As an NRI, you might find several reasons to send money to India. Whether you transfer funds to family or friends for managing their finances back home, there are many resources for the same. International fund transfers involve many rules and regulations. These rules are applicable on the remittances to from India. Owing to the number of Indians moving abroad, there is a need for secure, seamless, and immediate fund transfer to India from any international location.

Now, money transfer to India is called as an inward remittance. It is a specific amount transferred to your account in the home country from overseas. You could remit funds to your account or could be done through third-party services too.

As for the different modes of money transfer services, there are many ways for the same today. But the top ones are as follows –

Wire transfer

This is the most common way to send money to India. The sender needs to visit a financial institute like a bank or agency or branches of agencies such as Remit2India, Xoom, etc. They gather information from the sender about the recipient and their bank where the money needs to get sent. Once the institute acquires data from the sender, they initiate the transfer and sends the message to the receiving institute. This process takes a few days.

ACH transfer

The Automated Clearing House is a network which coordinates electronic payments and automated money transfers. ACH is the means of moving money between banks without using paper cheques, wire transfers, credit cards, or cash. If you have a bank account abroad, you can use for sending money online. Once the bank account gets verified, you can send funds to India at any moment. Since there is a risk of payment options, remittance companies only allow sending small amounts every transfer. The funds take around three to four days for reaching the recipient. ACH transfers are ideal as there are minimal or no associated bank charges.

Online transfers

It is the easiest and best way to send money. If you have a good internet connection, you can use the local banking services for the same. You need details like name and address of the beneficiary, financial institute details, and the SWIFT code. This is ideal for regular transfers.

Money transfer companies

These companies provide an array of money transfer services, including sending funds to India. They are a secure, quick, and affordable way of sending money to India. They also come with better benefits such as better exchange rates, low transfer fees, and excellent consumer service. There are different companies to choose from, and you can select the most suitable one based on the features they provide.