Sending Money to India

Transferring money to India is although not as dificult as it used to be many years ago. The technology has made life easy for Non resident Indians who wish to send money to their homeland. There are several ways you can send money to India. Some involve bank accounts and some involve heavy fees.

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Now on to the details

Sending money to India via bank transfer.

It has been the most popular and trusted method to send money to some one. However it involves more cost and the money that is sent has to pass thru some local rules and in some cases even taxes. To send money to India now a days banks have enabled their online accounts to transfer money right from your desktop with few cliecks. What you need for ths is the bank account number of the party you are sending money to, the Name of the bank and Swift code of the bank. Swift codeis a 10 digit code that is considered as the electronic address of the bank you are sending money to. Here are Swift codes of Banks in India

Most of the services allows you to use your debit account or bank account to send money to India. Some of them courier a locally payable Demand Draft for the Indian Rupee amount to the beneficiary, and you receive an e-mail confirmation from them after the funds have been delivered.

No running around for you or your family - right from your desktop to their doorstep! also some companies allow you to send a free personal message, track the status of your remittance online and get a confirmation of delivery.

You need to know

One must understand that each Bank or the Post Office will set their own daily exchange rate based upon a market rate. Some banks have better rates than others, so monitor their published rates before choosing your service provider.

Disadvantages of Banking Transfers

Sending money via Bank is safe secure however there are some disadvantages too thru this system.

• You might have to mail the check (cheque) abroad to the recipient.

• In India Check clearing can take from 4 - 6 weeks.

• Even though it's easy to issue a check, it may not be easy for the recipient to cash the check.
• The recipient will be charged a fee for check processing.
• Some countries have less streamlined banking systems than others and may not honor foreign drawn checks. Foreign Drafts
• The money comes out of your account when the draft is prepared, not when the recipient gets it. (Money is held in the banking system for a longer time)

Fast & Easy Money Transfer To India with NRI Accounts
Remittance has never been easier. With the NRI Account(RCA), you actually share your account with your loved ones in India. It's faster* (how about instantaneous?), safer, more reliable.

Personal Checks
Personal Checks are your usual checks against your checking or saving account with any Overseas Bank. This is by far the most convenient method for the sender, and most inexpensive too. But for the receiver, it is the worst. Personal checks drawn on a Overseas bank are treated as a collection item in India, and they normally take 45-90 days for realization , and would cost a few dollars, depending on how many banks were involved in the collection process. It is better to send them through a reliable mailing service. Compared to checks International Money orders are more convenient, safe and economical alternative.

There are three major ways to send money transfers from the United States to someone in another country (international money transfers):

Cash Transfers Western Union & MoneyGram

Money Orders U.S. Postal Service & Banks

Banking Transfers Checks, Foreign Drafts & Wire Transfers
ICICI Bank :: NRI:: Money Transfer ICICI Bank, the leading bank in India offering financial services to the NRI community ... FCNR deposits, and the quickest way to send money online to India.

Fees, procedures, and the locations of money transfer agents differ from company to company.

Remit Money to the Following Indian States

Andaman and Nicobar, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chandigarh, Chhattisgarh, Dadra and Nagar, Daman and Diu, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Pondicherry, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttar Pradesh, Uttaranchal, West Bengal.

Money Remittance to India at an affordable price.

Secure online money transfer service for NRIs to send money to India from United States, United Kingdom, Australia, Singapore, Canada, U.A.E., Hong Kong, Germany, Spain & other Euro Countries. The service allows NRIs to send money safely using check transfers, wire transfer, ACH/Direct Debit,credits cards etc. The money can be received in India through demand drafts, account credits, remittance cards etc. You can send money directly to any account with any bank in India including SBI, ICICI Bank, HDFC Bank etc.