Being an NRI, it is essential to understand the basic aspects of the bank accounts that they can operate. Here, we will focus specifically on the NRO to NRE Transfer as a preview of NRO to NRE Fund Transfer: Ultimate Guide 2020.
Channels that you can use for remittances to India
|Medium||Access Points||Source||Time Taken
(source: World Bank)
|Online Banking||Online or Mobile App||Credit/Debit Cards and Bank Account Transfers||1-2 working days||Citibank (same day transfer)
Remit Money (within an hour)
|No fee (for own and partner bank accounts
$1.64 per $200
|Money Transfer Operators*||Online or Mobile App||Credit/Debit Cards and Bank Account Transfers||1-2 working days||Transferwise (1-2 days)
Moneygram (1-2 days)
|$4.77 per $200
$7.38 per $200
|Agents||Banks and Money Transfer Operators||Cash or Credit/Debit Cards||1 working day||Western Union (within an hour)
Ria (same working day)
|$9.04 per $200
$8.00 per $200
|Call Centres||Banks and Money Transfer Operators||Credit/Debit Cards and Bank Account Transfers||1 working day||Wells Fargo (one working day)
Western Union(one working day)
|$1.60 per $200
$3.94 per $200
|Foreign Currency Demand Drafts*||Banks (branch visit can be required)||Bank Account Transfers||2-3 weeks||ICICI Bank
|Varies as per Bank(For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD;ICICI charges Rs.250/-)|
|SWIFT* Transfers||Banks (branch visit can be required)||Bank Account Transfers||1-2 working days||ICICI Bank
|Varies as per Bank(For eg: HDFC charges flat Rs.1000/- for transfers above $500 or equivalent transfers;ICICI charges minimum Rs.1500/-)|
*Money Transfer Operators: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or using their collaborations with other international banking networks. Eg: Transferwise.
*SWIFT: Society for Worldwide Interbank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches in India)
*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located in India to remit money overseas. The equivalent amount in INR will be debited for remittance.
How to opt for The Best way to send money to India?
NRIs must contemplate the market behaviour, opt for the optimum medium and anticipate the correct time to remit money to India. This is an entire process, that if you get used to, will benefit you in multiple ways. You should keep a few things in mind before diving into the process:
Take Responsibility! Look around. Don’t go for the very first option that you browse through. A minute of consideration can save you hours of repentance. Select the best channel for transfers. Compare and contrast between them and save more. Always!
Malaysia is home to 2.4 million NRIs and the volume of remittances received from Malaysia to India is substantial. The transactions are often done by finding the best time to remit money to India keeping in mind the trend of the exchange rates while converting Malaysian Ringgit to Indian Rupees. In this article, we will explore this very trend for the conversion of MYR to INR.
Saudi Arabia houses a decent number of Non-Resident Indians and the remittances from Saudi to India has been a constant state of affairs. With the new adaptations like STC-PAY, remitting money to India from Saudi has become simpler and the NRIs there are keeping a keen eye on the SAR to INR exchange rate to find the perfect time to send money to India. In this article, we will explore the trend along the conversion of Saudi Riyal to Indian Rupee.
Diwali is around the corner! The 14th of November will be an intersection of the traditional festival of Diwali and Children's Day in India. A weekend full of love, lights and celebration is at the doorstep which gives us a reason to rejoice in the present time when the world is battling COVID-19 together. Amidst the darkness of a pandemic, Diwali is here to spark the light of positivity. With a huge NRI population all around the world, Diwali is a global festival with the Indian communities propagating the soul of the festival everywhere they are. The most beautiful aspect of this festival is spending time with your family and exchanging gifts with each other. The joy of buying new clothes, getting new electronics or investment in gold on Dhanteras, getting your home dazzling with the holy radiance of diyas and the firecrackers for the kids. Diwali is an emotion in India extending boundaries. It is sad that many NRIs are away from their homes and will not be able to spend this auspicious day with their families. In this article, let’s explore what’s the most that can be done to keep intact the soul of the festival.
apan is one of the countries that devalues its currency to maintain a healthy outflow of exports. Japan's major export industries include automobiles, consumer electronics, computers, semiconductors, copper, iron and steel. Additional key industries in Japan's economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods. In a nutshell, the country thrives on exports which makes it interesting when we explore the trend of the JPY to INR exchange rate. This will help the NRIs in Japan to sort out their remittances to India.
Europe is not only one of the most favourite vacation destinations for Indians. It houses a decent number of NRIs as well. The presence of almost 1.4 million NRIs alone in the UK adds to the fact that remittances from Europe to India is much sought after. In this article, we will explore the trend of EUR to INR exchange rate.
Singapore houses a decent number of NRIs. The remittances received from Singapore in India critically analyze the SGD to INR conversion rate. In this article, we will trace the trend of the Singapore Dollar to Indian Rupee exchange rate.
The political turmoil of the United States of America has taken over the world. The current situations are volatile and are having consequences in all major sectors including the remittances targeted towards India from the US. The USD to INR exchange rate has been searched too often online. Presently, with the prevailing uncertainties for NRIs in the USA, as an effect of the restrictions on the H1-B Visa, remittances to India have shot up. NRIs are aiming to send money back to India to ensure a better retirement back home. In this article, we will focus on the conversion rates for usd to inr in order to trace what can be the best time to send money to India from the USA.
With a large population of NRIs in the UAE, it becomes essential that we address the currency exchange rates and remittances from UAE to India. Especially in the present times with the effects of COVID-19, many NRIs from the UAE are planning to return to India. One thing or the other, all of it is enhancing the remittances received in India from UAE for various factors. Some NRIs there are sending money to carry out investments in real estate for a proper retirement post their return in India while others are just sending in family maintenance. This uncertainty has peaked the interest in the AED to INR conversion trends. Let’s explore the same in this article.
How often has it happened that you wanted to send money to India from abroad and were stuck. You had one question in your mind: “How to select the cheapest remittance option to India?”. Well, in this article, we will debunk the myths around the classic concept of “Transfer Fee VS Exchange Rate” and explain the basic elements of selecting the cheapest medium of remittance to India.