Want to remit money to India? Here are 4 popular alternatives

livemint.com:

of 2023, the latest World Bank data reveals. The cost of remitting money can be high, particularly via banks, the report further shows. Besides India, other top remittance recipient countries are Mexico ($67 billion), China ($50 billion), Philippines ($40 billion), and Egypt ($24 billion) Here, we explain an array of alternatives through which one can remit money to India from overseas: 1.

Through NRE account: Any NRI can open a Non-Resident External (NRE) account to deposit foreign currency that gets converted into Indian currency. Once it is converted into Indian currency at an Indian bank, it can then be transferred to a fellow Indian citizen in the local currency seamlessly. It is worth noting that the NRE account can be a savings account, current account, recurring account and fixed deposit account.

NRE accounts don't attract any tax, either on principal or interest. One can open an NRE account individually or jointly. 2.

Remit money through bank: If you have an overseas bank account, you can simply remit the money to a beneficiary via net banking without any hassle. Although convenient, this is quite an expensive way to send the money across the border. 3.

Western Union: One can transfer the money to India through online platforms such as Western Union. This is a convenient way to transfer money online. It works like this: Choose the option ‘India’, enter the amount to transfer, make the payment via debit/credit card and enter the recipient’s details.

The recipient can also collect the money physically at one of the Western Union outlets located worldwide. 4. Fintech apps: There are numerous fintech apps that enable cross border money transfer seamlessly.