Sending money to India from a foreign land may seem overwhelming; the money transfer process abroad is complicated and requires time and effort. With the advent of newer and faster global money transfer technologies, the options available in the market have multiplied significantly. Choosing the best option that suits your purpose is crucial for a successful transfer.
Let’s look at the best ways to send money to India
1. Bank Account Transfer
Automated Clearing House (ACH Transfer) is a network that moves money between banks and financial institutions without using paper checks, wire transfers, credit card networks, or cash. After verifying the bank account, cash in small denominations can be sent regularly. This is favorable for sending money to India periodically and in small amounts. The bank charges are minimal and require one-time paperwork.
2. Online Money Transfers
Many consider online money transfers the easiest way to send money to India. There is no paperwork or additional responsibilities involved; the only requirements are an internet connection and local banking services to transfer money directly to an account situated in India. The recipient’s bank account details are also mandatory, and the bank’s credentials for a successful transfer. This method is suited for people seeking to avoid bank charges and make transfers from the comfort of their homes.
3. Wire Transfers
This is the most prevalent mode of money transfer; the sender has to leverage the services of a bank or a relevant financial institution. In turn, the bank or the institution gathers all the required information from the sender regarding the recipient and the recipient’s bank. The verification process and subsequent communication between the banks (sender and receiver) take days.
4. Cashier’s Checks, Money Orders, and Bank Drafts
These options can be availed through a bank. Although there are fees to buy, they are much less expensive than wire transfer fees. With cashier’s checks, money orders, and bank drafts, you are purchasing the amount you want to send in the currency of the recipient’s country, in this case, India. With money orders and bank drafts, be sure to make a copy of the money order or current for your records. This form of money transfer is traceable if checks or drafts don’t reach the destination. They are more economical, albeit time-consuming.
5. Email Money Transfer
An E-mail money transfer is an online money transfer. No extra charges will be levied on this type of money transfer. It is like a bank to a bank transfer, but the sender does not need the receiver’s bank information here. The sender has to log on to his bank’s website and fill out a form. The form contains a limited number of fields that needs to be filled by the user; the sender has to share the required security questions with the receiver. The bank sends an e-mail to the receiver, and to validate his identity, the receiver needs to answer the security question correctly. If he does answer correctly, he will be forwarded to his bank’s website, asked for his account details, and complete the transaction. Most people mistakenly assume that e-mail money transfer is not secure. No information related to security is shared over the e-mail. If the e-mail goes to the wrong recipient, they will need the correct answer to the security question to access the money. The name e-mail transfer signifies that the initiation and notification of the money transfer are done via e-mail.
6. Money Transfer Platforms
Money transfer companies offer various money transfer services, including options to send money to India. They provide a secure, fast, and inexpensive means of sending money from the UK to India. They often come with many benefits, such as better exchange rates, lower transfer fees, and excellent customer service. There are various money transfer companies to select from, and you can choose the company most suitable for you based on their exchange rates, fees, and other features.
ATL Money Transfer is a globally trusted money transfer platform handling thousands of transactions daily and provides a great alternative to bypassing the redundancies caused by traditional money transfer avenues. It is a continuously developing company striving to make customers’ money transfer experience as valuable, functional, and effortless as possible. They are a regulated and authorized payment service with extensive security protocols put in place, and they handle hundreds of thousands of transactions a month. In three easy steps, they transfer your money instantly to over 60 countries in Asia, Europe, Africa, and North America. With 24/7 service and customer support, none of your transactions has to fail. To know more, please visit our website at https://www.atlmoneytransfer.com/.