Opting Online — Offline Method of Transferring Money to India
There are several methods of sending money from one country to another. Besides the bank wire transfer and online money transfer service, have you heard of the offline-online method?
There are some banks or money transfer service providers that receive the sender’s remittance from overseas and send a physical draft to the recipient in India. This combines an offline as well as online method of transferring money to India.
Service providers give the option to remit money online or through physical cash/cheque from overseas. They also provide the option for the recipient to receive the cash or cheque in India. Some service providers make the collection online and deliver the draft to the recipient or beneficiary’s doorstep.
One can even use their credit card for making a payment and the cash will be available to the beneficiary at the pickup location within minutes. This has made remittance an easy and hassle-free experience for senders as well as receivers.
Majority of reputed money transfer service providers have a strong network across the country from where the beneficiary can collect the money. It takes not more than 1 or 3 business working days for the money to reach the beneficiary. Senders can also visit the service provider’s overseas branch in person and hand over the cash. Once the cash is received by the service provider, the same amount will be delivered to the recipient in India within minutes or a few hours.
At times, some service providers even send a draft to the beneficiary by courier. This takes up to seven days for the money to reach. Also, a certain amount is deducted for the service.
When sending money to India from Singapore, make sure you compare Singapore India exchange rate before initiating at transfer.