Decide Whether to Use Banks and Debit Cards to Send Money Online to India, Or Regular Mail

If you need to send money home to India, there are myriad ways to do so. In fact, it can be difficult to choose just one way. Figuring out whether you should try to mail money on your own or use a bank or debit card to send money online India depends on how long your family can wait for it, and how much you want to spend.

You can send your family members a regular check in the mail, but it will take about 20 days for them to be able to cash it. The exchange rate on the day they cash it will determine how much they receive in Rupees. As of 2009, $1 USD equals 48.3649 Rs. You can also send them a cashier's check, which might be cashed faster than a personal check.

Many banks allow you to send money online to India, which is much faster than writing and sending a check. However, it is also more expensive. HSBC charges about $30 to send $100, or 4836.49 Rs to the Indian branch of HSBC. To send money to another bank entirely, it will cost $45.

Some banks provide services specifically for sending money to India. Wells Fargo allows customers to send up to $3000 per day to India if they have a Wells Fargo International remittance account. This service costs about $5 per transfer, no matter how much you send.

Citibank allows NRIs, or Non Resident Indians, to open a Rupee checking account. Any money you put into the account will be changed to Rupees, with the amount depending on the foreign exchange rate. You simply need to have a minimum balance of $1000 USD to open it, and both you and your family members can access it from anywhere in the world. You can even offer your family members a checkbook or debit cards for the account. You can send money to it from any other account so that you and your family always have access to Rupees.

The State Bank of India has locations in California, New York, Illinois, and Washington D.C. This bank will transfer money to any of its more than 13,000 branches in India, and any transfer over 50,000 Rupees is free. Wire transfers under that amount at this bank require a hold period until they receive your check, and they cost $10 to $30 each depending on the amount you send. Instant transfers are available immediately, and can be performed at any branch even if you do not have an account at the State Bank of India. If you are an NRI and want to open an account, you must send your application to an Indian branch.

If you do not want to deal with banks, you can still send money online to India. You can use an independent company to send your family a prepaid debit card, which you can fill with money either online or through the phone. The cost is about $5 to $8, depending on the company you choose. There is a fee of less than a dollar when your family members use the card at shops, and a few dollars if they want to withdraw cash from an ATM. Be sure that their city in India is large enough to have an ATM or stores that accept cards before you send them a prepaid debit card.

You have many choices when it comes to sending money to India. You can do so quickly at the bank, through the mail, or using a prepaid debit card. Just be sure to put some thought into what would be fastest and most convenient for your family before you choose a method.