How to send money to India? www.deekpay.com

India is still a long way from achieving the economic freedom enjoyed by many Western countries, but the world's most populous nation is increasing its gross domestic product and reducing extreme poverty. The World Bank says India "is one of the fastest-growing economies in the world and hopes to reach upper middle-income levels by 2047, the centenary of India's independence."

It is understandable, therefore, that many international businesses are looking to India for financial opportunities to rapidly expand their international operations. In this article, we will explain how to make a presentation toRemittances from India, including best methods, costs, and key factors to consider.

Indian Payment Network

dependablepayment networkCritical to the world economy, enabling global businesses to send and receive money quickly. For international payments, India has two important payment networks:

SWIFT UPI

Here are the details of these two payment networks:

SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) network is the primary payment system used for sending money to India, and SWIFT offers ultra-reliable security, processing payments within one to five business days. The network also connects India to more than 190 other SWIFT countries, opening the country to international trade.

Recommended Reading:Instructions for SWIFT money transfer in India

UPI

UPI, which isUnified Payment Interface of India, is India's highly popular instant payment system. the UPI peer-to-peer network was launched in 2016 and allows users with mobile phones to instantly transfer money between banks. The system is the world's most popular instant payment network, with more than 300 million active users per month.UPI also facilitates international transactions by scanning foreign QR codes at specific businesses.

Read more: What is UPI?

What are the reliable payment options in India?

So whatIndia PaymentsWays to cover these networks? The following options are often used by international businesses to send money to India:

International payment specialists (TorFX, OFX, etc.). Mobile payment services (PayPal, Paytm, Freecharge, etc.). Bank transfers (State Bank of India(HDFC Bank, ICICI Bank and Bank of Baroda). Online multi-currency accounts.

Here are more details about these payment options.

International Payments Specialist

While many people think of international payment specialists as a convenient way to send money to India, the truth is that these services have a long history of inefficiency.Providers such as TorFX and OFX often charge additional high fees, some of which are hidden, and transaction restrictions that make the payments even more expensive. If you're looking at ways to send money to India over the long term, these international payment specialists may not be ideal.

Mobile Payment Services

India's fascination with technology is reflected in its booming fintech sector, especially in mobile payments.Paytm and services like Freecharge offer Indians super-fast domestic and international money transfers, as well as a variety of other products.PayPal is another widely used cross-border payment service. While these services are convenient, they are not the safest for international businesses due to low security and reliability.

bank transfer

There are dozens of banking institutions in India, the four most famous being:

SBI HDFC Bank ICICI Bank Bank of Baroda

All these institutions offer traditional banking services to Indians. However, when it comes to international transfers, most of the traditional banks are not able to cater to the needs of modern online business. This is due to high fees, unnecessary form filling and lack of proper customer support.

Recommended Reading:State Bank of India SBI

Online Multi-Currency Account

An online multi-currency account is one of the best options for modern businesses looking to send money to India.

Fees and exchange rates for remittances to India

Many providers are happy to charge exorbitant fees for cross-border money transfers to India. These major fees are listed below:

Outward remittance transfer fees

Traditional bank transfers to India may incur a standard outward remittance fee of £20 to £30. For SEPA/local transactions, the fees range from USD 5 - USD 0.5. For SWIFT outgoing transfers, the fees range from USD 20 - USD 1. For Enterprise and Enterprise Plus accounts, fees for SWIFT inward transfers range from $10 to free.

Inward transfer fees

Many providers will charge businesses a fee to receive funds from India, usually around £7.50.

recording fee

Traditional banks may charge an entry fee for transfers.

Exchange rate mark-ups

International payment specialists are particularly prone to implementing exchange rate mark-ups.

Key factors to consider when sending money to India

transfer fee

High transfer fees are not uncommon when it comes to international money transfers. Hidden fees can quickly add up, especially if the user makes consistent payments.

Transfer speed

If speed of transfer is your top priority, make sure you are aware of the longer processing times and length of the application process. Traditional banks in particular have excessive problems with form filling and administration. Our international transfers are very simple and SWIFT payments take between one and five working days to arrive.

Tax implications

Like most countries, India has its own tax laws for each industry. To ensure that your business does not receive an unwanted tax bill at the end of the financial year, make sure you research the taxes that your business must pay.

Trading restrictions

Transaction restrictions can make remittances to India more expensive if users send large amounts of money.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.