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NRI Money/ Fund Transfer

Remittances from non resident Indians (NRIs) have bailed the Indian economy out of the doldrums to some extent in the past, and the government's fiscal policies in the 1990s have encouraged a surge of funds to take the figure to USD 180.047 billion, for the week ended February 2, 2007.

India receives the highest remittance in the world from Indians overseas, with the USA and Saudi Arabia being the major source of dollar transfers. About 35-40 % of remittances into India are from the US.

States like Kerala have been able to tide over an economic crisis only on the strength of the money transfer from its people working abroad. It is no wonder then that states and commercial banks and financial institutions have generous schemes to maintain the current flow of funds.

Commercial banks or authorized dealers like ICICI, HDFC, Citibank, and money exchange service providers like remit2india, Western Union, Cash2india have hassle free products to make remittance convenient.

What are the Instruments through which an NRI is able to Send Money to India?

  • Personal Cheques - are the easiest way to transfer money, but for the receiver, it is cumbersome to get these converted to the local currency. Besides, cheques are also not a safe option in case they get misplaced.
  • Cashier's Cheque or Pay order - this ensures that the sender is not short of funds in his account, but then again, it is not received by the benefactor in his local currency, and has the same drawbacks as a personal cheque.
  • Wire Transfers - It is the fastest and safest method, sent through any bank branch. Some sending banks may require the receiver to have an account with them, but this is not necessary in most banks.
  • Money exchange service providers operating globally also offer very competitive services for money transfers.

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