7 Easy Ways to Send Money to India

There are many angles to consider when sending money to India. Top issues are convenience, good rate of exchange, security and of course the taxation angle. In this article, we discuss some very easy ways to transfer money and all of them tend to meet the criteria we just mentioned!

1)  The easiest method to send money is by cash or travellers’ cheques but is suitable when the amounts are small and can be changed easily at a foreign exchange counter by you. Do NOT send cash via post or non-INR currencies as your family members cannot get it converted officially. Using cash/travellers cheques is a common practice with people sending money to India whenever someone is visiting India but cannot be relied on for as a regular method.

2)  Sending a Personal Check is a safe option but takes as much as thirty days to cash it in a local bank in India. Apart from that, the rate of exchange is quite poor and is thus not preferred by many expats remitting money in India.

3)  Cashier's Check (foreign currency and INR) is easier to cash in than a personal check but the rest of the process of relying on the postal system is the same. The one advantage with this method is that in an INR cashier’s cheque you are aware of the rate of exchange being offered to up when you go to get the cheque made at the bank.

4)  Wire Transfer has gained tremendous popularity as it is a method very commonly used by businesses and most banks are geared to handle the process. The charges for wire transfer are also quite nominal now a days and it makes sense to use it when transferring large amounts.

5)  Money Transfer Services have been made popular in the last five years or so especially with the launch of global money transfer companies in India. This method is most suitable for recipients who not have a regular bank account.

6)  Credit Cards have also become a good way to provide financial support to your family in India as you can pay the bills online and get the statements online as well. As more and more establishments accept credit cards, this is a trend which is here to stay. The only downside is that you need to keep a track of the due dates and missing them might result in paying interest to the tune of 24% and above.

7)  An alternate to credit cards are ATM Card which can be linked to a bank account which transfer money for your family’s use. This offers more flexibility to the family and can also be managed quite easily with easy online access. All top banks in India offer ATM and online banking facility today and that has resulted in so many options when it comes to transferring money home.

It is advisable to use a combination of these methods rather than rely on just one of them (remember the old adage of not putting all your eggs in one basket!). Special occasions, emergencies or any requirements can easily be managed by using one of the online money transfer methods.

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