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Types of remittances in India! Find out here!

You may frequently need to send a portion of your earnings to your loved ones back home when you live abroad for work or education to ensure their financial support. You can use it for business purposes to make payments and investments. You inquire at your bank about the procedure for transferring funds and discover that it is known as foreign exchange remittance. In this post, we will learn about remittances and their various types, payment options, and other aspects.

What is a remittance?

Remittance is a process of transferring money from one person to another with the help of various channels. Remittances are often known as the international transfer of funds. The process lets you lend financial support to your family back home if you're living overseas.

Remittance can be done through wire transfer, mail, cheque, or credible online services such as Prune. And it is handy to make any payment, such as personal transfers to your loved ones or making payments for corporate purposes.

What are the types of remittances?

There are mainly two types of remittance you should know about - outward and inward remittance.

Inward remittance

The money you receive from another person, whether from India or abroad, is known as inward remittance. Therefore, if you send money to another person as an NRI residing in Germany, this transfer of funds is known as an inward remittance.

Outward remittance

An outward remittance transfers money from one person to another country. For example, the transfer of funds turns into outward remittance for the family when they send money to their loved ones living abroad for work or studies, who lives abroad.

What are the ways of sending money?

Banks

The process to transfer money from one account to another can be done through a bank transfer. And it can be done within India or globally with ease. When a deposit is placed in a bank account abroad, the transaction is referred to as a local bank transfer.

Wire transfer

One of the widely used remittance options is a wire transfer. However, the process can take about a week or less to send money internationally. Many countries charge a high fee to facilitate the process between the sender and receiver of funds, making wire transfers highly expensive.

Online services

Websites and apps such as Prune are one of the best ways to transfer money abroad. It is an online platform that has gained trust for making the remittance process secure and hassle-free over the years. You can transfer money instantly with just a few taps on your phone.

So to start sending money overseas, you need to understand what remittance means. You need to consider crucial elements, including currency exchange rates, time taken for process, and prices. By doing this, you can select an appropriate method that will enable your loved ones to receive the money more quickly.

Prune is your one-stop destination to meet your remittance needs. We offer the best exchange rates in the market, and the process is affordable. To learn more, download the Prune App from the Google Play Store or visit the Website now! 

If you want to send money abroad visit: https://prune.co.in/remittance-from-prune