Best ways to send money to India while living abroad

Indians living abroad or Non-Resident Indians (NRIs) send money back home for a variety of reasons, but for those who have moved abroad recently, determining the best way to remit money to India can be a daunting exercise. Because transferring money home comes with a set of options and doubts — is this the best exchange rate, what is the most convenient and efficient way of transferring money, what is the fee charged, is this service provider trustworthy, and so on.

If you are an NRI and have some similar questions, then let’s discuss some of the most popular methods to transfer money to India.

International Wire Transfers

Wire transfers or telegraphic transfers are one of the most common ways to transfer money to India from abroad, and they usually take the form of bank-to-bank transfer. The sender (NRI in this case) has to go to an institution like a bank or other agencies like Western Union, or Remit2India and can transfer funds from his local overseas bank to his NRI bank accounts in India.

However, a bank branch is preferred the most for the transfer as it offers a simple, fast, and a highly secure mode of transfer. You would need to approach your bank to know about the exchange rates and the applicable charges.

Digital Remittance Services

Online money transfer services offered by many Indian banks pave way for a convenient and quick solution to all your remittance worries. These are the most affordable transfer options in the market as they charge zero to nominal fees.

Online Remittance services by big banks such as SBM Bank offers an online portal to

the NRIs to make easy, economical, and swift money transfers to India securely in just a few clicks, and at the most competitive rates. Several other features, such as lowest service charges, one-day credit, and easy online tracking scheduling, make it a popular choice among NRIs.

Other Methods

Besides the above-mentioned money transfer methods, you can consider various other methods, like online payment processors such as PayPal, or e-wallets. All you would require is an internet connection and access to local banking services to transfer money to India, where you wouldn’t use a bank account directly but the sender’s and recipient’s accounts must be active.

This method is especially recommended for NRIs who regularly transfer funds from abroad to their Indian accounts as you can avoid the steep banking charges. Also, if you have an NRI Savings account in some of the Big Banks, it can give you big discounts on Online Remittance Services so that you can easily transfer money to your loved ones to India. 

However, currency conversion fees are usually applicable for such methods, and they vary with the source and destination country. It is also essential to check how much does the service provider and the recipient bank charge for money transfer.

There might be several reasons to send money to India to your loved ones, It may be for investments or for buying that desired property; However, the transfers should be easy, seamless and a delight. You can choose your preferred methods from the list described above, or go with SBM Remit to experience an effortless money transfer to India.