How To Initiate A Money Transfer From The US To India?

[Shashank Bhaskar]

Money is a resource and a saviour during financial crises. Whether you reside in any corner of the world, it helps you overcome financial difficulties. You fulfil your dreams because of the availability of funds. Since inflation affected every country, the need for funds increased. It led to higher demand for international fund transfer services.

There are various methods to send money from the USA to India, including traditional payments and e-transfers. It is essential to conduct some research to ensure you are using the best transfer method.

ACH Transfer

Automated Clearing House is an electronic fund transfer system. The National Automated Clearing House Association in the US governs it and regulates the inter-banking clearance of electronic payments and transactions among participating financial institutions. When you transfer money from the US to India, the recipient bank receives the amount within four working days. It saves time and money.

Online Transfer

An online transfer is the easiest way to send money to India with an internet connection and local banking services. Include information like the name and address of the account holder or the recipient, their financial institution, and the IBAN or SWIFT code. This method helps you transfer funds regularly.

Wire Transfer

It is one of the common ways to money transfer from the US to India. Visit the bank or money transfer company to send it. The wire transfer facility gathers information about the recipient’s name, bank, or another facility to send money. Later, the service you opt for initiates the wire transfer and sends the message to the receiving institution. This process takes some days.

PayPal

It allows you to transfer money electronically between accounts. The recipient pays a fee, although it is free for the sender. Besides the exchange rate, the cost is 3.9% per transaction for international transfers.

International Money Order

It is a safe, cheap, and quick way to initiate a money transfer to India from the US, especially in remote places. Deposit the money orders in your Bank Account or encash them at cheque-cashing locations with an ID. It is simple to purchase without a checking account for small amounts.

Bank Drafts

They are available at any bank offering a money transfer to India. There is a fee associated with them, and it may take some time to cash the cheques in India. The bank draft purchase is higher than a money order. They are economical and traceable if cheques or drafts do not reach the destination.

Conclusion

Having multiple ways to transfer funds internationally is always good news. It is safer to choose reliable and established money transfer services as they guarantee receipt and fund safety.