Send Money To India
Officially known as the Republic of India, India is located within
Southern Asia. With a huge population of over 1.2 billion people, the
country is the most populous democracy in the world and the second most
populous country. The Indian economy is the tenth largest in the world
in terms of nominal GDP and the third largest in terms of purchasing
power parity. It is also one of the fastest growing major economies
Popular money transfer services that send to
Currency and Foreign Exchange
The official currency of India is the Rupee (INR), controlled by the
Reserve Bank of India. One Rupee is made up of 100 Paise. Rupee notes
are produced in 5, 10, 20, 50, 100, 500, and 1000 denominations, whilst
coins are minted in 50 Paise and 1, 2, 5, and 10 Rupee denominations.
Smaller denominations of Paise used to exist however they have now been
withdrawn from circulation. The currency is a managed float meaning that
the market can determine the exchange rate with invention only being
used to maintain low volatility.
Money Transfer Regulations in India
The Reserve Bank of India has recently started enforcing the Foreign Exchange Management Act, which prevents rupees from being taken out of India. This makes sending money out of the country very challenging to say the least. If you are looking to send money to India, however, the good news is that there are very few restrictions on transferring money into the country. Money transfers into India are entirely unrestricted when it comes to current account transactions. This includes payment for goods and services as well as the transfer of foreign-earned income. Non-residents are also able to open up temporary rupee-denominated bank accounts in India without a visa.
When sending money to India, there are several different payment methods to choose from. The best option to choose will very much depend upon the amount you wish to transfer and, if it isn’t a one-off transaction, how regularly you will be making transfers and, of course, how quickly you want the money to be available. Wire transfer is the most commonly used payment method. When transferring money to India via wire transfer, you can conduct the transaction via a high street bank or through a specialist international money transfer company, such as the Western Union.You can also send money to India using a cash-collection service, such as MoneyGram or a similar service. This method allows money to be transferred from your account to the recipient in India and they will be able to collect it in cash. Compared to bank-to-bank transfers, this can be a relatively expensive option and is generally best reserved for instances where you need to move money at speed or if the recipient doesn’t have an accessible bank account in India.
Potential Difficulties of Sending Money to India
When transferring money from one country to another, there are a number of difficulties that you need to be aware of. That said, these are always solvable and you certainly shouldn’t let them put you off sending money to Indian! Most of the issues you could potentially encounter can be easily overcome by using a comparison service such as sendthatcash.com. The main difficulties you may encounter when sending money to India are potential fees, hidden charges, and variable exchange rates. Most international transfer providers charge a number of fees, charges and commissions to the sender, and sometimes also to the recipient of the funds. These can prove quite costly so it’s always worth shopping around and comparing the various providers before sending any money to India.Variable exchange rates are another thing to be aware of. When you transfer money into India (or into any other foreign country for that matter), your transaction will be affected by the ever-changing exchange rate between your currency and the INR. The larger the amount you are transferring, the greater impact a poor exchange rate will have upon your transaction, so it’s advisable to shop around and make sure that you’re getting the best conversion rate possible. Using an online comparison service such as sendthatcash.com will allow you to compare all available exchange rates in a simple click, ensuring that you can access the very best rates.
Why use sendthatcash.com?
If you are looking for a simple way of sending money to India, which will save you both time and money, sendthatcash.com’s comparison service could be the answer. The innovative online comparison system will allow you to compare the world’s fastest and most trusted international money transfer providers and foreign exchange firms and find the very best deals around. Comparing exchange rates and fees can be a complex and drawn out task, we’ve all been there and it’s not an easy job! It is, however, necessary if you want to ensure that you access the best possible exchange rates and the lowest possible fees. At sendthatcash.com, we take care of the groundwork for you, allowing you to effortlessly view the results of our findings in no time at all – it really couldn’t be easier.