A lot of Indians have migrated and shifted their base to other countries, reasons are – carrer options, better lifestyle. Leaving our own country and shifting to an another country could be also because of job opportunities. We have our family staying back in India, and transferring funds to them is one of the major responsibilities.
When we talk about funds transfer, there are various methods which helps one transfer funds. There are a many options available and one can transfer funds selecting any of these options as per their accessibility. The various methods of transferring funds are completed through bank accounts, money transfer firms, wire transfers and alternative choices. Transfer of funds is done by many different payment options. Earlier, funds were transferred via traditional methods. Let us have a look at these methods of money transfer –
Demand drafts and Cashier’s Cheque
Demand drafts and Cashier’s Cheque are those options which are available in every bank. In case cheque or drafts don’t reach the destination, this form of fund transfer is traceable . A certain fee is associated with the demand drafts and cashier’s cheque services and it may take some time to cash the cheque in India.
International Money Order
When it comes to sending money in remote places of India, International money orders are one of the safest, cheapest, and fast way. Money orders can be deposited into your bank account or cashed at many cheque cashing locations. Money Order is an ideal way to send money if the amount is small and if has to be send to rural place.
Sending cheques in foreign currency is an another option. The process of encashing the cheque can be delayed as the bank has to verify the deposit. The receiver may have to pay additional fee for the exchange rate and encashment of the amount. This method is safer than sending cash by mail because you can cancel a check if it fails to arrive at its destination.
Online Funds Transfer
The best and the easiest way to send money is through online funds transfer. All you need is an internet connection and use of local banking services to transfer money to an account in India. Basic information includes the name and address of the account holder or the recipient. This method is especially recommended if you do regular transfer of funds. Transaction can be done from the comfort of your home with minimum charges.