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 The money transfer takes three to four working days, and the money can be withdrawn the next day of the deposit.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.
While living abroad, you are always concerned regarding the well-being of your loved ones. During times of peril, your family might fall into a deep soup. Moreover, your physical absence is just enough to provide them with the jitters of insecurity. On such crucial occasions, financial resources could provide them with adequate support. Therefore, while residing overseas, you must look for the best possible means for availing the finances to your family and loved ones. Now, matters concerning money are quite serious and require utmost diligence and transparency in handling. Associating with the leading money transfer services can just be the right thing to do, in this regard.
Competitive rates of exchange
With overwhelming professional commitment on cards, you might fail to find the right opportunities or time for money transfers. An online money transfer to India from US will save you the time and effort. Moreover, you can execute the entire process in the comfort and convenience of your home or office. But, prior to opting for the transfer of finances, you must opt for the services with utmost security. Also to this, there is a need for swift and hassle-free money transfer. Choosing the most reliable services can allow you to perform the entire functions with the best rate of exchange.
Proper receipt of funds
Considering the significance of money in every individual’s life, you must ensure safe transfer of your finances to your loved ones. Therefore, safety happens to be a prime requisite here. The leading online services let you transfer money to India from USA easily. There are wired transfers and Automated Clearing House or ACH finance transfer services available. As a result, there are zero possibilities of fraudulency or discrepancies and the money will reach beneficiaries in their respective bank accounts. Additionally, the SSL data encryption ascertains the optimum safety of your financial statements and transaction details. And the transfer is instantly executable within few minutes.
Need for trustworthiness
Nailing down your choice of the best online money transfer service is an important decision. While transferring money to India from US, you must take care of quite a few aspects. The service you choose must be customer-friendly. Additionally, there must be proper notifications at regular intervals. Reliable and pioneering online services offer regular updates via text messages. You will also find effective transfer tracking system for each money transfer you make. Ensure timely payment of utility bills for your family, even when you are physically absent. Hassle-free finance remittance makes them the Numero Uno of the market.
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.