Different Types of Money Transfer Methods in India

When you plan to send money to India, there are multiple ways you can do the transfer overseas. The bank deposit method is one of the fastest and safest online money transfers to India from abroad.

Money transfer to India refers to the electronic transfer of money initiated by one person to the other. With the availability and the facilitation of services like online banking, bank account deposits, UPI, and more ways. 

In contrast, the traditional or old-school methods of physically transferring money from one person’s bank account to another are cumbersome. As a result, those methods that send money through cheques, cash deposits at banks, and more have been eliminated. 

After the innovation in online services and technology, people’s interest has diverted from cash payments to online payment methods.  Whether it happens in online mode or offline methods. 

Transferring money from abroad has become easier with the ease and comfort of the UPI service. According to the latest research and analysis, data from NPCI, the National Payments Corporation of India.

They have noted that more transactions worth billions of crores have happened within a short time. 

Ways To Send Money To India Through Bank Deposits 

But, before discussing the methods, let us highlight the points to consider before making a bank transfer. 

To initiate the transferring money process, you must have a mobile payment application and create your profile.

• To begin the online bank deposit, you need the beneficiary’s or recipient’s details. Those details like bank account number, branch of the bank, IFSC code, and more. 
• Certain overseas banks charge an online transaction fee, which the sender must pay.
• Therefore, it is essential to keep all your online banking details private to yourself. While online banking has helped users to transfer money so far, there is a risk of fraud. Therefore, you must be careful with your passwords and bank account details. 

The multiple options through which you can send money to India online from overseas are listed below.

• ACH Transfer

Using ACH transfer, you can debit your bank account in the United States and transfer funds to your beneficiary. This direct debit method is a convenient way to send money directly from your local bank account in the USA.  

It uses the Automated Clearing House ACH network in the USA to debit your account. Afterwards, it will transfer the money to your receiver’s or recipient’s bank account in India.

• NEFT

The abbreviation of NEFT is National Electronic Funds Transfer. It is one of the popular electronic methods of transferring money online. In addition, it is regulated by the Reserve Bank of India. Moreover, most Indian banks provide the NEFT feature on internet banking and mobile banking.  

However, money transfer made through NEFT does not require any additional transaction costs. So, transactions made through NEFT are processed in separate batches. Therefore, the RBI has specified a cut-off within which you can settle these transactions. 

• IMPS

IMPS is an abbreviation of Immediate Payment Service. It is one of the well-known methods to send money to India instantly from one bank account to another. However, banks allow money transfer using IMPS through internet banking and mobile banking platforms. 

The name states, IMPS is helpful in case of immediate money transfer. 

• RTGS

RTGS stands for Real-Time Gross Settlement. It means that through this method, the money is transferred from one bank account to another in real-time. Therefore, you can avoid any delay while using this money transfer method.

RTGS is one of the best payment methods compared to others. It is vital to transfer an amount equal to or more than two lakh in real-time. Moreover, unlike NEFT, RTGS does not allow any specific processing method; hence, the funds are settled in real-time without delay. 

Each transaction gets processed with every instruction through RTGS, making the money transfer process faster and easier. 

• UPI

UPI (Unified Payment Interface) is the latest technique of transferring money online from one bank to another. However, this method was introduced by NPCI and RBI.

UPI money transfer eliminates the need for complex bank account details of the recipient while initiating money transfer. Indeed, UPI ID, which acts as the virtual payment address. Moreover, UPI PIN, which is the security password for confirming the transaction. 

These two things are essential to transfer money through UPI money transfer. You can create a UPI ID and UPI PIN on the mobile payments application at registration time.

Now, you can quickly transfer money through your UPI account with a press of a button.

• Indus Fast Remit by IndusInd Bank

Indus Fast Remit, an IndusInd Bank service, is a simple, fast, and secure money transfer. It is widely used to send money from the UK, US, or Canada to recipients in India. 

One of the best things about IndusInd Bank is that there is no transfer fee. Also, it gives the flexibility to send up to thirty-thousand US dollars per month. In addition, it has a ten-thousand US dollars limit per transfer. 

In this manner, IndusInd Bank provides the best of both forms, no fee, and the option to send higher amounts. Their other primary features include free transfers to any bank and attractive exchange rates.

However, they also provide easy and secure international money transfer , an online tracking facility, beneficiary address book, and more.  In addition, they provide free mobile alerts to the beneficiary or recipient on the money transfer status. 

• Personal Cheques

Sending a cheque in foreign currency is another option to send money to India. Cashing the cheque can be delayed because the bank has to verify the deposit. However, the recipient may have to pay an additional fee for the encashment and exchange rate. 

Therefore, this method is safer than sending cash by mail. It is because you can cancel a cheque if it fails to arrive at its destination.

Conclusion

We have described all the crucial ways to transfer money to India from overseas through bank deposits. Instead, you can get to know the details of various methods to transfer money online. Also, obtain the helpful process of transferring money overseas through a bank account.

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