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Methods of money transfer Personal Check 
Just as personal checks are the common mode of money transfer within the country, they could be used for international money transfer as well. Write a personal check in the name of the recipient. The amount should be specified in dollars. Mail the check to the recipient via any convenient method. Once the recipient deposits the check into his savings account, the amount will be usually cleared (at the exchange rate on the day of clearance) within 15-20 days and the money could be withdrawed as needed.
Cashier Check 
An alternative for the above method of personal checks in the cashier check which could be enchased faster as it is a guaranteed mode of transaction. This also is written in dollars.
All nationalized banks and most of the private sector banks allow taking international DD. You have to deposit the needed money in your savings bank account request for an international DD from the bank. The banks will issue it in no time. The DD has to be mailed to the recipient via any convenient method. The recipient can enchase the DD soon as this also is an assured mode of money transfer.
Wire Transfer and Money Gram  Western Union and money gram works almost in similar patterns. These companies provide very fast money transfer facilities and could he transfer could be arranged over the phone and using your credit card, though they charge heavy commissions. You can remit the money at any of their agent’s desk around the world. A secret code (a numeric key) will be given to the remitter. The recipient can collect the money from his local agent’s desk once he produces the relevant identifications documents and the secret key. Due to the legal restrictions by certain countries, there is a limitation on the amount of money transferred.
Paypal
 This is purely an internet generated concept. All the money dealings are using electronic currency. They let you send money to anyone with an email. The registration process is free of charges. Paypal is also he preferred method of payment processing for online transaction like the e-commerce and the auction sites. Though payapl has got certain restriction in India (like no direct bank deposit features), this method can be very well used to transfer money at ease.Remit2India This is a new scheme introduced by ‘Times of India’ group. Though the registration process is a lengthy one, once registered, transferring money to the beneficiary account is very easy. Usually a transaction takes 5-7 business days to process. They have got tie-ups with Paypal Company thus giving the users the added edge of using the Paypal account as the money source. Money could be deposited directly to any bank in India. And they offer good exchange rates also. |
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