With the increasing number of expats within the Kingdom of Saudi Arabia, there is always a constant rush and hush at the banks as the expats would want to transfer and send back home money that they have tried to earn after working tirelessly. Amongst the expats in the Kingdom of Saudi Arabia, there is a large number of people from India. For these people, there are e-transfers and a lot of traditional methods that are available to send money to India.
5 Best Ways to Transfer (Remit) Money to India
- ACH Transfer: The ACH is a transfer method that stands for Automated Clearing House which is an electronic funds transfer. In the United States of America, the ACH is monitored by The National Automated Clearing House Association (NACHA). This department helps regulate the inter-banking clearance of all electronic payments or transactions among participating financial institutions. It works like this, that when you send money from the bank account within US via ACH transfer, the recipient bank receives the payment within the next four working days. With this, there are no extra costs, extra visits to the banks. This method helps you save both time and money. Recommended: Foreign Remittance Charges from Saudi Arabia
- Online Transfer: By now, every household is equipped with a good internet connection in and around the world. Without the internet, everything seems incomplete. Similar is the feeling when it comes to banking. Within the past decade, online banking has become a huge part of the lives of the workers and owners who have to transfer or receive funds regularly from not only their own city but also, from different countries. You just need a strong internet connection and the use of local banking services to transfer money to an account situated in India. You’ll need to provide certain information including the name, address, IBAN and Swift code of the recipient bank during this.
- Wire Transfer: This is one of the most common ways to transfer money internationally. All you have to do is visit a branch of the agency, such as western Union or MoneyGram, and send the money. This facility gathers up all the information from the sender about the receiver and once the processes complete, the money is received by the bank in India which takes up to a few days.
- PayPal: PayPal gives the liberty to transfer funds individually, electronically. This method has charges despite the transaction being absolutely free for the sender. For international transfers, the fee is around 3.9% of the transferred amount.
- International Money Order: This method is perhaps the safest and cheapest when it comes to transferring internationally. Since India is a huge country and consists of many remote areas, this method will prove very helpful. All you need is an ID when you cash the cheque. Apart from these, there are Bank Drafts and Cashier’s Cheques, Personal Cheques and Email money transfer that are used very frequently and very popular amongst the people in and out of India.
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- How to Reduce Foreign Remittances from Saudi Arabia? $44 billion in 2014
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- Top Reasons to Avoid Western Union for Remittance