There are various methods to send money from the US to India. They are International Wire transfers, Cheque, demand draft, remittance companies, brokers, UPI etc.
Indians in the United States
Indians travel to the US for travel, leisure, business, studies, and employment. The United States has 6% of Indians. They are the second largest diaspora after Mexicans. They send money to their parents, friends, siblings etc, in India on a timely basis. Let us unearth different types of ways money can be transferred from the US to India.
Methods of sending money from the US to India
International Wire Transfer
It is simply the transfer of funds from one bank to another electronically. It is done through a SWIFT network that includes around 11,000 banks and 200 countries. The sender must give his/her bank details, receiver’s bank details and SWIFT code for a successful transfer. Wire transfer is usually done through an intermediary bank. In the early years, telegraphic wires were used for this purpose, hence this name. It will take a minimum of two and a maximum of five working days to complete the transfer.
Cheque
Indians in the US can also draw a cheque or a demand draft along with the letter of instructions. However, this will take more than 15 working days.
Digital Cross Border remittance companies
- With Panda Remit, you can do bank transfers in minutes.
- With Remitly, you can do bank transfers in 4 to 6 days.
- With Instarem, you can do bank transfers in 3 days.
- With Currencyfair, you can do bank transfers in 3 days.
- With Wise, you can make a bank transfer in 1 day.
The fastest is Panda Remit, the cheapest is Remitly and the most trusted and user-friendly is Wise.
Brokers
You can get the help of brokers like Moneycorp or OFX to do bank transfers. It takes 3 to 5 days for the transfer to happen.
Cash Pick up
You can use MoneyGram to send money and the receiver can pick up the cash from the given point. With Xoom, you can get cash delivered to your home.
UPI bank deposit
With Instarem, you can make transfers via Unified Payments Interface.
Sending money from the US to India
The first money transfer happened a hundred years ago via telegram. From there to now, with the evolution of technology, banking services have been automated and they are in our fingertips. We can do any banking activity at the convenience of your home. Of the above methods, you can use the best method and service suited to you.