Moving to a different country is exciting, but there are challenges too. From finding and setting up a home to figuring out the cultural differences, there is much to overcome. But at least you don’t need to worry about sending money home anymore!

Why send large amounts to India?

• You might need to send money for your family back home. This could include the costs of rent or home maintenance, tuition fees for your children, medical expenses for your ageing parents, day-to-day living costs, and so on.
• You may have outstanding loans to repay. The equated monthly instalments (EMIs) need to be paid on time. So, you would have to ensure that the linked account in India has sufficient balance by the time the EMI is due.
• You may be sending funds for investment reasons. Perhaps you have an annual insurance premium to pay or a retirement fund to contribute to. It may be that you have subscribed to mutual funds through a systematic investment plan. Therefore, you may need to transfer considerable sums to your account in India several times a year.

Whatever might be your reason to send money to India, there are several money transfer options that you can use.

Ways to transfer large sums to India

Are you transferring large sums of money internationally? Then make sure to understand what the different money transfer options entail.

• Bank transfer:
  

This is a common way to send large amounts of funds securely. You could visit your bank branch, drop a cheque, or do a fund transfer online through your account.

If you go the online route, start by adding the beneficiary account details to your own bank account. Once this is complete, you can send large amounts to India seamlessly.

However, bank transfers can take time if your bank does not have a direct working relationship with the beneficiary’s bank in India. While the transfer could happen in as little as two days, it could also take up to five days in some cases.

• Cash transfer services:

The money is transferred electronically, but the recipient collects it in cash.

What you need to do is pay cash or give a cheque at an office of the service provider. Provide your own details and the details of the recipient. The service provider will give you a money transfer code.

Once the transfer is done, the recipient would simply have to visit a local office of the provider and furnish this code along with the sender’s details. If the details provided are correct, the recipient will be handed the funds in cash.

The whole process is completed within a few hours.

• Online money transfer facilities:

While cash transfer services are very fast, they tend to be expensive. That is where online money transfer comes in.

Services like RemitMoney ensure speedy fund transfers while keeping the costs low and offering competitive exchange rates. Besides, the process is convenient and you can get funds instantly.

What’s the best mode of money transfer to India?

As a non-resident Indian (NRI) living in the United States, you may have wondered, ‘How much money can I send to India from USA?’

There is no money transfer limit to India. But it is useful to assess the best transfer method for your requirements. When making a decision, consider two key factors:

1. Time available: Are you sending money to pay a loan EMI that is due in three days? Choose a money transfer mode that fits your timeframe. For instance, with a service like RemitMoney, you can make transfers instantly.
2. Exchange rate: It’s good practice to compare rates across money transfer services. This is especially important if you are sending large amounts. Even a small difference in the exchange rate can result in big gains for you and your beneficiary.

Conclusion

While each money transfer mode has its merits and demerits, digital transfer is clearly the way forward. It’s quick, convenient, and minimises the hassle of paperwork.

Besides, online money transfer services like Axis RemitMoney offer good exchange rates and other perks. You could even automate future transactions if you wish. Sending money to India has never been simpler.