The world is increasingly becoming digitalized. The increased penetration of the internet has largely influenced the concept of remote work. Most Indians today work as remote workers hired by employers across the globe.
Fortunately, it has also become easier to pay employees through different online transfer platforms. The good thing about online money transfers is that the recipient is able to get the payment the same day, sometimes instantly.
You can use different options to send money to India, and each of the options has its own advantages and disadvantages.
Here are 6 best ways you can send money to India:
Western Union
Western Union is one of the widely used money transfer services. It has been in the industry for almost two centuries. Western Union has heavily invested in digital remittances in the recent past, making it a dominant player in online money transfers.
The money transfer service has branches in almost every country in the world, including India. Most Indians prefer this method because it is fast and convenient. However, delays can sometimes be experienced because of various factors.
ACH transfer
Also known as Automated Clearing House transfer, ACH is ideal for companies and employers based in the United States. The money will hit the recipient’s bank account within four business days after sending the money from your bank account via the ACH option.
ACH is a great option, especially if you deal with small and frequent amounts like paying bills and direct account deposits. Different service providers offer these services across the U.S. All you have to do is identify one that works for you.
Money orders
This is also another way of sending money to India. Most people prefer using money orders because of safety and affordability. It allows you to send small amounts of money at a very friendly cost. But you will have to have the money order deposited into your international bank account. The recipient will be asked to produce their national ID or passport when cashing out the check.
TransferWise
TransferWise describes itself as the cheapest platform for sending internationally. The good thing about this money transfer service is that it offers a mid-market rate (also known as the real exchange rate) to its customers. Freelancers in India popularly use it to receive and send money globally.
Just like other money transfer services, TransferWise has its shortcomings. Transfers can sometimes take longer than expected, making it inconvenient for those who want faster transfers.
Wire transfer
Wire transfer is one of the oldest money transfer methods. It has been around for over five decades. But with this option, you will have to send the money through a traditional bank or agency. They will ask you for information about the recipient, such as the bank account number and official names, before initiating the transfer.
Western Union
Western Union is one of the widely used money transfer services. It has been in the industry for almost two centuries. Western Union has heavily invested in digital remittances in the recent past, making it a dominant player in online money transfers.
The money transfer service has branches in almost every country in the world, including India. Most Indians prefer this method because it is fast and convenient. However, delays can sometimes be experienced because of various factors.
Bottom line
There are different options for sending money to India. The best thing to do is to choose a method that best suits your business needs.
