Money Transfer
The blog outlines five efficient methods for remitting money to India, including bank wire transfers, online money transfer agencies, international money orders, demand drafts, and online transfers through platforms like HDFC Bank’s QuickRemit. It highlights the benefits of each method for secure and swift cross-border financial transactions.
International funds transfer comprises several rules and regulations. These rules are applicable to all remittances to and from India. Due to the influx of Indians migrating overseas, there is an immense need for secure, seamless and swift money transfer to India from any global location.
In simple terms, inward remittance is a specified amount transferred to your account in your home country from overseas. You can transfer funds yourself or have a third party do it for you. When money is sent to India from another country, it’s specifically called a foreign inward remittance.
Inward remittances help facilitate cross-border financial flows and can be received through various channels like banks, money transfer services, or online platforms. The need for inward remittance may arise because of family support, foreign investments, or international business transactions.
It is an electronic transfer from one financial entity to another using a network known as SWIFT. It is one of the most common, efficient and rapid means of money transfer to India. Wire transfer is through your bank. The bank levies a fee depending on the amount. The bank offers exchange rates.
These agencies provide a simple and convenient money transfer experience. Transactions are completely online, and fees are less than traditional wire transfers. For instance, Online money transfer from Singapore to India is more reasonable and convenient than physically visiting an agency. The receiver can get the funds within 3-5 working days.
It is a secure and budgeted means to remit money. You don’t need an account, as in the case of online money transfers from Australia to India or any other place. The money order could be deposited in the bank account directly or encashed at various cheque-cashing locations.
A foreign currency cheque is the safest means to transfer money to your beneficiary. Once you make the deposit, it takes approximately 21 days for the amount to be credited. However, you can issue a demand draft to deposit into a NRE Account. Many still use this method compared to an online money transfer from Singapore to India.
Online transfers are gaining popularity globally. You must log in to your HDFC Bank NetBanking account or MobileBanking App. The security feature in this transfer method is optimum since you need to include beneficiary personal and bank details.
For instance, QuickRemit by HDFC Bank provides the quickest, easiest and safest way to transfer money to India. Online money transfers from Australia to India can be carried out in just a few minutes. It is one of the superior and best-in-class means to remit money at competitive rates.
While there are plenty of options to consider and choose one, you must choose the one that benefits you the most. In today’s time, remitting your funds is your best choice. It is a safe and quick method to transfer funds. And allows the recipient to access the money instantly without any delay in clearance. Click here if you want to remit funds through NetBanking now today.
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* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.