Sending money abroad, no matter the destination, can be a difficult task. Not only do you have to contend with time zones and currencies, but many people are concerned about the security of overseas money transfers too.
Unlike paying a bill or transferring money between your own accounts, sending money overseas can be complicated. The transfer needs to be done between currencies as well as bypass the international security rules for such processes, and this is not something you can do unaided.
It is not typically common for international transfers to be handled by your standard bank because of these considerations. This means people need to seek a secure alternative, and these can be difficult to find if you do not know what you are looking for.
In this guide, we are sharing everything you need to know about sending money to India and the best way to do this in 2024.
How To Send Money To India
Due to the complexities that come with international transfers of money, it can be quite difficult to send money to India.
This is not your standard bank transferal process, as it needs to pass through currencies and international procedures. However, this does not mean that you should have to compromise on efficiency and security.
Sending money anywhere, even if you are just transferring cash between your accounts, should be a secure process. It goes without saying how important it is to protect your money and ensure that it is being sent to the right place, and these concerns are tenfold when it comes to dealing with international markets.
Whether you are sending money to family, paying for services or simply transferring between your own international accounts, sending money to India does not have to come at the cost of your security. Not only your money but also your personal information must be protected during this process, which is why you need to carefully consider what method you use to send money to India.
Despite the complications of this process, there are several options out there for you to consider when sending money abroad, such as to India. These include:
- Debit Card Transfer
Much like with any other form of payment or transfer, it may be possible to send money to India using your debit card. This is not available with all banks, so you need to check the terms and conditions of your account first and it is also subject to high fees.
Sending money using this method is usually expensive and will take a long time.
- Digital Bank Transfer
If both you and the recipient have a current bank account, then it may be possible for you to send money digitally. Most bank accounts these days come with online banking, which allows you to send and receive funds online.
However, much like with debit card transfers, sending money to India digitally is not available with all accounts. Even when done digitally, these kinds of transfers are often subject to fees and may not be processed quickly.
- International Money Order
With this kind of transfer, you will send the recipient in India the exact amount from your account. However, the recipient needs to have this amount converted into Indian Rupees, which can hinder the total send due to the conversion rates at that time.
There is also going to be a fee for this currency exchange, which can mean you need to spend more money than you expected to ensure the recipient in India gets the total amount.
As with the other transfer methods, this process can also take a long time to process.
How To Send Money To India Quickly
While you do have several options for sending money to India, there is one common issue – time.
The aforementioned transfer processes mean there will be a delay between you sending the money and the recipient in India receiving it. This may not cause a problem in some cases, but if you need to send money quickly, then you need another option.
Even digital bank transfers are not as quick when being sent to India as they are domestically, which means you may be struggling to see another option.
Luckily, there are apps and platforms specifically designed for this process, so you do not have to worry.
If you need to send money to India quickly, then your best option is to use one of these specialized platforms. A money remittance platform is often the best option for international transfers, and most come with multiple options to make the process easier for all users.
From bank accounts to e-wallets, these kinds of platforms can be used to transfer all kinds of funds to India. This can be done using the website or app, in most cases, making it very accessible for customers in the West.
However, it is a good idea to consider how the process works on the other side. While some companies that specialize in international money remittance are completely digital, other companies have a physical base overseas. Many of these companies are based in India, because of how popular this country is for international transfers.
With a physical location on the other side, it is easier for your recipient in India to accept and process the money that has been sent internationally. This makes the whole process more secure for everyone involved.
Overall, money remittance platforms are the best option for those who need to send money internationally because they are specifically made for this process. They are highly secure and more affordable than other options, with many offering small fees or even free transfers based on the amount being sent.
If you do need to send money overseas, ensure you are protecting yourself and rely on a trusted platform, such as a money remittance app or website.
With the ease of digital transfers and the protection of international security, it has never been easier to send money abroad and maintain control over your cash.
The post How To Send Money To India In 2024 first appeared on Tycoonstory Media.
Source: Cosmo Politian
