The only drawback of this system is that it is a bit lengthy process and it may take up to 21 working days for money transfers.
Here are 5 cheap and best ways to send money to India.
Wire Transfer: this is the best method to send money to India. You can make use of this facility from any country. The only thing you have to be concerned about this method is that the beneficiary must have bank account. This system works electronically and the duration for completion of this process is two to five working days. The most important reason to use this system is that you can transfer large amount of funds without any problems. The system does not hold any upper limit for funds transfer.
Foreign currency DD: Next in row are demand drafts. The fee involved in transferring money this way is very low. Other than this, the form is self-explanatory and hence you can easily fill it out and put it for processing. Yet, the system is highly reliable and this is why, you can look forward to it when the time does not matter much or you can plan transfer a little ahead of time.
Cheques: This is another way of sending money. Of course it is one of the oldest ways of sending money. The cost involved is very less in this method and that is why, it is classified as the cheapest method for money transfers. The only thing that may bother you is that exchange rate is set on the day that this cheque is finally cleared. It may cause a little up or down in the amount you sent. Another drawback is lengthy process that may take 2 weeks or more for money transfer.
Money Order: money orders are another oldest form of sending money. You can make use of Post Office or systems like Western Union etc. for initiating funds transfer via money order.
Remit2India: quick, reliable but not so cheap, this system would allow you to send money by various means, including all listed above. Additionally, you can send money to India in any way such that beneficiary can get it in form of direct transfer to account, DD or cheque etc.