Nri-friendly Wire Transfer

By Author: Vijay K Shetty
Total Articles: 2542
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Non-resident Indians (NRIs) share a deep-rooted connection with their mother country. They have significant members of their family residing in India. Often jobs and other avenues take Indians far from their mother country. Previously, banks were not equipped enough to handle the financial hassles faced by most NRIs. However, more recently, banks have evolved their offerings in order to encompass services such as money transfer more NRI-friendly.

NRI’s can use the bank’s wire transfer facilities to make secure international wire transfers from their bank account. They can even move money from their current bank account to a Kotak Mahindra Bank account in India with ease.

So what do NRIs have to do in order to transfer money to their relatives in India? They must have a clear identification of the beneficiary’s account number within the bank brand that they would like to send money to. They must also specify the identification for name and address in the remittance message to the overseas banker. The purpose of the remittance should also be stated clearly with instructions for the bank to invest the money. ...
... In order to book an FCNR term deposit, you must mention it clearly including the currency of deposit. One must also ensure mention of complete details in the message by the local remitting bank.

One must ensure that they have very specifically given out all these information. Modern techniques of banking have ensured that wire transfers are no more a worrisome process for the NRIs. Instead the NRIs can now easily give wire transfer money without any hassles.

Vijay K Shetty.
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