NRI's
and people residing in various countries use different techniques for
money remittance. India has been on the top of the list of countries
that have highest inward remittance for more than 5 years now. There are
various traditional and new age techniques available to send money to India.
Latest trends show that majority people are now using e-transfers as
compared to the traditional techniques. One must do some research while
zeroing down on the perfect option. Choose wisely as it your hard earned
money that's in light. Let us discuss some of the options used by the
masses for the process. These three techniques are extensively used for
the fund transfer purposes.
ACH
ACH
stands for Automated Clearing House. It forms the core of the
electronic remittance process. It is governed by the National Automated
Clearing House Association. They jot down the operating rules and points
laid down for e payments and transactions. In the process of ACH, the
recipient usually receives the money in 4-5 working days. This is most
widely used in the US. It does not bear extra costs or manual visit to
the banks. People use it as it a quick and hassle free process.
Online Transfer
There
has been a debate for some time now if which is the best and secure
technique, traditional method or the new-age online method? The Internet
based method can be termed as one of the quickest and the easiest ways
to send money to India. All you need to initiate and complete the
process is an internet connection and the authority to use, the local
banking service affiliated to the bank account in the country. If you
have the information of the recipient's bank account, you can go ahead
and use this process in minutes. Some institutions also ask for the IBAN
or SWIFT code. This process helps in avoiding steep bank charges &
avoiding transaction fees. And, the best is that you can use it from the
confines of your homes.
Wire Transfer
Wire
transfer can be defined as one of the most common ways to transfer
funds. It is widely used for international transactions. The sender
needs to visit the bank along with the recipient details to avail this
service. They can also visit the branches of banks like Indus Fast Remit
to send money to India. The facility collects the information from them
and arranges the funds to be received by the other bank. It is a secure
yet lengthy process. It generally takes more than 5 to 6 days to
process.
Remitters also use methods like Bank drafts, cashier checks, E-mail remittance and PayPal for fund transfer purposes.
