Best Ways to Send Money Home When Living Abroad

NRIs all over the world collectively sent a whopping USD 80 billion home last year, making India the biggest recipient of remittances globally, according to a December 2018 World Bank report. Indians living abroad send money back home for a variety of reasons, ranging from supporting the family to investing in financial instruments and real estate, among others.

But for those who have moved abroad recently, determining the best way to remit money to India can be a daunting exercise. Because, like in other aspects of life, even transferring money home comes with a set of options—each having its pros and cons.

Am I getting the best exchange rate?

Is this indeed a convenient and efficient way of transferring money?

Are the fees charged reasonable?

Can I trust this service provider?

Sounds familiar? Fret not, for this article discusses some of the most popular methods to transfer money to India.

International Wire Transfers

Wire transfers or telegraphic transfers usually take the form of bank-to-bank transfer. This is perhaps the most traditional method of transferring funds, and it is also a common offline mode of cross-border transfer. You can transfer funds from your local overseas bank to your NRI bank account in India.

A bank branch transfer is simple, fast, and efficient. It is also highly secure as all transactions are processed through a banking channel. Most banks offer wire transfer services, but you may still need to approach your bank to know exact details such as their partner bank accounts, the exchange rate, and charges applicable.

Digital Remittance Services

Online money transfer services offer a convenient, quick, and seamless solution to all your remittance worries. Many Indian banks offer remittance facilities, catering to NRIs from different geographical regions. For most of these services, zero to nominal fees may be applicable, making it one of the most affordable options in the market.

Axis Bank's RemitMoney service allows NRIs to make easy, economical, and swift money transfers to India from USA, Canada, UK, Eurozone, Australia, and Singapore. Further, through this service, you can receive international funds in an Indian bank account in 1 hour or less. Several other features, such as scheduling one-time or recurring transfers, cashpoints (equivalent to INR) and rewards, and real-time tracking of the expected time of credit, make RemitMoney a popular choice among NRIs.

Other Methods

Besides the above-mentioned modes of money transfer, you can consider using online payment processors such as PayPal and Payoneer, or use e-wallets. These methods bypass the need to use a bank account directly but require that both the sender and recipient hold an active account with the said service provider for an electronic transaction to be successfully executed.

Also, currency conversion fees are applicable for such methods, which usually depends on the source and destination country. In addition, the service provider and the recipient bank might sometimes levy their own charges.

Now that you have a fair understanding of the various methods through which you can remit money to India, we hope the information will help you choose the method that best suits your requirement.