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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!
Non-Resident Indians or NRIs can now use Bharat Bill Payment System to pay utility bills, such as electricity, gas, water, telecom, etc. bills and education fees for their relatives living in India. As per a Reserve Bank of India circular, Bharat Bill Payment System can accept cross-border inward payments.
A UPI is a Unified Payment Interface. It is a quick and efficient way to send money to India. The UPI app, which started in 2016, allows users to send money to other bank accounts through their registered mobile phones. It is sent instantaneously and this can be done at any point during the course of the day. This article is about UPI International Transfers.
The turbulence in markets due to the back-to-back global calamities of Covid-19 pandemic and the Russia-Ukraine war has forced each country in the world to rethink its economic policy. Last week, State Bank India proposed that RBI should make conscious efforts to make Indian Rupee (INR) international currency. The Reserve Bank of India has announced a policy to allow international trade settlement in Indian Rupees to promote growth of global trade and to support the increasing interest of the global trading community in INR.
There is good news for NRIs and OCIs residing outside India. Sending money back to India from overseas will be cheaper and easier for nearly 32 million Indian expats. Moreover, they will be able to make small ticket transactions without SWIFT code. NPCI is planning to launch UPI for overseas Indians for hassle-free remittance from around the world.
In this day and age, the ability to wire money across the globe is a necessity. International wire transfers mostly occur through the SWIFT network. A wire transfer or a bank transfer is an electronic way to transfer funds. This usually arrives on the same day but can be sent faster for a higher price. In this article, we go over how to track a wire transfer.
There are multiple ways to transfer money to another bank account, including wire transfer and bank transfer. While both wire transfer and bank transfer methods have the same result, the process itself varies. Let’s do an analysis of wire transfer vs bank transfer.
PayPal is an online payment system run by an American multinational company. It is a financial technology company and operates in most of the countries that use online money transfers. It is an electronic substitute to paper methods such as checks and money orders. The company processes payments and charges businesses a fee. We are now going to talk about how to use PayPal in India.
A wire transfer can be used domestically and internationally to transfer funds between individuals or businesses over an electronic payment system. An international wire transfer allows individuals and businesses to move money electronically from their account to an account in another country - usually for a price. How much does wire transfer cost depends on the location where you are sending money, the bank that you are transferring money from, etc.
SWIFT was recently in the news due to the fact that several Russian banks were cut off from the main international payment gateway because of the war. SWIFT is a widely used messaging network used by financial networks. Today we are going to explain the meaning and significance of the SWIFT code.