HDFC is one of the leading private sector bank in India with over two decades of experience in providing banking services across India. HDFC bank provides NRI banking services by offering many options to send money to India from various parts of the world. One of the popular method of money transfer available with HDFC is Quick Remit. Money can also be sent via telegraphic transfer (wire transfer), travelers cheque, demand drafts and cheques to HDFC bank branches.
Let’s know various options to send money to India in detail:
Quick Remit
Quick Remit is a digital mode to send funds to India for NRIs who hold an account in Australia and Singapore. The process involved in this online mode of transfer is quite clear and simple.
Go to quick remit site and register by providing required details. You need to select the place of origin. Details like name, address, citizenship, contact details and income details are to be provided to make a registration. Provide your bank details, provide all the details of beneficiary and initiate the funds transfer transaction. Quick remit provides safe, transparent and convenient platform to transfer money to India.
Benefits and features of Quick Remit
- Superior exchange rate.
- A credit which can be directly done to your account in HDFC Bank or to beneficiary’s account on HDFC bank.
- A credit which can be directly into your or your beneficiary’s account with any other bank (with more than 90 banks managing more than 54200branches in India).
- It maintains records of all beneficiaries and their addresses.
- Doorstep delivery of Rupee Demand Draft at over 1650 locations across India.
- Transfers can be tracked through email or via online tracker.
- 24/7 customer support service.
- A personalised message can also be sent along with remittance.
- Donations to charitable trusts, NGOs and other organisationsin India are also permitted via Quick Remit.
- Maximum of EURO 30,000 can be sent atone go in one transaction. There is no fees for transfer. However, taxes are applicable on the amount of currency exchanged. Tax rate may vary as per the slab.
Quick remit is more flexible, convenient and speedy way of sending money to India, as it takes only two business days to credit amount in beneficiary’s account.
India Link
India link is the secure, easy and quick way to send money to India from the Middle East. Depending on the time taken by NEFT or RTGS to process the transfer, money can instantly get credited to your account in HDFC or any other bank in India. You just need to visit partner exchange houses and submit the relevant remittance details. Keeping in mind the transaction process and correspondent bank involved, money can be sent within 24-48 hours.
Telegraphic Transfer
Telegraphic transfer is more often known as a wire transfer of funds. You can transfer money from your bank overseas to your own HDFC bank account or to the beneficiary’s HDFC bank account. Transactions can be done from various locations worldwide. Transactions are routed through the correspondent banks of HDFC bank abroad. To send money to India from overseas via wire transfer, all you need to have is HDFC bank’s SWIFT code, HDFC bank’s Nostro account number and bank account details of the beneficiary. List of SWIFT code and Nostro account details are available on the bank’s website for reference. To avoid the delay, rejection and any inconvenience, it’s important to mention every detail very carefully. Remittance needs to have clear purpose or disposal instruction. If you are sending money to your own account in India, you can instruct bank to directly book FCNR (Foreign Currency Non-Resident) deposit for a particular period. You can also instruct the bank to convert and book a fixed deposit in your NRE/NRO account, or the amount converted to INR can be credited to savings account number mentioned. Telegraphic transfer may be subjected to charges from remitting bank, intermediary bank and beneficiary bank as well. Money transferred through telegraphic transfer may take 2 to 4 business days to reach beneficiary destination. Once the credit is sighted in HDFC bank’s Nostro account, credit can be given to beneficiary account.
Cheques/Traveler’s Cheques/Demand Drafts
You can send cheques and demand drafts from abroad to HDFC bank branches with a clear instruction stating the details of beneficiary account number and purpose of transfer. Cheques and demand drafts in various currencies like USD, GBP, AUD, EUR, CAD, SGD, HKD, NZD, SEK, CHF, NOK, ZAR and SAR can be sent. However, it’s a not a faster process of sending money to India when you compare it with other digital transfer options. Once the cheques and demand drafts reaches HDFC bank, it will be sent for further processing to realise the funds. It may take 16 to 21 working days to get the credit in beneficiary’s account.
Conclusion:
With the host of convenient and smart money transfer options, transferring money to India seems effortlessly easy. With the array of options available, choose one of your priority location to send money to India, conveniently.