Do check the online platforms used to transfer US dollars into Indian rupees bank account, Check the reasons to send US dollars, and find different ways for international online transfer…
When you try to get your US dollars converted into Indian rupees, the main point is to remember about having the exchange fees to be minimum, whereas per the records, it has been found that US residents from the USA do send 11.5 billion dollars to Indian accounts every year.
The most used platforms are traditional banks, PayPal accounts along with having other exchange business counters, and there are many easier ways to convert your US currency to Indian, such that your family or anyone can make use of this money without paying much in the exchange counters.
Reasons to Transfer Money from US Dollars to Indian Bank Account
The easier way to move your US dollars to Indian Bank account are for the below given reasons. Any other option than this will require much approvals and as well much higher slab of interest on conversation.
- Indian Citizens working in United States of America for a Job or Agency
- In case of helping friends and family if for all settled in US
- Business transaction that need your money to send for Indian manufacturing
- American Citizens, who have travelled to India and might require money
- The Charges for Transferring US Dollars to Indian Account
- There are some fixed charges and transaction cover that will be applied on you, when you try to move your US dollars to Indian Bank account by any means of payment method.
Transaction Fee: this is a fixed fee which will be levied by Banks and other conversation centres based on the amount that you’re transferring. It would be around 40 dollars in minimum for any transactions you make.
Percentage Fee: In this form, you will be Given an option to pay as much you’re transferring to the Indian Account. The amount of fee will be charged based on your total amount and if you have less amount then you will be getting obviously less transaction fee.
Exchange Rate Converter: The currency providers do offer better exchange rates which will not be much when you transfer the amount. This can be compared in terms of Indian rupees, where for 100 rupees received the transaction charge of rupees one will be charged.
How to Send US Dollars to Indian Account
There are multiple ways depending on the way you’re staying in the United States, and we have given the option that you can use to transfer your US dollars to Indian accounts by the best perfect way you can choose.
Paying IN and Funding: This is an option provided by the US citizens, where they can move the US dollars from their account directly to the Indian Account registered, and the amount will be converted through Bank Transfer, Direct Bank Payment, or by using any credit card options.
Money Collection: There are millions of Indians who stay in the United States and they don’t acquire a bank account, and thus there are some money collection points in the US that will transfer the amount to your asked bank account, where Xoom and Airtime are such collection centers that help Indians who don’t have a bank account in the US to transfer money directly.
Forex Transaction: This is an option that you can opt for higher value transactions, and the funds are in large amounts that can be transferred to an Indian account with the help of a Forex Broker, where the broker will look after the money movement and will provide multiple options for the receiver to get the sent amount, and this will be confirmed to you by the phone number or email service registered with Forex account.
There are many money transfer applications that are bound to work in the inter country account and any transfer to an external number will not be accepted, and the best way to transfer your US dollars to an Indian bank account is through Banks or exchange counters.
No, as the amount being sent from a US account to an Indian Account has gout the interest already applied by the sender, and thus there will be no extra interest levied by the Indian Government on money received if that does contain a valid transaction ID with the interest charges applied.
As per the norms, an individual can only transfer a minimum amount for his US account to an Indian Account, and the amount must be sent multiple times if it is in large numbers or else you need to visit the Bank branch in the US and pay the applicable charges to transfer any amount which as there is no limit if a valid proof of identity is supplied as a proof to bankers.