There are ways to transfer money from India to the USA. People may get various options such as Wire Transfer or SWIFT, but the online remittance platform always remains the best and most convenient way to transfer funds and send money overseas.
As per the immigration data, a lot of Indian people travel to the U.S. for various purposes. Some travel for jobs, while some go for educational or other purposes. Money is the crucial thing, there may be specific requirements to transfer funds from one country to another, and it remains similar for transferring funds to the USA. Talking about the solutions, There are various ways to send money overseas from India and have different compliances or guidelines to send or receive the funds under the laws. There are quite a lot of options offered by banks and other platforms. Still, Remittance is a viable and most convenient channel offering ease of transferring money from India to the USA.
As per the data in FY 2018-19, India’s transferred money to the USA was $13.78 billion. The education sector and the travel industry are major contributors to remittance services to send money overseas.
How Easy the Laws and Compliances?
Transferring India’s money to the USA is allowed through a trusted legal framework laid down as per the international laws and regulations. The Reserve Bank of India enlists some of the specific provisions under which the transaction to send or receive money can be performed for daily expenses, education fees, travel/hotel bookings, medical reimbursements, business purchases, etc. There are no complications or issues if you are sending money for correct and legal purposes.
What are the Options available to Transfer Money from India to the USA?
As there is a vast demand for transferring funds from India to the USA, the government has allowed various methods and channels to perform transactions. Here are some ways which you can use to transfer the funds:
1) Wire Transfer: The banks allow you to transfer the funds to an account registered in the U.S. through the SWIFT network. The person needs to have SWIFT code and account details to send money to USA based account.
2) Demand Draft: You can raise the demand draft from any registered banks to send or receive the money. It requires some of the formalities to get the process done and hence takes time to send money.
3) Digital Remittance: This is the fastest way to send money overseas from India to the USA. It just requires a minimal KYC and account registration to send or receive the funds.
Online Remittance Service – Trusted Method to Transfer Money
The Online Remittance Service is a new age digital method to transfer funds online. It offers a convenient and secure way to send money from India to the USA. In terms of convenient features related to timeliness and minimal documentation required, this is the best way to send money internationally. It also offers competitive and best exchange rates to transfer funds.
How to Transfer Money from India to USA Using RemitOnTime
It’s quite simple and easy to transfer money through RemitOnTime. This is a very reliable and easy process to transfer funds internationally.
1) Register on RemitOnTime Portal: Registering yourself on the RemitOnTime portal will help you track and perform the transaction. You can conveniently send and receive the money using the dedicated remittance platform. It is an entirely safe and secure method to transfer funds.
2) Complete KYC & Add Beneficiary: It is mandatory as per laws to get the KYC done through any of your govt. Issued ID to transfer funds. Once it is done, you might add a beneficiary and perform the transaction to send money.
3) Get Best Exchange Rate: The RemitOnTime offers you an option to check the exchange rates before transferring the funds. You can check the live exchange rate for transferring funds to the USA. Once you are comfortable with the exchange rate, you can proceed with the transaction to send money overseas.
4) Track Your Transaction: Once you complete the transaction, you can track it using your dashboard to know whether the money is successfully transferred or not.
As the demands for sending money are growing day by day, the outward remittance platforms are coming out to be quite convenient and reliable methods to send money. As there are numerous platforms and ways available to transfer the funds, the remittance platform always remains the best option to send money on time. It is not only quite a safe and secure way to transfer funds but also offers the best exchange rates without any hidden fee. While the digital economy is fueling up internationally, sending money is becoming easier without the hassles to submit documents, fill out forms, etc.