Money transfer takes a lot of time if you use the traditional methods of cheques. It could take 30 days or more to get the money deposited in India. Normal wire transfer is error prone. The common modes of transferring money to India from US include bank drafts and cheques. You need to choose the best and safe mode to transfer your money to India. Selecting the trusted online money transfer services is also important.
When you transfer money to India from USA, the best way is through power transfer and e-transfer modes. It is the fastest and easiest way to deposit the money safely into the state-run banks like State Bank of India and private banks like ICICI Bank, HDFC Bank and Axis Bank. You need to select the trusted foreign banks carefully to send money online. It is necessary to read the reviews and ask the friends and colleagues before entrusting the money transfer to a particular bank from US.
How to make online money transfer
RBI has set some guidelines and rules for Online Money Transfer to India from USA. In some instances, the online money transfer is restricted for personal remittance. If you are looking to send money to your loved ones bank account for investment, buying a property, paying tax, or other needs, selects the best transfer services at the current exchange rate and for lower transaction fee.
If your loved one is in urgent need for funds to pay tuition fees, the best option to send the money to India is through NEFT. It is the safe online money transfer and usually takes 24 hours to 96 hours. You can approach the connecting bank for direct transfer to the bank account in India.
ACH Transfer Mode and PayPal
You can also opt for ACH transfer to India. It takes up to 4 working days to get the funds credited to the bank account. It will not charge any extra fee to send money to your relatives in India.
You can also send money using PayPal mode. The sender need not pay for online money transfer here. However, PayPal charges the recipient at 3.9% for each transaction.
Fee for Online Funds Transfer
If you want to send $1000 to India from the U.S., the bank collects $1005 that includes a fee of $5. An amount of INR 63,000 gets deposited into your loved one’s bank account in India. You can transfer the minimum amount of $1000 to India. The exchange rates are updated between seven and 9 AM every day morning on SBI California website. If you transfer money after this time, you will take the day exchange rate.