The process of sending a foreign currency cheque is a little more complex. First, the initial wire form must be filled up, with the relevant account details. Next, you must
fill up the accounts payable form, which will then be correlated with the treasury operations. Cheques can take 7-15 days, before the money is actually credited to the
receivers account.
A relatively new feature of NRI banking is remittance. In this method, exchange houses are used to transfer money to your account in India. The process is much simpler
when compared to a foreign currency cheques and the funds are transferred within a couple of hours. However, this option may not be available in all countries.
While transferring money overseas, it is important that you choose a reliable bank. You should be aware of the procedure that has to be followed, in case the money is
not received in time. Research the various international banks around you and find out the services they offer, as well as the rates of each service. Quick transfer of funds
generally costs a significantly larger amount of money. Thus, based on your needs and requirements, you can make the final decision. You must also keep in mind, the
convenience of the receiver. If he is not comfortable using a computer or the internet, an offline transfer will be appropriate.
If you keep all these options in mind and consult the banks about the finer details, you should have no problem sending your funds back home.
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