The United States of America is the most preferred country for immigrants, especially for Indian immigrants. Surveys conducted over the years suggest India is the second-largest immigrant group in the United States. India will soon become the largest immigrant group as innumerable Indians continue immigrating each year for better education, employment, and life.
If your child is studying in the United States, or you have other loved ones living there, you want to send money to help them manage their bill payments or celebrate a special occasion. Whether you are sending money for the first time or transferring regularly, you may have a few questions in mind. Here are answers to the most common questions, helping you be informed as you transfer money from India to the USA.
What are the different ways to transfer money to the USA?
Today, there are innumerable ways to transfer money to the USA. Online Remittance is a popular way to consider. It is an online transfer between two Bank Accounts, where one account is held in India while the other is overseas. You can approach the bank offering a Remittance service to make an Online Remittance.
How to make an Online Remittance?
You can send money from India to the USA through Online Remittance by following the mentioned steps:
- Approach the bank: Visit the nearest branch or look up their Online Banking platforms to make a Remittance.
- Add a payee: Have your beneficiary’s details to add them as a payee.Save their details on online platforms to make quick transfers in the future.
- Complete the transactions: Ensure necessary funds are in your Bank Account before transferring. The bank receives your transfer request immediately and starts processing it. The bank notifies you and the beneficiary via SMS and email of the successful funds transfer.
Consider downloading the bank’s International Money Transfer Appto track your transfer request processing in real-time.
What is the cost associated with an Online Remittance?
Typically, you need to pay a basic processing fee to make an Online Remittance. The bank may charge an agent fee if the transfer is processed through an intermediary. You also need to pay GST as applicable when transferring. Banks do not ask the beneficiary to pay any charges when they withdraw the transferred amount, but this is a plus point.
What is the transaction time associated with an Online Remittance? Leading banks help you send money to USA from India within 24 hours. However, you must ensure you provide complete and correct beneficiary details. It is also better to initiate the transfer before the cut-off time. This way, the bank can process your transfer on the same day. You should also plan your transfer a few days before, ensuring your loved ones receive money in time.