There are many reasons why one needs to money transfer from the USA to India. You may have to transfer money to your family or send money to your kid, studying as an international student. This money transfer is mainly for reasons like financial support, educational expenses, healthcare aid, or travelling expenses.
With the advancement of digital technology, money transfer from the USA to India has now become easier and faster than ever before. Many banks and other money transfer services allow people to transfer money with no hassle and in a secure manner. And if you are interested in money transfers from the USA to India, continue to read this blog.
Also Read: How to Get an Education Loan for Studying Abroad?
What is Money Transfer?
In simple terms, money transfer is referred to the transfer of money from one bank account to another bank account which may be under the same financial institution or across multiple financial institutions via computer systems or online applications of those banks.
Things to Consider When Doing Money Transfer from USA to India
Remember to keep these things in mind while transferring money from the USA to India:
- Transfer speed – Check the transfer speed and duration for money transfer with your bank or money transfer service. This may vary depending on the service that you have chosen.
- Exchange Rates – When doing a money transfer from one country to another, you must check the exchange rates beforehand. The exchange rate is the relative value of the currency of one country to other. Small differences in exchange rates can make a big difference when sending a large amount of money.
- Overhead Charges – When transferring money, you will always be charged with transfer fee which you will have to pay for every transfer you make. This fee can either be a fixed value or a fixed percentage of the amount you transfer. This may also include foreign conversion tax and, in some cases, service tax for each entity involved in the transfer process.
Ways to Send Money from USA to India
You can try the following ways to transfer money from the USA to India:
Direct Debit
Direct debit is among the most convenient methods of money transfer that allows a financial institution to take money from your account after you have authorised the payment on your site. This process can take a bit of time to transfer money and is usually more expensive than a bank transfer.
Bank Transfer
Bank transfers are among the cheapest methods to transfer money internationally. This option is known to provide the best value for money. However, it is a little slower than credit and debit cards.
Debit Card
A debit card provides an easy, fast and convenient way to pay for your international money transfer. It is also less expensive than using a credit card.
Credit Card
It is a slightly expensive way to pay for your money transfer services yet provides value for money. It is an easy and fast way to transfer money. It offers a variety of options including a Visa card, Mastercard and Maestro card.
How Long Does it Take to Transfer Money?
You will be required to pay for the money transfer service. This fee is usually small and depends on the amount of money transferred. This percentage varies depending on the service you use.
Money transfers have become easier than ever. It takes approximately 24 hours or a maximum of 2 days to transfer money.
Transfer Money Abroad using Fly Finance
Here’s how you can transfer money abroad using Fly Finance:
- Select where you want to send the money
- Enter the amount you want to send
- Select or Add recipient account details
- Your international money transfer will be done in minutes
Why Choose Fly Finance?
Check out the amazing benefits of using Fly Finance and make hassle-free international money transfers:
- Cost-effective
- Real-time exchange rates, cheaper than other banks
- Safe and secure as payments are made with globally licensed partners
- Zero convenience fees with no hidden charges
- 100% Online application and KYC process
- Quick service and the money can be transferred within minutes
FAQs
In simple terms, money transfer is referred to the transfer of money from one bank account to another bank account which may be under the same financial institution or across multiple financial institutions via computer systems or online applications of those banks.
Money transfer is an easy process and the following are the steps to transfer money from the USA to India:
Register with a bank or money transfer service and log in to their application
Add the amount of money you wish to send
Add the details of the recipient’s bank account
You may need to verify your identity sometimes if you are sending a large amount of money
Pay for the money transfer service and you are done
You can also continue to track it on the app
Some of the popular ways to transfer money include Direct Debit, Bank Transfer, Credit Card, Debit Card etc.
This was all about transferring money from the USA to India. If you wish to know more about international transfer and education loans, reach out to Fly Finance Experts.
