How to wire transfer money to India

Posted by Anonymous , 9/4/2007 Tags:wiretransfermoneyIndia
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How to wire transfer money to India

Introduction

It is easy to send money to India from any country once you understand the basic steps. A wire transfer is an unbeatably convenient option compared to moving funds any other way.

Instructions

Difficulty: Moderately Easy

Things You'll Need

  • Bank account in a foreign country (like US)
  • Bank account in India

Steps

1

Step One

Contact the bank in India and collect the following information
1. Name of bank
2. Full postal address of the bank/branch
3. BIC code
2

Step Two

Collect the following information from the beneficiary of the funds
1. Name
2. Account number
3. Complete address
3

Step Three

Determine the amount of money you wish to send. Ensure the availability of the funds in your account. Remember, usually there is a fee for each international wire transfer. Shop around credit union banks for a good rate. Sometimes, when sending smaller amounts of money, it is cheaper to send money to an Indian bank via a local bank in the US (you will pay local wire fees instead of foreign wire fees). Else it might be cheaper to use a service like Remit2India or WesternUnion - Please read tips and warnings below.

Overall Tips & Warnings

  • Usually there is a cut off time at the bank by which time your wire transfer has to be submitted. Any wires submitted after that will be sent the next day. If you are in a rush, plan accordingly.
  • Choose a wire transfer where you can track the wire. International wire transfer uses several jumps and institutions to send the money over and there are cases where the funds are lost and you will get reimbursed (slowly). So ability to track the wire is unbeatable.
  • When using a service like Remit2India/WesternUnion, ensure that the beneficiary of the funds does not have to pay any fee to access the money.
  • Many times, you can send the money to a local US bank (like JP Morgan or Chase) and they will do the international wire transfer. In this case, you will need to provide an additional account number for the US bank to identify the international bank. BUT, your bank CANNOT track the wire beyond the local US bank, which can be a huge disadvantage.
  • Wire transfers can take upto 3 weeks, though the average is much lesser. So plan ahead if you need the money to be there by a certain time.
  • Beware of the "instant wire transfer" companies. They either charge a percentage of the amount or some overhead per dollar (USD) transferred. This can add up VERY quickly when sending large sums of money.
  • Stay away from agencies that deliver the money in form of a check to the beneficiary. Money directly in the bank is the way to go. It is safer and less complicated. Ask specific questions and clarify this before using a service.
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