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Top Tips to Transfer Money to India

Check out this presentation that is made to help you to transfer money to your family back in India.

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Top Tips to Transfer Money to India

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  1. Top Tips to Transfer Money To India

  2. 5 Tips for choosing the right Remittance service Transferring funds from foreign country back to loved ones or family members residing in India is a major concern for all the NRI residents. There are several methods of relegating funds, yet many people are confused on choosing the appropriate service.

  3. Selecting Mode of Transfers • The online options are e-transfers or power transfers. • Power transfer or wire transfer is one of the oldest methods of money transfer to India • Offline option includes using third-party transfer services.

  4. Speed of fund relocation • Online mode faster than offline mode • NEFT take around 24 to 96 hours and is readily offered by many banks • RTGS is real-time transfer service in this segment

  5. Reach of Service • Some offer doorstep delivery of cash • Many offline remitters deliver funds in the office only • Online agents transfer funds directly in to bank accounts

  6. Cost of Service • SWIFT – international wire transfer system is costlier than vis-à-vis drafts and cheques • Money transfer services (offline) charge higher than banks (25-30% higher) • Drafts or cheques will charge only 1 to 5% of transfer amounts • Banks also offer other remittance products

  7. Convenience • Apart from speed and cost, the convenience of fund relegation also matters • For remote places, offline mode better than online • Ceiling amount of transactions also matter while remitting funds • Demand Drafts have no limits but NEFT transfers have a limit of 5 lacs Consider these five factors before selecting the right remittance service.

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