What Are the Best Options to Send Money Abroad from India?

Send Money Abroad from India: The Ultimate Guide for Students

Best Options to Send Money Abroad from India

Here are the most convenient options for international bank transfers from India with ease.

1. Online Money Transfer Services - The New Frontier

Want to send money abroad from India? It’s possible with online money transfer services. The emergence of platforms like BookMyForex.com has revolutionised outward remittances by offering a seamless and paperless process. These services allow you to transfer funds within 24 hours, track your transactions online, and provide competitive exchange rates.

Pros

• Convenience: Transfer money abroad from India or anywhere at any time.
• Competitive Rates: Get the best exchange rates available.
• Speed: Complete transactions within 24 hours.
• Transparency: Track your remittance order online.

Cons

• Choosing the Right Platform: Research multiple providers to find the best rates and services.
• Varying Fees: Different platforms may have different transfer charges.

2. Bank Transfers - The Traditional Approach

Bank transfers have long been a popular method to send money abroad from India, and they continue to offer reliability and security. With the rise of technology, many banks now provide online transfer options, making the process more convenient. While international bank transfers from India may take longer compared to online money transfer services, they are a trusted option.

Pros

• Security: Banks ensure your funds are transferred safely.
• Convenience: Many banks offer online transfer options.
• Wide Acceptance: Bank transfers are accepted globally.

Cons

• Exchange Rates: Banks may not always provide the most competitive exchange rates.
• Fees: Banks can charge high fees for international transfers.
• Processing Time: Bank transfers can take 4-6 business days to complete.

3. Currency Demand Drafts - An Alternative Approach

Currency demand drafts are prepaid payment instruments that allow you to remit money in the currency of a foreign country. While demand drafts are a safe and economical option, they can take longer to reach the recipient abroad. If you have ample time before the funds need to be received, currency demand drafts can be a suitable choice.

Pros

• Safety: Demand drafts provide a secure method of remittance.
• Affordability: The charges for issuing demand drafts are nominal.

Cons

• Time-consuming: Demand drafts can take longer to reach the recipient.
• Limited Usage: Demand drafts may not be accepted in all countries.

4. Wire Transfers - Fast and Efficient

Wire transfers have gained popularity among remitters due to their fast delivery speed and low service charges. This mode of money remittance involves transferring funds from an Indian bank account to a foreign account through the SWIFT network. Wire transfers offer secure money transfers worldwide and can be completed within 12 to 48 hours. They are particularly useful in times of emergencies when immediate financial assistance is needed.

Pros

• Speed: Wire transfers are completed within 12 to 48 hours.
• Low Service Charges: Wire transfers entail lower fees compared to other methods.
• Secure: Wire transfers use the SWIFT network for secure transmission.

Cons

• Desired Exchange Rates: Banks may not always offer favourable exchange rates.
• Bank Fees: Banks may charge fees for wire transfers.

The Niyo Factor | The Modern Approach

Niyo is revolutionising the way Indian students and travellers manage their finances abroad, particularly in the realm of international remittances. A standout feature of Niyo is its seamless integration of money transfer capabilities within the Niyo app, specifically designed to cater to the needs of Indian students studying overseas.

With the Niyo app, users can effortlessly send money abroad directly from their mobile devices, bypassing traditional banking channels’ complexities and high fees. This feature is particularly beneficial for students who need to manage their tuition fees, and living expenses, or send money back home to India. The app’s user-friendly interface simplifies the process, making international transfers as straightforward as a domestic transaction.

Moreover, users benefit from zero TCS on spending, complimentary lounge access at international airports, and up to 1% cashback on domestic expenditures.

Also, the remittance feature within the Niyo app is not just about sending money; it’s about doing so efficiently and economically. The app ensures competitive exchange rates and minimal to no processing fees, distinguishing it from conventional remittance methods.

This cost-effectiveness is coupled with the speed and reliability of transactions, ensuring that students can support their financial needs or assist their families back home without undue delay or expense.

Furthermore, the Niyo card complements the app’s remittance feature by offering a holistic financial solution for international students. With zero forex charges on international transactions and a host of other benefits like complimentary international lounge access and cashback on domestic expenditures, the Niyo card and app duo provide a comprehensive financial toolkit for Indian students abroad.

All in all, Niyo’s modern approach to international spending and remittances through its app and card offers a tailored, cost-effective, and efficient solution for Indian students and travellers.

Conclusion

To send money abroad from India has become easier and more convenient for students pursuing higher education overseas. Online money transfer services, bank transfers, currency demand drafts, and wire transfers offer various options to suit different needs. Each method has its pros and cons, so it’s important to consider factors such as speed, convenience, exchange rates, and fees before making a decision.

Always thoroughly research the available options, compare exchange rates and fees, and choose the method that best suits your requirements. With the right approach and reliable financial solutions like Niyo cards, you can simplify your international money transfer from India and enjoy peace of mind while managing your finances abroad.