When you are staying abroad and have your family staying in India, at times or every time we have to send money to them. Infact money transfer will be routine for such migrants and they are quite aware that the process to send money to India, is not as simple as it might seem. There can be many factors that surface such as exchange rates, service fees, and the time required before the recipient actually gets the money. And while there are a lot of different services that can be used or various ways to send money to India, there are a few standout services that are specifically better than the rest if you need to send money to any destination in India.
What service or way are the best to send money to India, depends upon the situation. For example, some services offer better terms for larger amounts of money but the higher fees make them less suitable for transferring smaller amounts of money. Keep in mind that not a single service offers the lowest cost, the fastest speed, the best convenience, and safety as well. You will have to balance these out and find an acceptable compromise. For example, some of the cheapest transfer money options are also the slowest and least convenient, while the most expensive options are the fastest and often, most convenient. To know more, let us have a look on different type of send money option
Money Transfer Operators
Money Transfer Operators are companies with ground locations that specialize in quickly moving money for clients from one location to another, even between countries. A money transfer operator service is ideal if you need to send or transfer money internationally very quickly. These usually offer both services online and at street locations through various office branches all around the world.
Bank (International) Wire Transfers
If you need to send money abroad another option to pursue is a bank wire. This can be done online or in person. A bank wire is a electronic transfer of funds from one bank to another where both parties involved need a bank account. To send a wire transfer there are specific details needed such as the recipients full name, branch number, transit number and bank account number. There is a specific form that you will have to fill out whether you do it online or in person.
In today’s day and age there are a lot of alternatives, however at times a money order can be the method of transfer that is required. A money order is a set amount of money prepaid at a bank or post office written to a specified individual or business. Money orders can be done online although there are not many reputable companies that offer this online. If you choose a money order it is recommended that you do it in person at a bank or a post office.
Online Payment Services
This is most likely your most convenient option to send money or transfer money to another country as you can do it from your own home on a computer, in only a couple minutes at most. These companies are ubiquitous and easy to use.