23 Dec 2022
India is a developing country. Despite its growing economy, poverty remains a major issue. However, poverty in India is decreasing. Many people try to move to foreign countries to give their families a better lifestyle. So, they must send money to India to fulfil all their family needs.
When an overseas worker wishes to send money home, several factors must be considered to protect the hard-earned money and ensure the safe and smooth delivery of funds to the recipients. Most people have turned to digital mediums for money transfers, while several others still rely on conventional methods such as banks. Let’s look at the top 5 banks for transferring funds in India from overseas to help you choose the correct one.
Not all banks are the best for every customer, as the priorities always vary for different people. The following guide below the list of top 5 banks will inform you about the critical factors that can help you choose the best option. Some of the best banks for your money transfers to India are given below:
Headquartered in Mumbai, HDFC bank is the largest bank in India and the 10th largest in the world. It is a quick, easy, and secure way to transfer money to India from anywhere in the world. It allows you to send money to loved ones in India in just a few clicks.
AxisBank is a safe, secure, and convenient bank for people worldwide to send money to India. With AxisBank bank, you can send money to loved ones in India in seconds. You only need an internet connection and a valid email address.
Kotak Remit is a leading online money transfer service provider in India. They provide a secure and convenient method of sending and receiving money internationally.
Kotak Remit offers competitive exchange rates and low transfer fees, making it a cost-effective and convenient way to send money abroad. You can send money with the help of ACE Money Transfer to your desired account and get quick services with Kotak Mahindra Bank.
The Bank of Baroda's services is designed to make sending money back home simple and convenient for customers. The service provides several features and benefits that make it an appealing option for those looking for a cost-effective and dependable method of sending money.
The low fees charged by the Bank of Baroda are one of its main advantages. The service is also very quick and efficient, with money usually arriving within 24 hours. You can send money to India online in any account of Bank of Baroda from overseas.
Citibank has long been a popular bank for travellers and is relatively easy to find in India. However, Citibank's convenience is accompanied by significantly higher fees than other banks. This also applies to international transactions if you're travelling.
Citibank India is in the process of closing its retail customer division in the country. Bank accounts and credit cards are likely to continue functioning, but they may be transferred to another local bank in India. However, you can still use your cards as intended if you have a Citibank account from another country.
According to an International Monetary Fund paper, extreme poverty, defined by the World Bank as living on US$1.9 or less in purchasing power parity (PPP) terms, reached 0.8% in India in 2019, and it was expected to remain at that level in 2020 despite the unprecedented COVID-19 outbreak. Extreme poverty decreased by 12.3% between 2011 and 2019, from 22.5% in 2011 to 10.2% in 2019. According to a bank working paper, rural poverty has decreased from 26.3% in 2011 to 11.6% in 2019. Simultaneously, the decline in urban areas was 14.2% to 6.3%. Rural and urban poverty levels fell by 14.7 and 7.9 percentage points, respectively.
Some factors to consider before sending money to any bank in India are given below:
The exchange rate is simply the cost of exchanging one currency for another. The value fluctuates daily, depending on the country's economic conditions.
A bank exchange rate is the cost of exchanging one currency for another. For example, suppose one dollar equals Rs. 62 on a given day, and you want to transfer $100 to India. In that case, you may not receive Rs.6200 because banks may add transaction fees, service tax, and so on, and you will receive an amount less than Rs. 6200, depending on the bank through which you are transferring money.
Different Indian banks will charge different exchange rates and other fees. As a result, one must select the bank that provides the best value with the fewest fees. If you make an online money transfer to India via ACE Money Transfer, you get the highest exchange rates with the lowest transfer costs in the market.
Another important factor a bank must have is how quickly it sends money and how fast you need it to arrive. Some banks give swift service. It just depends on the bank you choose.
Some banks charge extra fees for different reasons. Sending money with a card may incur additional costs, but some banks charge more because people do not usually inquire about the prices and pay them. They don't even know how much extra fees they are paying.
How simple was the experience from start to finish? Going to the bank, opening an account, and waiting for approvals are all major inconveniences to consider.
So, considering these things is a must as well. If a bank is giving you a hard time from the start, you should avoid using that specific bank for national and international money transfers to India.
ACE Money Transfer is the best service because of its free and cashless digital banking services. They provide fast services and are sound and secure in their transactions, making it safe for you to use and trust. ACE Money Transfer has been working for years to make itself perfect for its users and continues to do so.
Some factors need to be considered before you make a money transfer to India from abroad. As mentioned earlier, the top five banks of India not only provide you with good exchange rates but are swift and convenient in their services, making them user-friendly and the best. Ensuring the critical factors guided above can help you decide on the best option for you to transfer funds back home from abroad.