Top 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

• 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.