There are several money transfer services to help you make an online money transfer to India and each has its advantages and disadvantages. An option can be chosen depending on what the fund transfer requirements are.
Several Indian banks allow online money transfers to India from abroad. These transfers take a minimum of between 2 to 4 days and if the receiver does not bank with a partner bank, the payments can be made via a demand draft. These banks however often have a limit on the amount of funds that can be transferred at a time. The advantage is that these banks partner with several other banks and thus have a fairly extensive network all across India.
Some financial services institutions allow the sender to use his or her debit or credit card to transfer money to India. This method is especially convenient as it can be done over the phone or via the internet as well. A money transfer to India can also be made using a money order, in which case the funds can be made available immediately.
There are few agencies who offer A few newer agencies offer an even faster way to send money to India. On registering with the company, an ATM card is issued to the person in India. Once this has been done he can use this ATM card to withdraw money from any VISA Plus ATM. The benefit is that a money transfer to India can be made from anywhere in the world and the funds are deposited in less than 30 seconds.
1 person likes this post.