2. Speed Of Disbursement

Time plays a major role over selecting the mode of money transfer. When you are in a hurry to transfer money, then the online options would prove to be a better bet. You can opt for Wire Transfer and the National Electronic Funds Transfer (NEFT) system for transferring money online. This typically takes 24-96 hours.  For instant transfer, choose the’ direct transfer to bank accounts'. This is operated through an arrangement with overseas correspondent banks or via the automated clearing house facility in countries such as the US.

Well, the offline transfer takes time for moving money. When a cheque is issued in a foreign currency, there can be a delay of 7-15 days before the holder can encash it as the bank needs to verify the deposit. Transfer of funds made through money orders can take from three to 30 days, while remittances made through debit/credit cards are quicker, taking 1-4 days. Keep in mind that most banks and financial institutions do not transfer money on public holidays.

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3. Coverage Offered

You won’t find all money transfer options available at every location.  All bank branches located in and around the city facilitate the offline transfer, while the online ones are mostly limited to urban areas. While remitting money from abroad, do not forget to check if the currency you want to transfer is covered by the bank; the US dollar, euro and pound sterling are generally remitted by all banks.

Also remember that not all banks allow you to transfer money through foreign currency cheques. A handy option for non-resident Indians is to use the Foreign Currency (Non-Resident) Account (Banks) Scheme. The currency in which the account is denominated covers all freely convertible foreign currencies like the Australian dollar, Bahrain dinar, deutsche mark, euros, HK dollar, Japanese yen, Kuwaiti dinar, pounds sterling and the US dollar.

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