The inward remittances refer to the case where the money is sent from the foreign countries by the migrant workers to their friends, families and relatives in India. For sending the inward remittances, the most popular ways are via bank channels, wire transfer, foreign currency cheques as well as rupees cheques. The foreign currency cheques are issued that can be used for collecting the money by depositing it in a branch of bank in India. The rupee cheques are issued in the Gulf countries for sending money back home. There are many migrant workers that are using the services of online money transfer as offered by banks. Nowadays, banks provide a shorter turnaround time within 24 hours for sending money to India. This proves to be a major benefit of wire transfer as compare to other methods.
In case, you are looking for a real time-transaction then you can use money transfer agencies that can complete the entire transaction in about five minutes. If you are going for collecting the money sent by the sender in cash, then you should carry a proof of identity and proof of residence. You may carry your passport, voter’s ID or driving licence as the proof of your identity and residence. A money transfer system generally provides a code to the sender that is required to be passed to the recipient prior to receiving the money.
The sender of the money needs to also pay for the administrative costs, transfer fees and agent commission. It basically depends on the amount of money being transferred, mode of transfer and country of transfer. The money transfer systems have a limit to the amount that can be sent per transaction and only a fixed number of transactions allowed in a year. The limitations are also set by the country of origin of transfer.