Technology has changed the way we live, earn and remit money to our near and dear ones. Gone are the days when people used to stand in queue for money transfer to India from US. There were big commissions on each transaction, and money transfer wasn’t immediate. There were plenty of failures and frauds. Nowadays, it becomes a matter of a few clicks and money transfer is almost instantaneous. There has been a significant drop in the commissions, and it is even waved off sometimes. Sending money online to India wasn’t easy. Thanks to the telecommunication revolution that made it possible.
You have several ways of remittance from USA to India
Well, there are several options to choose from, and you can select any of them as per your convenience and ease. All are comparable and almost same as far as usage is concerned.
Electronic fund transfer through Automatic Clearing House: Popularly known as ACH, it is one of the popular methods of money remittance to India. It is controlled by an agency known as NACHA in the US that controls the electronic payments, clearance, and inter-banking transactions. The money transfer takes three to four working days, and the money can be withdrawn the next day of the deposit. There are no extra charges and hassles. It is quite popular nowadays.
Online money transfer to India: It is another easy and practical way of money transfer. Using the Internet connectivity and local online banking service, you can transfer money to India. Account number, name, and address of the recipient should be known before you make the transaction. It is a popular method among those who transfer funds regularly. This is an economical and less troublesome way of money remittance India.
Wired transfer: It is also quite commonly used method. One has to visit a financial institution or agency to do the money transfer. The customer care executive asks relevant information of payer and payee before initiating the transfer. After that, the agency initiates wired transfer and issues an acknowledgement. Actual transfer takes place in a few days. The lead time has reduced with technological advancement, though.
Whatis the best way to transfer money to India? The answer is really difficult because it depends on individual preference. Factors like easiness, speed, convenience, acquaintance and exchange rate USD to INR play an important role when one decides the preferred method.