Guide to Making an International Wire Transfer to India

Wire transfer is one of the easiest and fastest modes of remitting money from one country to another. No matter where you reside, you can get money transferred to your friends and family in India through this method.
Even businesses prefer this mode of remittance for moving funds around the country or the world. It is either used for sending funds instantly for a purchase and other business needs or for making or receiving international payments.

Benefits of Wire Transfer Method
• If you choose to do wire transfer to India, money can reach safely and quickly as compared to mailing a cheque that takes days or sometimes weeks to get delivered. Funds transferred through this mode are considered collected funds. The money becomes available as soon as a wire is credited to the beneficiary account. Domestic wire transfers arrive the same business day
• This mode of remittance is safe because the identification of both parties (sender and receiver) is confirmed prior to money transfer. Compared to sending a cheque that can be stolen, lost or misused for producing additional fake cheques, wire transfers are secure
• Through this method, one can send money to locations that might be inaccessible by other remittance modes. At times, some countries don’t have a reliable postal system that can deliver cheques safely. Since many super markets, convenience stores, shop or restaurants can also handle wire transfers, it is not necessary for the receiver to go to the bank to receive money

Usually, this process is done from one bank to another. However, it can also be done by depositing cash at a designated office. Once the deposit is done, cash is converted into transferrable fund and then sent to the receiver.

International Wire Transfer through Banks

In order to do an online wire transfer, one needs to have online banking services set up through their bank. Online transfers can be done from the comfort of your home or office, without having to stand in a queue at a bank. Almost every reputed bank has a vast network of correspondent banks through which it becomes easy to credit money to any bank account in India.
The sender just needs to issue transfer instructions to his or her local bank and the money will get credited to the beneficiary’s account. Details such as SWIFT code, currency of transfer, name of correspondent bank and the international bank account number are required. The correspondent bank receives a message from the bank sending the money for fund transfer. The message also includes settlement instructions.

Wire Transfer through Online Remittance Agencies

Online money transfer agencies have a wide network of agents through which funds can be transferred from one country to another. You can also do it online by registering with the agency, logging in to your account and initiating a wire transfer. Once you have selected the recipient and entered the amount you wish to transfer, you just need to confirm the transaction.
When sending money through the service provider’s agent, you will have to provide details such as receiver’s location and your identification details. The cash needs to be paid to the agent after filling the form. Money can be collected by the receiver in his location from any of the service provider’s agents. The receiver also needs to fill a form with necessary details and show the identification card to receive money. This method is effective if the recipient doesn’t have a bank account. Wire transfer is not used directly by the sender and receiver. Payment service providers make use of wire transfer to send and receive funds.