Compare Rates Before You Send Money to India
Overall number of money transfers to India has risen in the last decades, so money transfer market is being flooded with new and newer services arriving in the market. Comparing rates of the most common options before you send money to India is a wise option, here we have come out with a simple comparison that will clear help you to make decision,
Online money transfer though banks
Online transfer through banking channels will provide you the best and competitive exchange rates. But, time taken will be much slower compared to wire transfer. Most of the time online transfer is Free.
Global money transfer services
Money transfer Agencies like MoneyGram, XOOM are the fastest way to transfer money to India. You can transfer funds instantaneously. You (sender) or the receiver(family and friends) don't need to have a bank account to transfer money to India.
For example: Moneygram charges $9.99 USD for Same Day service or $9.00 USD for economy service to send $100 to India form USA. while its competitor westernunion charges $10 USD to send $100 to India form USA
Wire Transfer
Quickest and safest way to move money between accounts at different financial institutions is through Wire Transfers. Your money will be in receiver bank account on the next banking day in India. Cost will be depends on the bank, Check your sending bank for the cost.
Send money through NRE Account
If you have NRE accounts, you can send funds from your US Bank account to your existing NRE or FCNR account. Sending money from you abroad bank account (example Citi bank) to your NRE account (example Citi bank) will be free.
Conclusion: If you are looking for most inexpensive way to transfer funds to India, put effort and time to compare rates before you choose how to send money to India should result in a positive outcome for your hard earned money. Learning a bit about how your friends and relatives might be also helpful.
Online money transfer though banks
Online transfer through banking channels will provide you the best and competitive exchange rates. But, time taken will be much slower compared to wire transfer. Most of the time online transfer is Free.
Global money transfer services
Money transfer Agencies like MoneyGram, XOOM are the fastest way to transfer money to India. You can transfer funds instantaneously. You (sender) or the receiver(family and friends) don't need to have a bank account to transfer money to India.
For example: Moneygram charges $9.99 USD for Same Day service or $9.00 USD for economy service to send $100 to India form USA. while its competitor westernunion charges $10 USD to send $100 to India form USA
Wire Transfer
Quickest and safest way to move money between accounts at different financial institutions is through Wire Transfers. Your money will be in receiver bank account on the next banking day in India. Cost will be depends on the bank, Check your sending bank for the cost.
Send money through NRE Account
If you have NRE accounts, you can send funds from your US Bank account to your existing NRE or FCNR account. Sending money from you abroad bank account (example Citi bank) to your NRE account (example Citi bank) will be free.
Conclusion: If you are looking for most inexpensive way to transfer funds to India, put effort and time to compare rates before you choose how to send money to India should result in a positive outcome for your hard earned money. Learning a bit about how your friends and relatives might be also helpful.