Sending Money To India

Photo by ptra

For a foreign visitor in India unfamiliar with the system, money can be quite a challenging thing to carry in safety. Although India is quite welcoming a country for tourists coming from abroad, there are certain risks and pitfalls while dealing with some of the locals, which is where one needs to be safe with money and anything valuable. But there are ways to keep your money safe and secure, so, worry not, for this guide will take you through a few steps of carrying your money safely during your voyage to India.

1. Carry More Cash Than Card

Although carrying plastic money feels like the way to go, some handy cash will go a long way in ensuring safe passage. If you’re visiting some remote areas or using public transport even in the major cities of India, keeping some cash on hand makes your job a lot easier. Avoid carrying hefty amounts of cash, and since ATMs are available at almost every place in India, make use of them as needed. Be careful about using the right ATM, keep your liquid cash safe in your purse or backpack, and hold on tight to your belongings always.

2. Traveller Cheques Are Helpful

American Express offers the most useful kinds of traveller cheques, along with some others, and those are exceptionally easy to use in India. Although traveller cheques aren’t as popular anymore due to the availability of ATMs, they can be your emergency backup in case of a stolen credit card or lack of cash. Many places in India accept traveller cheques and the great part about them is that they can be replaced if lost or stolen, making it less of a hassle than a credit/debit card. It is always good to have a backup plan in the form of a traveller cheque.

3. Carry Documents in Case of Loss of Credit/Debit Card

Always keep your travel documents handy. In case of any emergency like the loss of a credit or debit card, traveller cheque, an ATM mishap etc. keeping documents with you will help in filing a complaint for the same. In case of any identity theft issue, this can come in a lot of use. It is also important to keep copies of your documents so that you don’t lose the original ones along with your money if that happens at any point.

4. Keep Small Change Handy

Travelling through public transport, tipping, shopping in small towns, eating at a street vendor etc. are just some of the things that require you to have change at your expense. It is always recommended to keep change quickly available to yourself so that navigating through places where large amounts of cash aren’t needed becomes easier. It also helps you in keeping track of the money you spend. At most places like hotels or public transport, tipping and purchasing tickets will require you to use Rs.10, 20, 30, 40 or 50, so keeping a few notes handy will go a long way in ensuring yourself ease of access.

5. Exchange Money Only at Authorized Centres

Tourists get scammed right and left if they aren’t mindful of the places they exchange their money at. The easiest way would be to exchange currency at the airport upon arrival, and later making use of the popular places of currency exchange and keep a check of unauthorized places that provide currency exchange. At an authorized location, you will get the exact rate of exchange instead of a made-up one which will rip you off. Keep both your national currency as well as Indian currency at hand so you can exchange it when needed. Some major places also accept US dollars and Euros in India.

6. Report Your Loss of Credit/Debit Card Immediately

Never waste a single moment when reporting your loss of credit/debit cards. Online portals for the same are easily available, and once you’ve reported your loss immediately, it can become easier to block the card or return it to you in time. Contact the card companies or banks instantly, and also file a report at the nearest police department in case your credit card company asks for an official police report. This way you can obtain cash or an emergency card from the company as soon as possible.

Travelling in India for the first time can be a bit confusing when it comes to money matters, but once you’ve got the gist of it, there won’t be anything to worry about. After all, the priority is to enjoy your time in the country.

Author Bio:

Rohit’s excursions across India have given him plenty of knowledge about the life of a tourist, and he shares his thoughts on transindiatravels.com to help out other enthusiastic visitors of India.

WesternUnion lets you to send money to bank accounts in India. You can send money using westernunion.com or from an westernunion location.

Send money directly to qualifying  bank accounts in India!

You can transfer to the following qualifying banks directly. Funds available during the next Indian banking day.

• ICICI Bank
• Punjab National Bank
• Bank of Baroda
• Union Bank of India
• Federal Bank
• Kotak Mahindra Bank
• YES Bank

Send money to a bank account

Here is the information you will need to send money to receiver’s bank account in India.

• Receiver first and last name
• Bank name
• IFSC code
• Account number
• Reason for remittance

for more information visit here

According to Reserver bank of India NRI (non-resident indian) can remit money up to 30 times to individuals in a calendar year.

[Source – RBI ups limit on number of remittances ]

According to the latest World Bank remittance report it has been concluded that the there has been an increase of 33% in remittance to India since 2004. The amount of remittance to India approximately was $24.6 billion in 2006.  India is financially strengthening and this has increased the interest of the foreign investors towards India. This has help in the Indian economy to withstand the severe recession period faced by the world. The probable reason of these figures was a result of the replacement of Foreign Exchange Control Act (FERA) with Foreign Exchange Management Act (FEMA) in 2000 by the Indian government.

FEMA was a more lenient act as compared to FERA and this increased the interest of the foreign investors. There are popular methods of remittance to India which provides a secure transfer, some of them are:

• Remittance Card: It works like a debit card and very fast. The person can get it made on the behalf of the recipient and the recipient can use it like a debit card for withdrawing money or shopping. It needs to be recharged regularly.

• Money Orders: The most traditional way of sending money to India to your family and loved ones. This method is in use since many decades; it’s a bit longer time then other ways but is secure and widely used. All you need to do is buy your currency from any local bank and send it through mail. also see how to Send money orders online in India.

• Wire Transfer: The fastest method of money remittance, just in 2-3 days money reaches your loved ones.  Unique banking and routing codes are used and money is transferred from one bank to another very safely.

• Foreign Currency Cheques: The easiest way of sending money, just a normal cheque get cleared, similarly a foreign currency cheque can be issued to anyone and can get cleared from any local bank.

• Foreign Currency Drafts: Foreign Currency Drafts work in the same way as the cheque works, the only time required is the clearance time and the time taken by the draft to the person in India.

• Direct Deposit: In this method any of the Indian banks can use the account of the payer for withdrawing money. This method is used when money has to be transferred regularly.

Guest Post by Idania silvia

Here is the list of things that NRIs should keep in mind while investing in real estate in India.

– NRIs have no restrictions on how many commercial or residential properties they can own in India. However, repatriation of sale proceeds can only be done for two units.

– NRIs can invest in real estate through normal banking channels, or by investing in funds in NRE, NRO and FCNR accounts

– NRIs can mortgage residential property in India with an Indian financial institution without any approval from the central bank

– NRIs can rent their residential property without prior approval of the RBI and rent can be credited to their NRO/NRE account.

[via – firstpost – NRIs, here’s how to invest in real estate in India ]