If you are staying abroad and have your family staying back home, the major concern is to send money across to our families. A person in a foreign country can send money in India through many methods such as, a money transfer agent, bank, demand draft, cheque and online transfers. Certain money transfer services charge a certain amount to deliver the money.
While in some cases, in India the receiver wont be charged anything and in some cases the agent in India may charge a fee or commission from the receiver. The service tax would be levied only on the fee/commission received as the overseas agent is not based in Indian tax territory.
India is a major recipient of global remittance. In 2013, it received $71 billion, the largest by any country, from across the globe. One of the very important question is how to transfer money to India. There have been various methods to transfer money, when any person desires to transfer funds to any place outside India, it gives rise to a foreign outward remittance. This is a secure, quick and efficient method of transferring funds, which enables you to send money easily to any bank.
With the kind of technological advancement that exists today, transferring money to India from abroad has become quite simple. It’s an era of making online transfers and this is the most hassle-free way of transferring money to India from abroad. Let us have a look at few money transfer services –
Demand Draft –
This is a means of initiating a transfer from your account to a named payee. You can send the Demand Draft to your intended payee, who will then be able to take the Draft into their bank – following presentation of this Draft, he/she will then receive payment.
Online Money Transfer –
There’s also the option of sending money through an online money transfer service. Today, there are several new online money transfer portals which transfers money to the recipient’s bank account.
Personal Cheque – It is a safe and secured option of sending money to India but you need to keep waiting for thirty days to cash your personal cheque in a local bank in India. The rate of exchange on the same is not competitive at all rather it is quite poor.
Wire Transfer – Wire transfer has gained momentum in recent times. It is considered to be efficient and a highly secured way of transferring money to India. Wire transfer is an electronic way or electronic transfer of funds. You require a SWIFT code for this purpose. It is a fast and secured way of movement of funds. Wire transfer is generally used by business houses or by individuals who wish to send a good amount of funds.
If you need to transfer money to India it can be helpful to compare money transfer options in order to ensure that you are getting the best exchange rate for the Indian rupee.
