Wire transfers are actually the type of electronic funds transfer. They are the safest way to send money to India, especially when it comes to transfer large amounts of funds. To make a wire transfer, you have to get some basic info from the receiver and pay a certain fee to the transfer company to start the transfer process. Generally, there are two ways to transfer funds.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a bank network headquartered in Belgium. A lot of large banks belong to this organization. It is one of the fastest way or remitting money to India. This banking system is accepted by all financial institutions and banks across the world.
The best part about Xoom is that money transfer can be done within hours. But first transaction takes time because of verification process. But the delivery system is smooth. When it comes to send money in India from 8 am to 5 pm (IST), the money can be transferred to most of the banks instantly within few hours, such as HDFC Bank, PNB, Union Bank of India, Bank of Baroda etc.
It is your best omni-channel partner for international transfer solutions across the world. It is yet another best way to send money to India because it operates in around 120 countries across Asia, America, Africa and Europe. Through Federal Bank, you can access instant account credit to your account if you are from USA. It provides two types of transfers – Fastrack and VALUE+. Fastrack takes around 24 hours to transfer funds. If you send above $1000, you will have to pay $4.99 as transfer fee, otherwise, it’s free. And VALUE+ takes 3 to 5 business days with no transfer fee.
The best part of Western Union is that receiver doesn’t need to have any account to accept money. It is a convenient way to transfer money because it charges low exchange rates. Another plus is that you can send money to your family in India within minutes. You can also choose to send money through credit card.
It is a money transfer scheme which is helpful for NRIs to send money to their family through any branch of UAE Exchange Centre. One can send up to Rs. 50000 in cash with the photo Identity Card and the PIN provided by UAE Exchange Centre. The beneficiary can collect funds right away. This service is very helpful for NRIs and their Indian beneficiaries along with the foreign tourists and students in India.