How NRIs can Transfer Money to India

Who are NRI’s

Non-Residents Indian (NRI) is person who is residing outside India temporarily and holds an Indian passport in most cases for working or studying. And many NRIs transfer money from their residing country to home country. There are a number of ways NRIs can transfer it.

Numerous commercial banks across India offer money transfer services from abroad. There are also other exchange providers offering transfer services that are cost effective and helps in boosting the country's financial conditions. Here are the different ways in which NRI Money Transfer is implemented in India.

Money Transfer Ways

Numerous commercial banks across India offer money transfer services from abroad. There are also other exchange providers offering transfer services that are cost effective and helps in boosting the country's financial conditions. Here are the different ways in which NRI Money Transfer is implemented in India.

By Cheque:

This by far is one of the easiest formats to transfer. On the side of the sender, this is very easy and there is not much process involved that would complicate the entire process. However, this is not the case for those who will be receiving the payment. There are a number of processes involved and one more complex aspect is the conversion of money into the local currency. Timing can be a major aspect here also since the currency rates change every day. One day, prices can be good, while the other days, it could be terrible. If they are misplaced, they cannot be retrieved anymore.

Pay order or

Cashier's Cheque:

In this form of NRI Money Transfer, the sender has an assurance that his account is not short of funds. The issue here is the same as with the cheque. The money is on foreign currency and that is why another set of processes are done in order to convert it into local currency.

Wire transfers:

In modern electronic methods, this is considered as one of the fastest and safest money transfer options. The payment is sent to the receiver’s bank account directly from the computer. In some banks, the receivers are required to have accounts with them. In other banks, this seems not to be a really big issue. Choose the one that fits your needs the best.

Money exchange services:

For a particular fee (regularly flat rate) this is globally operating process and is very convenient since mobile banking becomes as easy as SMS messaging are widespread across the nation and the world. The prices are competitive and they also have other benefits in Rupees.

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