How can I transfer money from USA to India?
- Asked By
- Updated On:29-Nov-2022
- Replies:1
Short Answer
There are various methods to send money from the US to India. They are International Wire transfers, Cheque, demand draft, remittance companies, brokers, UPI etc.
Detailed Answer
Indians in the United States
Indians travel to the US for travel, leisure, business, studies, and employment. The United States has 6% of Indians. They are the second largest diaspora after Mexicans. They send money to their parents, friends, siblings etc, in India on a timely basis. Let us unearth different types of ways money can be transferred from the US to India.
Methods of sending money from the US to India
International Wire Transfer
It is simply the transfer of funds from one bank to another electronically. It is done through a SWIFT network that includes around 11,000 banks and 200 countries. The sender must give his/her bank details, receiver's bank details and SWIFT code for a successful transfer. Wire transfer is usually done through an intermediary bank. In the early years, telegraphic wires were used for this purpose, hence this name. It will take a minimum of two and a maximum of five working days to complete the transfer.
Cheque
Indians in the US can also draw a cheque or a demand draft along with the letter of instructions. However, this will take more than 15 working days.
Digital Cross Border remittance companies
- With Panda Remit, you can do bank transfers in minutes.
- With Remitly, you can do bank transfers in 4 to 6 days.
- With Instarem, you can do bank transfers in 3 days.
- With Currencyfair, you can do bank transfers in 3 days.
- With Wise, you can make a bank transfer in 1 day.
The fastest is Panda Remit, the cheapest is Remitly and the most trusted and user-friendly is Wise.
Brokers
You can get the help of brokers like Moneycorp or OFX to do bank transfers. It takes 3 to 5 days for the transfer to happen.
Cash Pick up
You can use MoneyGram to send money and the receiver can pick up the cash from the given point. With Xoom, you can get cash delivered to your home.
UPI bank deposit
With Instarem, you can make transfers via Unified Payments Interface.
Sending money from the US to India
The first money transfer happened a hundred years ago via telegram. From there to now, with the evolution of technology, banking services have been automated and they are in our fingertips. We can do any banking activity at the convenience of your home. Of the above methods, you can use the best method and service suited to you.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (0)
To understand the tax implications for sending money, it is important to know where the individual is sending the money and for what purpose. As these implications depends on these factors and plays a huge role.
ICICI Bank is the largest private bank of India, which has its presence all over the World. It has its first office in the USA in the name of ICICI Bank, New York Branch.
To open a brokerage account in USA, you’ll need to provide your full name and driver's license, passport information, or information from other government-issued identification and some personal details including financial and tax identification information.
Indian banks are present not only in India, but have branches in different countries as well. The following Indian banks have branches in the USA and are accessible to both Indians and Americans:
- Bank of India New York
- Bank of Baroda New York
- ICICI Bank New York
- State Bank of India New York
- State Bank of India Chicago
- State Bank of India California
- State Bank of India California
- Union Bank of India Seattle
There are various ways in which you can invest in Indian stock market from USA. Let's see how you can invest in Indian stocks from United States of America.
In USA, different brokerage accounts have different opening-balance requirements. A minimum may be set by some brokerage companies at $1,000, $2,000, or even higher. Others could let you start an account with less money as long as you agree to have money deposited from a connected checking or savings account on a monthly basis.
SBI is an international bank and has a total of 10 offices in 4 different states in USA which include:
- Branch offices
- Representative offices and
- Subsidiary & joint venture offices
Yes, SBI has numerous branches in USA. SBI is one the largest Indian banks as well as an international bank offering services in different countries. It has a total of 10 offices in 4 different states of USA.
The 3 main credit reporting agencies in the USA are TransUnion, Equifax and Experian. Read further to grab useful information on each of the famous Credit Bureaus in The United States of America.
Stock Trading fees is an integral part of the whole transaction on stock market. Stock trading fees is charged from the individual executing buying or selling transactions. Read about different types of stock trading fees as described below.