Sending Money To India? Top 5 Modes Of Remittance

India continues to be one of the highest remittance receiving countries in the world. Over the years, Indian economy has won the confidence of foreign investors, helping the market survive even during recession. In 2000, the government even replaced the FERA (Foreign Exchange Control Act) with FEMA (Foreign Exchange Management Act) to facilitate more foreign investors.

A growing number of people are going out and working in countries like the UK, USA and UAE. They send money back home in India on a monthly or even weekly basis. Purpose for sending money varies from maintenance of family, medical reasons, business or to buying a property in India.

If you also want to start sending money to India, there are various remittance modes to choose from. No matter which mode you choose, make sure it is reliable and licensed.

  1. Direct deposit is a popular method of sending money to another country. It is an effective method for people who wish to transfer money back home on a regular basis. In this remittance method, the sender allows an Indian bank to withdraw money from his/her foreign bank account and send it to the recipient. Once the withdrawal is done, the recipient can go to that bank in India and get the money.
  1. Another method for money transfer from US to Indiais to use foreign currency drafts. It is very similar to sending a bank draft. Mostly businesses prefer this method for transferring money from one country to another. Even though it is a time consuming option, it is quite safe if you are sending a large amount. On an average, it takes approximately 20 days for the money to reach if you send through foreign currency money drafts.
  1. Money orders are also used for sending money overseas. These are provided by banks and you can send them via mail. It is a time-taking process but very safe.
  1. You can also use a foreign currency cheque to send money. In this simple process, you just need to write a cheque and get it delivered to the recipient. The recipient can then get the money at his/her bank. It takes more than 20 days for the entire process to get completed. If you want to get it done faster, you can send the cheque through overnight courier services as these courier services take less time.
  1. Wire transfers are one of the safest and quickest ways of sending money to another country. The recipient will get money through a wire transfer in just 1 to 2 business working days. It is also one of the most secure methods because it includes banking codes and routing codes.

With the advancement in internet, life has become very easy. Today, it is possible to send money from one country to another from the comfort of your home or office. If you are choosing an online agency, make sure it is licensed to offer this service.