As more and more Indians continue to settle abroad, innovative options of transferring money overseas are emerging by the day. Although there are numerous ways to transfer funds, not all of them may suit your needs or fit in you time frame.
One of the most economical and convenient ways to transfer money to India is wire transfer. It is a type of electronic funds transfer and is considered to be the safest and most reliable method. It is ideal for transferring large amounts of funds overseas. All you need is a bank account and the money will be credited directly in your beneficiary’s bank account in India. Additionally, the bank will also ask you for the recipient’s bank details such as their full name, address of the receiving bank, account details including their account number or International Bank Account Number (IBAN), recipient’s bank’s SWIFT/BIC code.
Most of the banks that offer wire transfer services are a part of a bank network known as Society for Worldwide Inter bank Financial Telecommunication (SWIFT). The process is as simple as filling a form, paying the bank’s processing fees or the international wire transfer fees. It is also not uncommon for the receiving bank to levy charges as processing fees for the transfer. Usually, the entire process is completed in a matter of 1-2 days.
You could either wire transfer the funds online or do it in person. Alternatively, you could also opt for wire transfer services provided by online wire service providers. Though they may charge less fees in comparison to banks, they may consume more time to make the transfer.
Besides international wire transfer, you could also try transferring through Automated Clearing House (ACH). This is the best way to send money to India from US.