Indian immigrants comprise a considerable part of the US population. With advanced technology and relaxed business policies, transferring money from India to the US has become less complicated. Keep reading to learn about the best way to send money from India to USA.
1. Foreign Currency Demand Draft
Demand drafts are a simple and flexible way of sending money to someone. You can always use foreign currency demand drafts if you want to send money from India to the US. You can contact your bank to begin the demand draft preparation process.
You must specify the amount you want to send and share the account holder’s information with the bank. Once the bank is done preparing your demand draft, you can send it to the recipient in the US. The specified amount and relevant charges will get debited from your account.
The process of sending a foreign currency demand draft is quite easy. However, the processing time is a drawback of this method. Sending the demand draft abroad is often a time-consuming process, and after that, the recipient will have to perform several other time-taking tasks.
2. Online Money Transfer Service Providers
The need to send money overseas is on the rise. Therefore, many service providers have come up to fulfill the demand. The online transfer service providers are dedicated companies that specialize in foreign exchange.
The money transfer method removes complexity and offers efficient services like a bank. You will have to deposit the cash, and the companies will send it to the recipient in the USA. They will charge you a small fee for sending the money.
Technological advancements have enabled secure end-to-end communication and high-speed internet. The service providers ensure that you send money abroad from the comfort of your home. This should be your preferred option if you are looking for a seamless method to transfer funds internationally.
3. Wire Transfer
You can also wire transfer the money from India to the US. Several banks, particularly the private ones, offer a SWIFT transfer service. The service is useful for sending money directly to the recipient’s account in the US.
You only have to fill out an application with details like the recipient’s account number. You will also have to enter the SWIFT code in the application. Every bank account connected to the SWIFT network has a particular code.
You can even make a SWIFT transfer from your home. But you must have access to an online banking service for this. You should also activate the foreign wire transfer feature to enjoy this service.
Another best way to send money securely is by using Zolve Remittance.
Factors to Consider While Transferring Money from India to the US
You must be mindful of the following while transferring money from India to the US:
- Exchange rates: Exchange rates keep changing frequently and can become too high within seconds. You should look for the best exchange rates and freeze them when you find the lowest one.
- Transfer speed: Some money transfer modes are faster than others. You should look for transfer methods with the highest speed.
Parting Thoughts
The ideal way to transfer money from India to the US depends on the convenience offered by a bank. You must look for a money transfer method that suits your needs, such as high speed. Settle with a transfer method with transparent fees and low exchange rates.
Zolve is the world’s first cross-border NeoBank that offers an operational US account and a high-limit credit card that can be applied for from your home country. With no application fee, easy approvals, and a completely online set-up, Zolve makes it easy to get the financial services you need.