This is reliable, time effective and yet a safe way to transfer funds mitigating the risk. The State Bank of India charges $10 for all cheque transactions under Rs 50,000. Following are the specifics to be considered while sending money from USA:
1). Speed of deployment. If you are in haste to sendmoney to India from usa, then your only viable option is transferring it online through Net Banking (Wire Transfer) or via National Electronic Funds Transfer (NEFT). It may take up to 96 hours or the same can be done in a jiff as per the arrangements of the overseas banks.
2). Area Many offers are location specific, not all the offers are available at every location on map. Offline primitive ways are available in all the banks across the world but online offers are only limited to the urban areas to sendmoney to India from USA. The currency dollar is remitted by almost all the banks of USA, however there are banks that don’t allow you to transact money via foreign currency cheque. In that case, you (NRI) need to opt for foreign currency scheme, by this maximum number of currencies can be converted and the same account can be jointly operated by the relatives in India.
3) Cost to Remit The vital fact about sending money from USA is the cost of the service. Speed of transfer and the cost to transfer are related inversely, the rate for fund transfer done via DD/Cheques is just 2% of the transferred amount. Money transferred through SWIFT (an international wire transfer system)would cost you around 2-5% which is eventually costlier then the DD/Cheques whereas companies like western union money transfer charges almost 25% of the remitted amount.
4) Handiness One must also consider the convenience of both the person (transferor and receiver) while doing fund transfer. It’s not just speed and cost that matters, convenience of both the parties is also a matter of concern. If either of the party is not tech savvy and not comfortable in sending money from USAor receiving it in India then one must opt for a feasible offline mode. Moreover, there is a ceiling on the amount to be transferred, you cannot exceed the cap of Rs. 5 lakhs while transferring via NEFT however the limit while transferring fund via MTSS scheme is even lesser i.e. $2,200(Rs. 1.35 Lakhs).
Further, one must also check with the company/bank about the refund policy terms and conditions in-case the money is not received by the party in the time specified. Refer sending money from usa
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