Money transfers have been made very easy after the introduction of online means in India. The idea of going to a bank for small or big transfers is frustrating. You have to wait in long queues and wait for your turn, plus if you have some business that requires regular transactions, say daily, you will be finding most of your time wasted commuting and then waiting in a bank.
Fortunately, there are other ways to cut short the time and energy wasted otherwise. We can always thank ICICI bank for offering the online money transfer to India. Now, let’s be more precise about this method. It is basically the wire transfer, internet based, to India. However, you can not compare it to the normal method as it is far useful and that is why it it known as power transfer.
The transaction is undertaken and completed within 48-96 hours. Plus there are no restrictions about upper limit. Not only this but the remittance option in currencies, free DD issued that is payable anywhere in India around 1760 locations and free transfer on amount above $1000 are a few other facilities. To add to it, you can also get the money transferred in 30 other banks free, if the amount crosses $1000. If the amount is less than this, there is just a very nominal charge for money transfer.
You can use another option too and that is remit2india.com. Use the swift money transfer option from any local bank to India. Fill the form and submit it to bank and the money you wish to transfer will be sent into remit2india.com account and then deposited to any of the bank account of the receiver in over 54 banks. This includes SBI’s 1800 branches.
The option of DD exists too that can be used if the receiver has no bank account. Finally, the upper limit for transfer is $7500. Other alternatives are Wells fargo, Citibank, Bank, HDFC and Xoom.