What Is the Procedure To Send Money To India From Abroad?

With digitisation and rising competition, sending money using a money transfer service may not be the most competitive way anymore. There are a lot of different applications which can be used to send money to India directly into the bank account of the consumer.

An NRI can either do a wire transfer with the bank or use any online company for fund transfers. These companies directly deposit cash into the recipient’s bank account which gives funds directly to the beneficiary in a hassle free. The procedure for most of these fund transfer methods are similar –   

1. Find out the highest exchange rate that different sites and banks offer. Some Indian banks have special services to money transfer to India which have competitive exchange rates and fees. You also need to consider the fees for sending the money to India. Some banks do not charge any fees if the transfer exceeds a sum say USD 1,000 and above. The same applies to online transfer services as well. Plan your transfers such that you minimise the fees you incur on the transaction as well.
   
   
2. The next thing to consider is the timeline for transfer. With so many online money transfer to India services, it happens in a couple of hours. Some traditional services take a few days. If you urgently need funds, then you can consider a service that is quick. Else, you can opt for a method that remits funds with delay.
   
   
3. Steps one and two help you decide how to narrow down platforms.
   
   
4. Later, create an account. If it is your first time using the service, there may be affiliates who have coupon codes that can help you save funds. Some people have codes that waive off your fees on the first transaction. Different online forums have such codes. But before you send money, do test the codes to see if they work. The code should waive off the fee before you checkout and send the money.
   
   
5. You need to create your account and fill the bank details. Then input the beneficiary’s details. The standard information that the transfer service requires is the bank account detail, the bank name, the SWIFT code. This information is easily available for Indian bank branches online. If you route your transfer through an Indian bank, they may transfer funds using IFSC code and bank account number. However, it is better to double check these before you make the transfer. Once you submit them, it is irreversible.
   
   
6. You then need to enter the amount you are transferring and make the payment. There are different modes to make them such as bank transfer, credit card, checking account, etc.

You receive a confirmation email and a transaction ID which can be used to recheck with the recipient’s bank.