The 6 best methods of sending money to India

According to the World Bank report, since 2004, remittances to India have increased by up to 33%. In 2006, $24.6 billion was remitted to India. Over the years, the strengthening of the Indian market has managed to win the confidence of foreign investors to invest in India. This has really helped the Indian economy to survive in the recessionary period. To facilitate foreign investors, the Indian government replaced the Foreign Exchange Control Act (FERA) with the Foreign Exchange Management Act (FEMA) in 2000. FEMA offers more relaxation as compared to FERA.

Popular Methods for Remittances, India

There are different types of methods for sending remittances to India. Reliable and popular ways by which people abroad send money to India include:

Bank Transfer – Using this method, you can send money in two days. The presence of bank codes and routing codes in this method makes it secure.

Payment orders:

These money orders are provided by the banks, through which you can send money to your loved ones in India. You can easily buy one at your local bank and have it mailed to you. This is a secure method of sending money, but it does take time.

Checks in foreign currency:

This is the simplest process of sending remittances to India. Just write a check and deliver it to the recipient. The recipient can collect it at their bank. However, the whole process can take more than 20 days. You can send the check through overnight courier services to reduce the time period.

Drafts in foreign currency:

This method is similar to sending a money order. This is normally preferred by businessmen. It is a slow but sure method. On average, foreign currency money orders take around 20 days to arrive.

remittance card:

This is a similar debit card. You can purchase a card on behalf of the recipient. The recipient or family member can use this as an ATM card and a shopping card. All you have to do is recharge it regularly. It is the least time-consuming method of sending money to India.

Direct deposit:

This method is good for people who have to send money home regularly. In this method, you allow an Indian bank to withdraw money from your foreign bank account. The recipient can collect that money from the bank.

Among the various options for sending remittances to India, you should always choose the one that best suits your needs.