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Saturday, January 31, 2009

Tips on Sending Money to India

By Chloe Banks

One of the frequently asked questions by Indians in the U.S. is "How do I send money to my family back in India?"

There are several ways to send money to India. The amount of time it takes, along with cost and level of security vary for each service.

On-line services such as ATM cash allow money to be transferred almost instantly.

These kinds of services are ideal when you need to get money to India as soon as possible.

If the recipient is a family member or someone trusted, an ATM or debit card linked to your checking or savings account is another way to send money to India quickly.

As long as you are comfortable with the recipient having access to your account at all times, they could have a card and PIN number so that they could have access to cash through an ATM machine.

For situations where you do not want the recipient to have unlimited access to the money, a pre-paid debit card is another way to go. It works just like an ATM card except that it is loaded with a specific amount of money. The cardholder will have no access to funds until you have refilled the pre-paid debit card. At this time you could notify the recipient via phone that money has been added to the card.

Another way to ensure easier transfers or withdrawals is by opening an account with a bank that has branches in both the U.S. and India.

The above steps are some of the ways that will help ensure that money arrives quickly when you need it and in the safest way possible.

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