When non-Indian residents (NRIs) move abroad to pursue higher education, they often choose to find a job and settle down there, leaving their parents back in India. With time, when people grow older and weak, they need assistance, especially financial support. Likewise, when a family has an only child living overseas, at some time, they expect or need assistance from their only child. Some old adults in India are still not comfortable using smartphones. Hence, they have to get their all work done offline. As a result, when their kids tend to send money online, it becomes difficult for them to have the accessibility to get the money using online modes.
As an NRI, you may be aware of sending money through banks and post offices. But did you know that you could still approach global payment service providers like MoneyGram and Western Union to send out money both online and offline to any address around the world?
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If you choose an offline mode, acknowledging your parents’ issues accessing online money transferring methods, ensure that you ask your bank to list its correspondent banks. It becomes essential if you are remitting money from a foreign country. Wherein the most feasible and safe offline modes are cheques and drafts offered by a bank. Here are some other options to make the money transfer smooth and know these processes.
Federal Bank ties up with the Arab National Bank of Saudi Arabia and Doha Bank of Qatar. In addition to it, several Private Exchange Houses in Gulf countries have introduced remittances to India, and numerous banks across India have signed up rupee drawing arrangements with them.
If your parents someday need to send money abroad online while seeking guidance from somebody aware of the entire process, they must know a few things.
When sending money abroad using an online mode, it becomes mandatory to acknowledge RBI rules and regulations. The Money Transfer Service Scheme (MTSS), for example, is limited inward personal remittances to India.
