When you are planning to send money to India, you can use the five tips below for money transfers. Plus, you should look through your options to determine what the best exchange rate is, who offers the lowest rates, and how the money will be sent. Continue reading if you want to know how to send money to India without losing money or causing confusion for the recipient.
1. Use A Transfer Company
Sending money to India is easier if you are using a transfer company with local offices. The transfer company can send money to the office that is closest to your recipient. Plus, you can ask the transfer company to send a certain type of cash, certain bills, or include coins in the transfer.
When you are transferring money to India, you may want to send American dollars because that currency is useful in many parts of the world. You can send the Indian rupee, and you can send a specific amount that is needed to pay for a particular purchase. A private homeowner could pick up a transfer that pays for your vacation rental. You could pay a company for an activity, or you might pay a tour guide in cash before you arrive for your vacation.
Ask the transfer company what their transfer fee is. Ask if there is a fee to pick up the money, and ensure that your recipient knows what to do. Check the exchange rate that is offered by the transfer company, and shop around to get the best exchange rate.
2. Try Your Bank
Banks have a lot of international partners, and these partners make it easy for you to send money to a bank branch. There may be branches of your chosen bank in India, or there might be branches of a partner bank. When you transfer money to a bank branch, they can offer cash or a cashier’s check to the recipient.
Some banks will do electronic transfers for you, but you may pay a high fee because they do not do these transfers very often. Instead, you should ask about the bank branches that are in the area. If your recipient can get to the bank branch, this may be a much more convenient way for you to pay friends, family, or vendors. You can set up some bank transfers online, but others require you to go into a branch.
3. Make An Electronic Transfer
You can use electronic transfers to send money to a bank account hosted in India. Again, you need to make sure that your transfer company or bank partners with these Indian banks. The best thing about these transfers is that you can send them at any time, they are delivered to the bank account you have chosen, and they are often free.
If you are using a free service, you need to make sure that you know their daily limits. Plus, you should check the exchange rate that you are given when setting up the transfer.
4. Use A Virtual Payment Company
A virtual payment company allows you to send money to someone who has an account with the same company. If you are sending a transfer to another account, you may choose which currency to send. If you are sending American dollars, the exchange rate factors into your decision. When you are sending rupees, you may need to pay an extra fee to convert your transfer to rupees.
Sending money to India with a virtual payment company allows your recipient to manage their money on their mobile device, track the payments, and spend money easily.
5. Use A Business Payroll Company
A business payroll company is a good thing to use if you are sending money to another business. If you are sending money to friends and family, you can set them up on your payroll. The payroll company will send the money quickly because they use a bank system that expedites the process for you. Plus, a business payroll company may charge lower fees because their volume is so high.
If you are setting up the personal chef and servers for your vacation rental, you can use the business payroll company to pay these workers. You can do the same if you are hiring a driver or chartering boats on your vacation.
The best way to send money to India is to find the transfer company, payroll company, virtual payment company, or bank that can help you. You may want to send cash to someone who will pick it up near their home. You can transfer money to a bank account that is hosted in India, or you can send money to a virtual payment system. Each of the steps above can be used to transfer money to India, but you should pick the right method for your situation.