India has one of the largest populations of citizens spread across the globe, with over 1 crore Non-resident Indians (NRIs). These people regularly transfer money to India for various reasons, including personal savings, property investments, and supporting family members.
Fortunately sending money outside India is an easy procedure. Multiple options, such as wire transfers, specialized NRI accounts, and Online money transfers, are available. Selecting the best option will ensure that your payments are transferred to the correct recipient quickly and efficiently, which depends on aspects like speed, cost, and convenience.
Ways to Send Money to India:
- Bank Account Transfers (Wire Transfer): NRIs can send money directly from their abroad bank account to the Indian recipient's bank account. This is called a Wire transfer of funds. It’s a secure and reliable method for sending large sums of money, and it uses global communication networks like SWIFT (Society for Worldwide Interbank Financial Telecommunication) to process these transfers. While wire transfers are known for their security, it usually takes 48 hours for the money to get credited to the beneficiary's bank account.
- Online Payment Services: Digital platforms like PayPal, Payoneer, Payza, etc provide convenient, fast, and secure ways to transfer money online. These services are user-friendly and often have transparent fees and conversion rates, ensuring no hidden charges. By collecting and moving money between bank accounts, and credit cards, they serve as middlemen and ease transactions. It typically takes one to two business days, depending on the service and the destination location, to transfer money from India to another country.
Conclusion
Transferring money to India has become simpler and more efficient for NRIs with various options. Depending on your needs for speed, affordability, and convenience you may choose between the advantages of new digital platforms and more conventional techniques like wire transfers.
At KDP Accountants, we are dedicated to helping NRIs make informed choices, ensuring that your transfers are smooth, secure, and hassle-free. Reach out to us for personalized guidance on international financial transactions.
