Sending Money to India through Personal Cheque
Sunday, Feb 27, 2011
People living abroad are on the constant
lookout for ways to send money to India. Sending
money to India via Personal Cheque is yet another
simple and convenient method for transferring
funds. Through this method, you only require to
sign a cheque of a particular amount and send it
to your counterpart in India. Once deposited,
money is transferred to the account of the
recipient, similar to any cheque transaction that
takes place within the country.
While using personal cheque for sending money to
India, there are several factors that require your
attention and understanding. To begin with,
sending money to India via personal cheque is not
the fastest mode. In other words, if speed is of
essence, this is the wrong mode for sending money.
Again, while using personal cheque, it is
important to physically send the cheque by post or
courier to the recipient, so that the latter can
actually deposit it in his or her bank. The time
taken for international mail to get delivered is
anywhere between one week to four weeks, depending
on the place from where you are sending and the
type of priority you have chosen.
Once you decide to use personal cheque for
transferring funds to India, it is also important
to remember that along with postal time, banks
also take time to transfer funds. Banks are known
to take anywhere between one and three weeks for
clearing the cheque and transferring the funds
into the recipient’s bank account. The
amount of time taken for the actual transfer of
money from the bank of the sender to that of the
recipient also depends on the size of the bank of
the recipient. In other words, main branches in
cities might be able to clear your cheques faster
than if the recipient were to deposit them in
smaller branches.
Another point that you might want to consider
while opting for personal cheques is the rate of
exchange. Since it usually takes about 15 to 21
days for the clearing of these cheques, your
recipient could end up getting a lesser amount of
money than what you had originally intended to
send in case the exchange rate prevalent at that
time is less than what it was when the cheque was
sent. In other words, there could be a difference
in the amount of money you intended to send and
the amount of money your recipient actually
receives in Indian rupees, which is largely due to
the changes that occur in global exchange rates on
a regular basis. Though one won’t complain
if the exchange rates go up, the same won’t
hold true if the rates take a dip.
It is important to note that the cost of sending
money to India via personal cheque is more than
the cost of transferring money via any other
method. This is because you have to include the
cost of sending the cheque via post or courier
along with the cost of drawing the cheque in the
first place, apart from adding the losses incurred
through low exchange rates, if any. All these
issues, when added together, may result in the
final cost, making it more expensive than if you
were to transfer funds electronically.
Despite the above disadvantages, sending money to
India via personal cheque will always remain a
chosen option, largely because it is really
secure. So, if time is not of essence, you can
easily give this mode of money transfer a try.
Please enter the following:
Related Articles
|
 |
|
