Helping out relatives in India is certainly admirable, and is often unavoidable. If you like the simplest, most inexpensive approaches to send money to India, you will look to a couple banks which have specialized programs. In fact, some banks have programs that solely help people send money to India, with no other countries involved. Benefiting from these kinds of bank programs is only possible once you understand the facts, though other banks might help, as well.
1). Citibank is known for its program called Citi Online Remit. It lets Non Resident Indians, commonly called NRIs, to send money to India utilizing their checking or savings account. Currently, it is only available to Indians who reside in the United States and need a method to remit money home. It sets itself apart with the clear presence of the web tracking system and Online Identity Verification. Users can simply send money from their account with their family member's account in India.
Send Rakhi in India
2). Another program made available from Citibank is the rupee checking account. If you decide on this type, as opposed to transfer money from one account to some other, you can simply appoint one family member in India to get in touch to the account. You can deposit U.S. dollars to the account, and they can then withdraw rupees in India. You will each also get a checkbook, and you are able to issue demand drafts to family unit members and friends for free. Make sure you keep in mind the exchange rate when depositing cash to be withdrawn as rupees. Currently, one U.S. dollar equals 47.9635 rupees, though this rate changes often.
3). Wells Fargo lets customers to send as much as $3000 every day to India, but a Wells Fargo International remittance checking account is required. It costs $5 per transfer, and you are able to send any amount of money with this price. This bank also enables you to send cash to be acquired by relatives in India with no account, and this service costs $7.
4). You can send money to India using other banks, as well. Banks without specialized programs simply usually cost more to use. One of these may be the State Bank of India, which is located in California and New York, along side added states. You can find tens and thousands of locations in India. You can transfer money to any branch of the financial institution in India. Customers who transfer at least 50,000 rupees are not charged any fees. This bank also offers wire transfers, but there's typically a store period while your check clears, so they are not instant. Wire transfers cost $15 to $25 each, and the precise price depends how much you send. ICICI Bank also offers such services.