Banking and Finance

Money transfer options for NRIs

For a Non Resident Indian, there are many reasons to make money transfer to India and there are various ways to do so. Let’s discuss some of them.

Bank Account Transfer:

The most common ways to send money from abroad is by way of Bank account transfer. Two common institutions which facilitate these transfers are Banks and Money exchange companies. Money exchange companies have tie ups with reputed banking institutions around the world, to reach out and be accessible to customers worldwide. The remitter should submit the beneficiary’s bank account details, as well as their IBAN, BIC or SWIFT Code and the IFSC. Once the transfer is confirmed, the bank or money exchange sends the funds to the receiving bank in India. The exchange rate will be decided by the bank or money exchange and the same is subject to change. There will be a transfer fee to complete the transfer and the funds will usually reach beneficiary’s bank account within a few days. The wide network of banks and the money exchanges across the globe and advanced state-of-the-art technology ensures that the transfer is fast and safe.

Online money transfer:

Remittance companies offer the option of sending money online through their website or mobile app. Similar to a bank account transfer, the remitter should submit the beneficiary’s bank account details, as well as their IBAN, BIC or SWIFT Code and the IFSC and the money transfer agent pays the funds straight into your recipient’s bank account. This method is a great choice and you can benefit from the combination of competitive exchange rates, quick processing, and enhanced security.

Online wallets and borderless payments:

Online wallets and borderless payments such as Paypal, Skrill, Revolut, Payoneer, etc. are facilitating the money transfers across the globe. It is used by mainly by freelancers and other individuals and the amount involved is very small as compared to bank or online money transfers. Generally money reaches the beneficiary’s bank account within one to three business days.

Want to open a NRE or NRO Bank account to transfer money to India, write to nri@nrimaster.com

 

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