Fastest Way to Send Money to India
Thursday, Feb 03, 2011
Do you need to send money urgently to your
family members back home in India? There are a few
effective channels with the help of which you can
transfer money to India quickly and conveniently.
It is important for you to know the right means
and the fastest ways by following which you can
send money to India speedily and efficiently.
How fast you can send money depends upon a number
of factors. These factors include the transfer
method you are using, the amount of money you want
to send, the place in India where you are sending
money to, the payment option you are using and the
disbursement option of your recipient.
The rate at which the sent money will reach the
intended recipient depends a lot on the transfer
mode you are using. The money sent will be
transferred within a couple of minutes if you are
using the fastest mode of money transfer, like
paypal. The recipient in India may have to wait
for a few days to get the money when using other
modes of money transfer that are not so fast, like
electronic wire transfer. Even in the case of
paypal you have to be careful about the last leg.
While money reaches your paypal account
instantaneously, it takes 2-5 business days if you
want to move the money to your bank account.
Online money transfer services like Western Union,
Money2India, Remit2India, Xoom are good options
too. Recipient of the money in India can receive
money within 1-3 days of remitting money through
this service.
Amount of money you are sending to your friends
and family members back in India is another
determinant of how fast they can receive the
money. Most money transfer companies do not put a
legal limit on the amount of money that you can
send to your relatives in India. However, there
are a few companies in the money transfer business
that put a cap on the amount you can remit to
India. Banks in India also put a remittance limit.
For example, SBI has a limit when making
remittance to India. When using its money transfer
service, you can send up to $10000 per day to SBI
Direct Credit branches and the limit for other
banks is set at $5,000 per day. There are also
limits in terms of how many days a week you are
allowed to remit money to India. SBI allows money
transfer thrice a week and the minimum limit is
USD 50 per transaction.
The place in India where you are sending money to
also determines the speed in which money will be
transferred to your intended recipient. If you are
using the services of a global money transfer
company such as Xoom or Moneygram, the money as
sent by you to your family or friends in India
will reach faster if they operate in the area
where you are sending money. However, if you are
sending money to a small town in India which is
not serviced by these money transfer companies
then it will take a few days for the intended
recipient to receive money.
To obvious reasons, transfer within the same bank
is faster than inter-bank transfers. If you send
money frequently, then it is better to open an
account with the same bank that the recipient is
using. For example, if you parents are using SBI
in India, it might speed things up if you also
have an SBI account as well. SBI now has branches
in many cities around the world.
How fast the intended beneficiary in India will
receive the funds also depends on the delivery
method he chooses. If the intended recipient of
the money requests the money transfer company to
offer foreign remittance delivery to his local
address then the postal lead-time needs to be
taken into consideration. However, in-person
pickups while inconvenient gets money into the
recipient’s hands faster.
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