Know the information required to transfer money to India

So you understand the basics of remittance and how it helps to transfer money to India.  Though the money transfer process looks like a complex one, it is actually not that complex due to the fast paced innovations. Several money transfer startups from silicon valley and other fintech startups are simplifying the process by building great web apps and mobile apps to easily transfer money. Now let’s know the information  required to transfer money to India for your first remittance transaction from USA to India.

Sender’s information

As a sender  in USA to initiate money transfers to India you need the following details

1. Your social security Number
2. Your contact information – address, phone number and email address
3. Your USA bank account details – account number and routing number for ACH and Wire Transfers
4. Your Credit Card/Debit Card details for card payments (try to avoid card payments, too much fees)
5. Cash/Cheque if you planning to transfer money offline through stores

Receiver’s information

You must know the receiver in India and here are the details you need to know about the receiver

1. Receiver’s contact information – address, phone and email address
2. Receiver’s Indian bank account details for direct deposits – account number, IFSC code, bank name, branch name for bank account transfers
3. For cash pick ups, nearest cash pickup location as well as one valid receiver’s ID proof like passport, drivers license or Aadhar card.
4. For cheques/demand drafts, shipping address and contact details.

The simplest and easiest way to transfer money to India is to use an online remittance service than to walk into a store near by. So please avoid going to a store near by unless it’s not feasible for your to transfer money online.  Also while using an online remittance service provider opt for ACH transfer to fund your transaction as well as direct money deposits to receiver’s account as they are cost and time effective options.