The evolution of the banking sector and the adoption of advanced technology in the industry has brought in a sea of change. Today, people prefer electronic banking rather than visiting a branch. Avoiding queues, getting work done faster, and avoiding service - are just a few of the most obvious advantages of banking online. The online services are available for Indian citizens as well as NRIs. People use online services mainly to send money abroad from Gurgaon and other such transactions.

When sending money, customers of any bank have three options to pick from - National Electronic Funds Transfer (NEFT transfer), Real-Time Gross Settlement (RTGS transfer), and Immediate Payment Service (IMPS transfer). Each of these has different properties and different uses. Depending on the situation on hand, one of these services takes precedence over the others. NRIs looking to send money will find this guide helpful in determining which method is useful for them.

How to send money abroad: NEFT

The National Electronic Funds Transfer (NEFT) service is available for customers all over India. It is one of the best and most preferred ways to send money abroad. It allows for a fairly quick transfer of funds from one bank account to another. The accounts may be of the same bank or may be of a different bank, as NEFT applies to all banks in India. The service can be availed by individuals, companies and corporate bodies alike, provided that the source and destination accounts are categorized under NEFT services. 

Here are some of the features of NEFT:

• The money transferred through NEFT usually gets credited within half an hour.

• While there is no transfer limit in the case of NEFT transactions, banks tend to impose limits. So it is necessary to have that knowledge before going forward with the transaction. As for the minimum limit, there is none.

• Banks do not charge customers for transferring money using NEFT.

• The NEFT services can be accessed all round the clock, every day of the year.

How to send money abroad online: RTGS

The Real-Time Gross Settlement (RTGS) is an RBI-operated fund transfer system. RTGS is processed on a basis of order-by-order, which is why it is called gross settlement. The transaction takes place immediately after initiation, which is why it is called real-time. Here are some of the features of RTGS:

• The money transferred through RTGS gets credited in real-time.

• There is no limit while you are sending money through RTGS. However, the minimum amount through this method is INR 200000.

• Banks do not charge customers for transferring money using RTGS.

• The RTGS services can be accessed from 0700 Hrs IST to 1700 Hrs IST on all bank working days.

How to send money abroad from Gurgaon: IMPS

The Immediate Payment Service (IMPS) offers an instant bank-to-bank remittance facility across the entire country. It is a retail banking service via online banking, mobile banking, SMS, ATM, or at the bank’s branch. IMPS was inaugurated in 2010 and has nearly 240 registered participants across India. Here are some of the IMPS:

• The money transferred through IMPS gets credited in real-time.

• The maximum transfer amount through IMPS is INR 200000. There is no minimum amount for this method.

• Customers need to pay a certain amount for using IMPS. The amount of fees charged is at the discretion of the banks.

• You can access the IMPS services all round the clock, every day of the year.

How NRIs can use NEFT, RTGS, and IMPS:

NRIs carrying out individual transactions are mostly for supporting families, investing, savings, or sending money during emergencies. You can use these three online services to their full potential as below:

• NEFT: For fund transfers towards education fees, purchasing white goods, holidays, or other personal reasons.

• RTGS: For fund transfers towards reasons that require large amounts of money. This can include things like family ceremonies (weddings, functions, etc.) buying something expensive like a house, an apartment, or a vehicle.

• IMPS: This is for sudden events, which require immediate financial assistance. 

These are the best ways to send money abroad from Gurgaon. If you are searching for the safest way to send money abroad from India, then these three are the best ways. Most people going abroad choose NEFT as it is fast and best for sending a small amount of money. On the other hand, IMPS is best chosen for sending emergency funds for financial or medical purposes abroad. Choose according to your need.

Also read -  What To Do When Your Account Gets Blocked While Sending Money Abroad