Many Indians are fascinated to work in
foreign countries. They study hard and then harness golden opportunities of
working in international companies. These companies offer them attractive
salaries, which are really better than those offered by the native ones.
Yet, many of these people are known to
leave their families back in the homeland. Each month, they pass funds to them
through several money transfer services. Many of them complain of feeling the
pinch of costly remittance charges. If you have felt the same pinch, then take
a look at these three legal ways of remitting money through banks.
- Bank Wire Transfers
This is the most popular
and the oldest method of transferring money to any other bank account in the
world. Though banks are known to charge high for this service, some of them,
like Axis
Remit, only levy reasonable fees, which are independent of transaction
amount. This is one of the fastest and most secure ways of transferring funds
to any bank account in the world.
- Using NRI-NRE Account
This may appear as a
loophole in banking system, but you can really exploit this opportunity to save
exorbitant fund relocation charges levied by money management companies all
over the world. You can open an NRE account in the overseas bank and at the
same time open an NRI account in the branch located in India. Deposit money in
NRE account and ask your family members to withdraw it through NRI account.
Transfers are not taxable and best exchange rate is applied.
- Personal Checks
This is the easiest, but the
longest way to transfer money to India. Send a check to your family members
from US bank, and ask them to encash it in the local bank. The clearance
periods are long, but you end up saving significant relegation charges.
These three methods are the easiest ways of
sending money without paying huge fees.
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