The Nuts And Bolts Of Money Transfer To India From Overseas
The offline method of transferring money to India is time-consuming while wire transfer takes one or two days to receive money either from Australia, United Kingdom, United States or Canada.
Money transfer is one of the oldest methods that has been prevailing in the world since the currency came to light. People were not aware of the easy methods of getting money from the near and dear one who had been working overseas before some years
However, the presence of internet and digital media has been a boon for the people to keep everything in the clutch. The Indian people used to get money from the different countries like United States, United Kingdom, Austrailia, Canada and UAE etc. by the help of their relatives abroad. A negligible part of remittance used to happen in case of business transaction.
Money Transfer has been redoubled
During last two decades India has seen huge surge in inward remittance due to phenomenal growth in economy. Basically, the internet technology has opened the door to earn money from abroad. There are freelancers those who have been working from the comfort of their home for the clients overseas can get money easily these days. Besides this, there is a trend of virtual assistant that has been quite popular in these years. Therefore money transfer to India has been increased manifold.
Some tech-savvy people those are well-versed in the field of web development, content writing, Video promotion and podcasting that helps getting money from abroad easily due to multiple range of money transfer facilities.
Ways and means of getting money from abroad
There were traditional methods of getting money and it was bit time-consuming due to communication issues few years ago. However, transferring money to India has been as easy as ABC from almost any corner of the world.
No matter, whether you want money with Australian Dollar Exchange rate or USD, there are easy ways to get money within 24 hours. Previously the people used to send either cheque or back draft which used to take at least 15 days as the process is an offline and tedious method.
If you are in a hurry or in an urgent need of money and would like to get money from abroad, then online money transfer is the only option available.
You need to understand the coverage area of the banks or any other third party agencies that mediate in remitting money from overseas destination. Most of the banks in the rural area in the country does not cover international money transfer. It is now available in most of the cities in India.
Service cost of remittance
There are certain guidelines of the service cost for the authorized banks or agencies that has been fixed by the Reserve Bank of India. Generally, wire transfer is costlier than bank draft and cheque. The wire transfer is faster than offline remittance.
The wire transfer takes 24 hours to 96 hours while cheque and draft takes at least 10 to 15 days to clear the amount.
During recent years the freelancers in India used to receive money by the help of PayPal a popular ways to send and receive money on the internet. However, it is extremely expensive and you have to follow guidelines. You also need to add a credit card with PayPal to receive higher amount of money from a foreign land.
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ABOUT THE AUTHOR
Blaine Fabi is an expert in financial affairs and he has been writing content on money transfer to India. He also writes prolific article on Australian Dollar exchange rate and other currency as well.