When you move abroad, you may have several reasons to send money to India. Whether you move there permanently or go for a brief period, there will be some or the other reason to send money back home. The reasons vary for everyone, some do it for investment, some to assist their families or just to send gift money. Whatever maybe the case, the end goal remains the same, and that is to send money. There are many methods to send money, but we must carefully select a safe and secure channel.
Some of the best ways to send money are:
(ACH Transfer) or Online Bank Account Transfer
ACH (Automated Clearing House) is a US-based electronic payment network that specializes in processing debit and credit transactions. The money sent through this channel takes 3-4 days to reach the designated bank account. For regular transfers, ACH is quite convenient as they have minimal to no associated charges. ACH is a preferred mode, as they save both time and money.
Online transfer is not restricted to one nation and is a facility that can be availed from anywhere. This channel can be availed if your bank has the option of an online facility and if you have a decent internet connection. To transfer money online, anywhere in the world, all you need are the account details of the person; you wish to send money to. This method too incurs nominal charges and is fast as well.
Wire transfers are the most trusted and oldest method to send money internationally. This method of transfer takes information from the sender about the recipient and sends the money to an institution of the recipient’s choice. After all the details are taken, the transfer gets initiated, and the money is sent. This process takes a few days.
Cashier Cheque, Money Order and Bank Draft
All these services are purchased from a bank. These purchases come at a price but are cheaper than wire transfers. The benefit of a cashier cheque or a bank draft is that it allows you to purchase the amount in the currency of the country the recipient is in. For drafts and money orders, you can also keep a photocopy for records, in case the money doesn’t reach the destination. These methods are economical but are time-consuming.
Money Transfer Companies
Such companies offer a wide range of services, including sending money internationally. This medium is fast, secure and inexpensive. Renowned companies like Western Union and Remti2India are examples of such institutions. They are a hit because they offer good exchange rates, minimum transfer fees and hands-on customer service. There are many money transfer services, and you can select anyone which has the best reputation in the market.
Email Money Transfer or EMT is a method of money transfer which falls under the category of retail banking. This facility allows the transfer of funds between personal accounts using their email ID and online banking services. It is safe, and the money reaches in 3 to 5 days.