Moving money electronically or physically to a specified account or person from another specified account or person ia transfer of money. Money transfer generally refers to a cashless modes of payment or payment systems.
If you are staying abroad and want to transfer money to your relatives in India. It also depends on want medium you are selecting. The process of money transfer is quite old and as a part of human history too. Many Indians who are working abroad and have their families staying in India, follow the process of money transfer. So fulfilling our family’s requirements is our prime responsibility.
Today Money transfer is a concept which is known to all. Money transfer to India also has different options such as wire transfer, email money transfer, direct deposit, electronic fund transfer, money order and online money transfer. Many institution offer international and local money transfers and in such case banks usually comes first in our mind. One of the ancient way is ofcourse banks however after modernization and with the introduction of money transfer techniques, it is considered in one of the reliable option.
Let us have a brief look at few types of money transfer –
Cheque:
Cheques are by far the slowest method for sending money within a country or abroad because it can travel for days and weeks. Cashing the cheque can be delayed because the bank has to verify the deposit, which makes the recipient to pay additional fee for the exchange rate and encashment.
Wire Transfer:
Wire Transfer is also one of the most common ways of international money transfer. The sender has to go to an institution like bank or other money transfer agencies and send the money. The wire transfer facility collects information from the sender about the recipient and the recipient’s bank or some other facility where the money needs to be sent.
International Money Order:
Many people working abroad also prefer to send money via International money orders to remote places in India. The money orders needs to be deposited into the bank account or can also be cashed at many cheque cashing locations. Most of them require an ID to cash the cheques.
Bank Drafts and Cashier’s Cheque
Bank Drafts and Cashier’s Cheque are available at any bank. There is a fee associated with these services and it may take some time to cash the checks in India. The cost of purchasing a bank draft is higher than money order.
Online Money Transfer
Online Money Transfer is the best and the easiest way to send money. All you need is an internet connection and use of local banking services to transfer money to an account in India. You will need information including the name and address of the account holder or the recipient
