How to Send Money to India
Introduction
Without a doubt, one of the world’s most capital-driven markets nowadays is India. The economy is flourishing, and we witness daily expansion in a variety of industries and enterprises.
Many financial transactions to and from other nations are a part of this expansion. According to a World Bank study, India has received $100 billion in remittance transactions, making a significant milestone for the nation. This is because of the government’s rules governing foreign money transfers as well as the changing financial structures and systems that organizations have put in place.
Guidelines for Sending Money to India from Abroad.
The Reserve Bank of India (RBI) oversees all inward remittances in India following the Foreign Exchange Management Act (FEMA). According to current FEMA regulations, you are only permitted to transmit money to India for specific purposes. Whatever the amount of the transfer, there should always be a reason for the remittance or transfer.
- Medical care
- Financial support of family members
- Education
- Investments
- Travel expenses
- Gifts
For the following reasons, the RBI forbids inward remittances:
- Online gaming
- Illegal activities
- Other speculative activities
A Foreign inbound Remittance Certificate/Statement (FIRC/FIRS) should also be obtained from the beneficiary bank or the converting/processing bank in India by the recipient of the inbound remittance.
When completing your Income Tax Returns (ITR) in India, it acts as proof of receipt and is useful in determining the reason for the inbound remittance as well as all transaction data, including the name and address of the remitter. Only at the beneficiary’s request will banks give FIRC/FIRS, and the converting/processing bank will supply a No Objection Certificate (NOC).
Ways to Send Money to India.
You can send money to India through various options as outlined below
Online Money Transfer Services
Digital platforms offered by several banks and fintech companies enable rapid money transfers across borders. Any recipient bank that offers these services may receive these cash.
For example, TangoPay makes it simple, safe, and affordable to send money to India. This online platform is available to safely and securely send money to India.
Wire Transfers
Wire Transfers Via Branch: You may send money to India by going to any bank branch abroad, in addition to making payments online.
Online Wire Transfers: The request can be started using net banking or online. You may follow the transaction process online, lock in currency rates, and provide related paperwork.
You can utilize Smart Wire transfer service for a practical online solution. Remittance processing is accelerated via Smart Wire, allowing recipients to get their money quickly. Please be aware that the maximum amount of money you may send through wire transfers is unlimited.
Cross-Border Transaction Under Unified Payments Interface (UPI): The capacity to make international payments utilizing cross-border UPI has now been established by NPCI International Payments Limited (NIPL), the international division of the National Payments Corporation of India (NPCI).
This service allows NRIs to transfer funds to India. Currently offered in the India-Singapore corridor, this service is anticipated to be expanded to other nations. You can use a local bank or remittance service provider to send money to almost any bank account in India or to a UPI handle.
International Money Order (IMO): The Indian postal network provides a dependable and easily available service for sending and receiving money internationally. The money order can be redeemed at different check-cashing locations or deposited into the recipient’s bank account. According to the post office timetable, the recipient can have access to the funds that same day.
Foreign Currency Cheque (FCC)/Foreign Currency Demand Draft (FCDD): An FCC or FCDD can be sent to the beneficiary in India from your foreign bank.
After presenting the FCC/FCDD to their bank, the beneficiary can either receive the remittance or have it deposited into their account. Depending on the amount of money transmitted, the recipient may be subject to fees when cashing an FCDD, which differ from bank to bank.
How to Send Money To India.
By taking these four easy actions, you may now send money to India from the UK and other countries:
- Register for an account on our iOS or Android app.
- To finish the profile, provide your basic information and the necessary files.
- Choose the recipient’s information, payment choice, and destination nation.
- Use a quick bank transfer or your debit or credit card to send money to those you love.
Final Thoughts
There are several ways to send money to India, including wire transfers, cross-border UPI, IMO, FCC/FCDD, and online money transfer services. Based on convenience, affordability, and time, you should select the one that best meets your needs.
You have to follow FEMA’s instructions and give your authorized dealer (bank) all the information they need. For the resident receiver, sending funds to India will have tax ramifications. Our main objective at TangoPay is to give people a safe platform to send money to their loved ones back home while offering the fastest, safest money transfer to India.
