If you live in America and want to send back money to your sweet heart or your family who stays in India, you need to know how fast dollars can reach your home to strengthen your family to survive in this busy world. The fact is that in past people had to depend on the conventional type money transfer process which was slow and time consuming process.
After issuing the check, it used to take several weeks to enter into the domestic account in India. The charges were also higher. There is another way of sending money to India is to opt for the issuance of postdated checks. Now you should know the negative aspect of such transaction.
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· If you send the certain amount in the form of American dollars through post dated checking options, the amount will not be same after the conversion into rupees due to frequent changes in the conversation rates. For this reason, the coming of the internet banking has become much more advantageous and popular to India and other parts of the world. All these facilities are available for sending money online from: USA, UK, Canada, Ireland, Guilf – Dubai, UAE, Qatar, Saudi Arabia, Australia, Germany, France, Singapore, China, Japan, etc.
· However, in case you decide to send the cash to your better half via check. You can knock at the door of SBI bank for the transaction. State Bank of India has recently opened a number of sister branches/tributaries in America, They have the upgraded mechanism to speed up the money transfer process.
· Moreover, they will charge few dollars for assisting the people to transfer money to India. You can activate a personal account in SBI branch in America. Then just deposit dollars into your account. The next step is that you will have to collect a check which is denominated in Indian currencies after the conversion of the dollars into the Indian rupees.
· The rule of the thumb is that you need to make a down payment of $10 for conversion of Rs.50,000. There is another option open to you as well. If your sweet heart has the bank account in SBI in India, you can utilize the chance by wiring money from the SBI branch which is located in your area in America.
Check Different Online Sites
In addition, net banking has overtaken all the transaction process as it is much more reliable and hassle free service. It will take several minutes to complete the transaction. You should check the online sites to gather information about the different procedures of sending the money to India via online banking system.
There are many sites like NriInvestIndia.com, remit2india, Xoom.com, etc which plays the major role in the money transferring process. In this particular case, just use a credit card. Money will reach India from abroad instantly or in some cases the bank wire transfer would take 5 business days if nothing happens wrong. However you need to know the one important issue of concern – Income Tax for money transfer from a foreign country to India:
– Income tax is very important factor in this case and you need to highlight this area. Frankly speaking, if you send the money from Los Angeles or New York to Bombay or Kolkata in India, you need not to pay any tax to Indian income tax department as dollars have already been deducted as a part of taxation at the time of sending money from America. If you send money to your sweet heart or your aged mom, your relative will be exempted from paying the taxes for the personal gifts.
Finally, before making any written commitment, just consult the financial advisors or experts how to handle the whole money transfer process to India. They will certainly help you out with their vital feedbacks and opinions regarding the different procedures of the money transfer to India in very systematic way.
One thing more you can do by searching the internet to gather information about the different steps and exact terms and conditions for the completion of whole money transfer process to India. For any questions about knowing how to send money to India online you should visit: www.NriInvestIndia.com