Nowadays, more and more businesses are hiring employees remotely. This is due to a wide range of benefits that many companies enjoy in their overall business development, thanks to remote workers. But how can you pay your workers if you are in the U.S and decide to hire Indian freelancers or employees?
Well, sending money from US to India is easy and efficient, but there are so many options available that the best method to use can be a bit confusing. The different money-sending options have unique pros and cons to consider. Accordingly, it is important to carry a background research on every option before making a final decision. To help you, here are a few factors that you need to keep in mind when you want to send money from USA to India cheaply:
1. Speed: How fast do you want the money to reach India? If speed is a priority, you are likely to be charged more.
2. Exchange rate: Are you getting the best exchange rates or are you looking for convenience and speed?
3. Fees: sending money from one bank to another doesn’t always attract huge fees. On the contrary, you are likely to be charged more when sending money using a card.
4. Convenience: How do you want your experience to be from start to finish? Do you prefer doing your transaction online or going to a physical location like bank to complete your transfer process?
Common Money-transfer options
Here are some of the most common methods that you can use transfer money to India:
1. Money Transfer Companies: There are a number of online money transfer companies that you can use like Paypal, Western Union, and Moneygram among others.
2. Bank to Bank Transfer: Major banks provide wire transfer services in 20-30 foreign currencies. Bank transfers take about 5 business days and you may also be requested to provide the recipient’s banking details.
3. Bank Drafts: Also known as Cashier’s cheques, it involves drawing a bank draft in the recipient’s name and mailing it to them. It might take a bit longer for the money to reach your recipient—about 15 days—but it is often the best method to save transfer fees in non-emergency situations.
4. Email money transfers: Although the funds are not physically transferred via email, the transactions are initiated by email and your recipients are notified by email that they have received the money.
Whatever money transfer you choose, ensure that you’ve communicated with your contacts or employees in India to avoid any misunderstanding. Consult your employees about the payment methods that they prefer and don’t forget to carry research on the available methods and test out your decision before making a commitment.
Leave a Reply