3 minsMarch 07, 2017
Living abroad, away from your homeland can be challenging. But sending money home to your loved ones need not be.
Here’s a quick snapshot of the best ways to send money home from abroad:
- Online transfer: It’s one of the easiest ways to transfer money from abroad. All you need is an internet connection, your online banking details, the details of the bank account in India to which you wish
to transfer funds, the IBAN or SWIFT code of the recipient bank, and you are all set! This is a popular method to transfer money if you regularly transfer funds and can be done from the comfort of your home.
- Wire transfer: For this, you need to visit an outlet of the likes of Western Union, share the recipient’s bank details, fill out the form and make the deposit. The institution then initiates a transfer to the recipient’s bank or
some other facility where the money needs to be sent. The recipient in India can collect the funds by walking into the outlets of the same institution in India.
Sending money home earlier was so difficult. It wasn’t safe either, but now it’s a breeze. I can send money home from wherever I am. I can keep a tab and I don’t worry if it was remitted properly or no. I recommend this to everyone and urge them to use online remittance services
Raghav Mehta, Axis Bank Customer, 42, Connecticut
- PayPal: PayPal allows a user to transfer funds online from one account to another. The recipient is usually charged a fee even though the transaction is free for the sender.
- Personal cheques, international money orders etc. are also ways through which a person can send funds to India
One of the fastest and most convenient ways to transfer funds is online transfer. You can compare exchange rates offered by various remittance platforms, compare offers, and even choose by the shortest time taken for the money to be credited in
the beneficiary’s account.