The United States is home to a large and vibrant community of Indian immigrants. As of 2021, approximately 2.7 million Indian immigrants were residing in the US, according to the Migration Policy Institute.
The holiday season, with festivals like Christmas and Diwali, is a crucial time for these NRIs to connect with their families back in India, often accompanied by the financial responsibility of sending money home.
Sending cash through mail seems straightforward, but it comes with risks. Imagine your loved ones eagerly waiting for your gift and finding it lost somewhere along the way. So, is there a safe and reliable way to send money to India?
In this blog, we will explore some of the best and quickest ways to send money to India from the US to India during the holidays.
What are the Different Bank Holidays in the US in 2024?
The United States observes several bank holidays throughout the year. Here's the 2024 schedule of bank holidays:
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Holiday
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Date
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New Year’s Day
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Monday, January 1
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Martin Luther King Jr. Day
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Monday, January 15
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Presidents' Day
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Monday, February 19
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Memorial Day
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Monday, May, 27
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Juneteenth
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Wednesday, June 19
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Independence Day
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Thursday, July 4
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Labour Day
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Monday, September 2
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Veterans Day
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Monday, November 11
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Thanksgiving Day
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Thursday, November 28
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Christmas
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Wednesday, December 25
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How Much Time Does It Take to Send Money Internationally During Holidays from the US to India?
Sending money internationally during holidays can be tough due to the various processes and banking schedules involved. If you initiate a transfer during the weekend or a bank holiday, it will not be processed until the next working day.
Banks and clearing systems, like the Automated Clearing House (ACH), do not operate during these days.
What are the Challenges of Sending Money Internationally During the Holiday Season?
- Volatile Exchange Rates: The holiday season can cause fluctuations in foreign exchange rates, potentially increasing costs or reducing the amount received.
- Higher Transaction Volumes: Increased transfers during the holidays can lead to processing delays due to higher volumes handled by financial institutions.
- Increased Fees: Some services charge higher fees during the holiday season due to increased demand, affecting the cost of sending money abroad.
- Fraud and Security Risks: Fraudulent activities rise during the holiday season.
- Bank Holidays: Public holidays around the festive season can delay transactions as banks and financial institutions in different countries may be closed.
Do Wire Transfers Work on Weekends in the US?
Bank wires typically can't be processed on weekends because banks operate Monday through Friday. Transfers initiated on weekends or holidays are processed the following business day. Moreover, several factors can impact wire transfers on weekends:
- Bank Hours: Many banks are closed on weekends, so wire transfers may not be processed until the next business day. Some banks, however, may have extended hours or be open on weekends.
- Cut-Off Times: Every bank has a cut-off time for same-day wire transfers. Transfers initiated after this time on Friday will likely be processed on Monday.
- International Transfers: International transfers may take longer due to time zone differences, causing further delays if initiated during a weekend.
What are the Best Ways to Send Money during Weekends from the US to India?
- Online Banking and Mobile Apps: Some banks allow transfers to be set up online or via apps, though processing will occur on the next business day.
- Money Transfer Platforms: Some services like Vance operate 24/7, enabling transactions anytime, including weekends and holidays.
- Digital Wallets: Digital wallets like G-pay allow money transfers from the US to India. They are convenient and cost-effective alternatives to traditional international money transfers.
- Credit Card Payments: Payment processors process credit card payments continuously, allowing transactions to be authorised anytime.
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In Conclusion
Sending money home during the holiday season can be challenging because bank holidays increase transaction volumes.
Traditional bank transfers may have delays during holidays and weekends, but digital wallets and money transfer platforms can be an alternative to sending money internationally.
FAQs
Q1. What are the best methods to send money home during the holidays?
Digital wallets (G-pay), money transfer platforms (Vance), and online banking services are some of the best ways to send money during holidays.
Q2. How can I ensure the money arrives quickly and safely?
To ensure your money arrives quickly and safely, use reputed money transfer platforms, ensure bank details are correct and be aware of bank holidays.
Q3. Are there specific services that offer lower fees for holiday money transfers?
Yes, services like Vance offer lower fees and better exchange rates than traditional banks, even for holiday money transfers.
Q4. How do exchange rates impact the amount of money received?
Exchange rates determine how much of one currency you receive in exchange for another. A higher exchange rate means more money for the recipient, while a lower rate means less.
Q5. What information do I need to provide to send money internationally?
To send money internationally using a wire transfer, you need the recipient’s full name, bank details like bank name and account number, and payment details. You will also need a SWIFT/ BIC Code and IBAN to ensure transfer reaches the correct bank and bank account.
Aayush is a strategic growth marketer with over 6 years of experience working in the US and European markets for various financial services companies. He has a proven track record of success in helping businesses grow, increase revenue, and improve marketing strategies.
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