NRI Money Transfer
Below is the process which is commonly used by the customers in USA for transferring the funds to India. Please let us know if you are interested, we can ask their executive to contact you.
1. Remit2India
Q. How do you make an Online-ACH from the United States?
To use Remit2India Money Transfers's OnlineTransfer mode, you need to follow the following steps:
. As a First-time user, you need to complete a one-time Registration process where you are required to add your bank account details.
. Your details are verified through a one-time verification process, which takes 3 working days. You can make a remittance immediately but the transaction will be completed subject to verification of your account.
. Remit2India Money Transfers notifies you by email once your account is activated. The same notification is also available on the website, should you want to check the status of your verification online
Q. What details have to be provided for the one-time Registration process?
For the one-time registration, you need to provide us with the following details:
. Your Social Security Number
. Your US Bank Account number
. Your Account Type
. Your US Bank's 9 digit ABA Routing Number.
Various other ways to send money to India includes the following:
2. Xoom.com
Xoom.com is an online-to-offline instant money transfer service. It offers a secure, fast, and inexpensive means of sending money from USA to India. Recipients do not require a bank account or an Internet connection to receive funds. All money transfers made from USA are available for pick up in cash in India within minutes of the online transaction. Xoom is partnered with Paypal, one of the leading transaction processors in the world, and local distribution partners in India who handle the cash disbursement.
3. Wire Transfer
It is the most popular way to transfer money worldwide. Most of the banks in USA have this service available. You can transfer your fund directly to any foreign bank account. It is a quick and easy service. Contact your bank for further details. Wire transfer service charges vary from bank to bank. Shop around with different banks to get the best deal.
4. Through your NRI-NRE Account
Preferred by most of the Indians, it is a trusted and efficient way to send money to India. You need to open an NRE account in order to use this service. You can deposit money in dollars here in USA, and the authorized person back in India can withdraw it in Indian rupees. It takes about a week's time. This is non-taxable. Most of the banks in India provide NRI/NRE account facilities. Few of them provide online services. Checkout more on NRI accounts. Banks providing money transfer through NRI accounts: SBI, CITIBANK, HDFC
5. Personal Checks
Personal Checks are your usual checks against your checking/saving account with any US Bank. It takes lot of time in clearance. Few Indian banks do not charge a service fee. It is better to send them through a reliable mailing service.
6. Cashier's Check or Money Order
This can be done at any local Bank. It may involve service charge and some delay to encash out side USA.
7. Bank Draft in $'s
Usually, a $10 service fee (in a US Bank) is involved. Ask your nearest bank for more details.
8. Bank Draft in Indian Rupees
SBI (State Bank of India) and Citibank (1-800-CITINRI) have the facility for Bank draft made in Indian rupees, which can be encashed instantly in India. SBI draft is free if the amount is more than Rs. 50,000, else a flat charge of $10 will apply. Checkout the locations of SBI in USA.
9. Money Orders
Most banks accept these money orders and can pay in equivalent Indian rupees. This is one good, safe, inexpensive, and fast method, as in this case if it gets lost, full money with a very little deduction is recoverable. Service charge is of 50-99 cents, depending where you are in USA.
10. Western Union
This organization provides services to send and receive funds around the world. They have agents located throughout the world. Sending money through them is also fast. Charges depend on the amount and the country. Checkout their website for more details.