So your daughter or son has chosen to study abroad and you’re wondering which could be the best method by which you can transfer money to him/her. In today’s fast paced times, it is not hard to neglect the vast benefits that many remittance service providers offer to such people so as to transfer funds easily to their loved one. Besides this method, you can always rely on various offline modes such as via banks and post offices to send money to your loved ones.
Some of the different ways to transfer money to India include wire transfers, ACH (Automated Clearing House) transfers and via NRE or NRI accounts.
There are many tips which a person must keep in mind when transferring funds from India to foreign destinations such as the US, UK, etc.
Some of these tips include:
1) Speed of Disbursement: One of the most important factors to take into consideration when transferring funds is the speed with which the funds get transferred. There may be times when funds may be required urgently and long waits would in fact create problems. On the other hand, there are times when there is absolutely no rush. However, in today’s fast paced times many people prefer online methods to transfer funds.
2) Coverage offered: Another very important factor to look into is the coverage where the money transfer services are available. While mostly all urban areas in the world support online methods of money transfer there may be rural areas which limit the transfer of funds.
3) Cost of service: The cost of the service plays a very important role, whether you may be on a budget or not. Everyone wants to get value for their money at the end of the day and avoid being overcharged. There is always an inverse relationship between the speed of transfer and the associated cost that is involved. SWIFT which is an international wire transfer system is known to be a lot more expensive than other options such as cheques or even drafts.
4) Convenience: Convenience plays a major role when it comes to transferring funds between two different countries. It is always important to check the rights that you have just in case the money is not received within a specified period or any refund policy for the same.
However, the best way to send money to India is via online transfers through NRE or NRI accounts which can be periodically monitored and checked.