due to RBI guidelines.
Remittance cards – Many banks like ICICI and Axis Bank have remittance cards. This can be purchased in the name of the recipient and the NRI can load money in this card. It can then be used like a debit card in ATMs and shops.
NRI Bank Accounts – NRIs can open bank accounts with Indian banks. There are three types of bank accounts that you can open as an NRI – NRE, NRO and FCNR accounts.
Foreign Currency Drafts and Foreign Currency Cheques – As an NRI you can issue cheques in the currency you earn and send it to the recipient who can encash it whenever required. This is a simple method but time consuming as there is a time lag between you sending the cheque and the recipient getting it and encashing it.
Similarly you can issue Foreign currency drafts to pay for investments and business requirements. It is again time consuming as it takes 21 days for such drafts to be encashed.
Sending money to India helps to secure your family’s future. It also plays a part in the development of the country. You have to choose the method that is most appropriate for you in terms of need, costs, service delivery etc.
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