Transfer Money to India and Abroad – A guide


With the world becoming a global village and communities getting closer. It should not come to us as a surprise if we find ourselves in situations where we have to transfer money anywhere in the world. For an NRI, transferring money may not be just restricted to India, and it could be worldwide. Remitting money internationally has gone beyond these channels and have broadened their services in leaps and bounds. Through this article, we throw light on such services and why they should be availed.

Medium of transfer

There are online transfers, wire transfers, and cheques and bank drafts that are fairly common. Since nobody can point at one medium and declare it the best. It really depends on what medium suits the needs of the sender or the recipient. But whatever medium you choose, ensure they have a good reputation and is a safe place to transact your money. Especially while using an offline mode, check if the bank/financial institution has partnered with the bank of the recipient.

Disbursement duration

If the money has to be sent urgently, then National Electronic Funds Transfer (NEFT) is your go-tochoice. NEFT typically sends money within 24-96 hours for international transactions. Apart from, NEFT, there are also debit card transfers that complete transactions within 4 days. But if you’re in no rush and want to pay a minimum fee for the transfer. Then, offline modes like a bank draft or a cheque are the best options for you. Offline mediums normally take 7-15 days of the money to get disbursed. But if you do a Money Order, it may take up to 30 days.

Coverage offered

Remember that not all transfer options are available at all locations. The offline method of sending money covers all areas, but the online method is normally restricted to urban areas. While you transfer money to India, it is imperative that you check if the currency you’re sending is remitted by all banks. Also, remember that not every bank will allow you to send money through foreign currency cheques. In such cases, always maintain a Foreign Currency (Non-Resident) Account.

Cost of service

Before remitting money to India from abroad. Keep in mind that there are costs involved and these costs vary depending on the route you select. The faster the disbursement, the higher the fee. It is a known fact that sending money through wire transfers are costlier than bank drafts or money orders. For quicker disbursement banks charge a commission of 1-5% of the amount whereas money transfer companies charge a commission of around 25-30%. These companies are more expensive because for such transfers, neither the sender nor the recipient needs a bank account, and they have a wider reach.


Apart from money, people also seek convenience for such transfers. Doing offline transfers require going to the financial institution and initiate the transaction. But in case of online transfers, you can do it all from the comfort of your home/office. Apart from convenience, if there is a cap to the amount that you’re transferring, then you may have to either use online or offline medium, depending on the amount.

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