When it comes to transferring funds from the US to India, most people are searching for a method that is safe, quick and inexpensive.  There are advantages and disadvantages to many of the accessible options for sending money to India, but it is useful to know some of the differences between the many options that are available.

One way to send funds from the United States to India is to do it the old fashioned way and mail a check.  The downside is that this is a rather slow technique.  International mail can take anywhere from one to four weeks to arrive at its destination, and once the recipient of the money finally receives the check, his or her local bank is certain to freeze the money for up to three weeks while the check clears.  To save time, some people who choose to make frequent payments to someone in India can draft several post-dated checks—a risky proposition.  Another risk with this choice is that the exchange fee is set on the day the check clears, so the amount of US money sent may not match-up into the correct number of Rupees that you originally wanted to transfer  This system can take a long time, but it is the cheapest way to transfer funds to India.

If you’d like to mail a check in Rupees, India’s largest bank, the State Bank of India, now has many branches in the US.  Patrons can open accounts, send cash into those accounts, and then draft checks denominated in Rupees to send to India.  This cuts down on some delay with the holding of checks and mitigates exchange risk.  The State Bank of India charges $10 for all checks under Rs 50,000.  If the recipient of the monies has an account in India with the State Bank of India, you can also immediately transfer funds from a US branch.  Other banks, such as Citibank, allow consumers to open Rupee checking accounts.

Outside of sending checks or using India-Friendly banks, other companies have Intercontinental money transfer capabilities.  This is an wonderful option for some because it’s fast, but it’s also rather expensive and recipients must be close to areas of operation in India, which can be rare.

Many websites are now in operation that can be utilized to transfer monies immediately to India.  These types of websites allow users to transfer money to India using a credit card via the internet.  usually, a check is sent and received by your receiver within five work days.  The costs paired with these transactions can be big, however are typically lower than sending money through an International bank transfer firm.

It is a stellar idea to use a reputable company if you want to send monies electronically and to understand costs and conversion rates that will be used, as well as how long it will take for those monies to be received.  It is also a stellar idea to find a company with great customer support, in case the process becomes misguided along the way.