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NRI Money Transfer to India
Most of the non-residents pursuing their career overseas often have some financial responsibilities to take care back home. While many of them do use an NRE / NRO bank account to discharge such responsibilities, several others avoid keeping such accounts. This is because even after opening NRE / NRO bank accounts, they need to give a mandate to some reliable family member to operate such an account, or sign Cheque on behalf of them. Very often, there is also a possibility that the banker himself may debit the account, for not maintaining the minimum balance. At times, it may not offer the proper currency conversion rates at the time of inward remittance to India.
For such non-residents, who do not open any NRE / NRO accounts, there are better methods now available in popular destinations for Indians such as US, UK, Australia and UAE. These are places from where most scheduled commercial banks offer telegraphic transfer to India, or even direct remittance of draft in Indian currency. The advantage of getting registered with such banks is that the NRI does not get bound with the same banker for telegraphic transfers in future if he notices anytime that he has not got a fair currency conversion deal.
The remittances made through the wire transfers to India, or through delivery of demand draft, is a very safe mode. This is because after the registration to make such a transaction, the non-resident receives all details himself, in his own bank. Following the same, he authorizes his own bank to make such a transaction, and debit his account for the amount he wants to transfer to remit to his relatives staying back to India. The amount then gets debited through the automated clearing house (ACH), and the bank remitting the said funds to India, converts the same funds into Indian currency on the day they are dispatched. Such banks have their own branches overseas which are authorized to receive such funds in different countries. Some of them even have tie-ups with other banks.
Subsequently, the money gets transferred to the Indian branch of the person receiving such amount, or he gets the delivery of demand draft for the funds transferred. The status of the entire transfer also gets reflected. Besides, in case he makes such wire transfers three/ four times through the same bank with which he is registered, the details of all transfers made till date also get reflected. Usually, there are hardly any cases in which the currency conversion charges get deducted on two dates, and hence the NRI’s remain assured of the final amount that beneficiary would get in his home country.
It is only for the first time that the NRI’s bank details, etc, are checked. While it takes seven days to remit the money the first time, subsequently, since the bank through which such transfers are done remains same, it takes a shorter duration of four working days. However, for a non-resident still having immovable properties for which he may need to pay taxes/ maintenance, it is better to keep open a NRE/ NRO account.
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