Transferring your money back home can be complicated and expensive, but you can find the best ways to send money to India without losing your shirt in fees and commissions with the proper knowledge. So let’s look at different ways to transfer your money and the best options to save you the most cash.
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How Do I Send Money Online?
Money transfers have never been more straightforward than they are today. For example, there’s Western Union. You can send and receive money internationally if you have a bank account and a Western Union account linked to your debit card or credit card. It’s fast, easy, and there are no hidden fees. Also, try PayPal, WeChat Pay or Google Wallet.
How Do I Find the Best Exchange Rates for NRIs?
Finding a reasonable exchange rate is often where you’re sending your money. If you’re in India, send your cash from an Indian bank (via electronic means) to avoid getting hit with international fees. If you live in a different country and want to send funds, look for banks that have partnerships with overseas lenders. For example, DBS has an agreement with the Federal Bank in India to make it easier for customers to send money back home.
How Do I Save On Currency Conversion Fees For NRIs?
If you’re an NRI, you’ve probably spent some time figuring out how to save when sending money to India. Here are some tips on how to save money on the transfers:
- Consider transferring from a bank with an NRI branch in India
- Use your existing bank accounts to make transfers
- Avoid sending multiple transfers at once by calculating currency exchange rates ahead of time
- Send money directly from one bank account to another via online banking systems or apps
- Avoid hidden costs like currency conversion fees, wire transfer fees, and withdrawal fees by using 24 hour Western Union locations.
If you are a Non-Resident Indian and want to send money to India, there are two ways to go about it. The first option is through a bank account. A few banks offer accounts with zero fees, while others charge anywhere between 0.5% and 1%. The second option involves paying through an external provider. However, these providers may charge between 5% and 7% of your transaction amount in exchange rate conversion fees or hidden charges.
What is an NRE Account?
A Non-Resident External (NRE) account is an Indian bank account in which you are allowed to deposit funds in foreign currency. An NRE account lets you earn interest higher than your local Indian bank. There are various types of NRE accounts available, but they all have one common factor: they’re all denominated in US dollars or euros.
If you’re based in India or working there, you can learn more about NRI accounts by checking with your local bank. If you’re not based in India but still have family there, talk to your relatives about opening an NRI account.