5 Tips to Transfer Money To India. 5 Tips for choosing the right Remittance service Transferring funds from foreign country back to loved ones or family.

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Presentation transcript:

5 Tips to Transfer Money To India

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.

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

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

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

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

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.