When you want to Send Money to India from abroad, there are various cheapest ways to use it. So while sending money to India from overseas to family, friends, or your Indian account, you have many options.
These options come with lower transfer costs and faster delivery speeds than most overseas banks can provide. You can find out the best affordable ways of sending funds to India.
However, you should consider cost, delivery speed and online customer experience while transferring money to India. So, we have analyzed various service providers that offer competitive advantages below.
Affordable Ways To Send Money To India
Western Union
Western Union offers free of cost online and mobile transfers from abroad to Indian bank accounts. This combination of a low exchange rate markup and absence of fees results in some of the cheapest transfers.
It offers the cheapest way of transfers to India compared to other competitors. But, on the other hand, funds delivery can take up to four to five business days. Although, if you pay with a debit or credit card, there are higher fees, money arrives within one day.
With this method, delivery is quick, even within minutes. For example, suppose you send money to multiple Western Union agent locations for cash pickup in India. But it is limited to nine thousand seven hundred and fifty US dollars per transfer.
Transfast
Similar to Western Union, Transfast offers a way to send money to India without fees. When you send money between overseas and Indian bank accounts using the company’s premium services. You will be charged fees, and the markup is at a lower level.
By using this method, delivery takes three to five business days. Indeed, a single transfer is limited to ten thousand US dollars as monthly limits vary by customer. You can use a premium service that delivers money to your destination for faster transfers within twenty-four hours.
It avails faster delivery for a less favourable exchange rate and a fee of about five to fifty US dollars. In addition, while sending funds outside to a bank account, your transfer can be delivered as cash for pickup.
You will receive cash at one of the multiple banks and companies that they partnered with.
Xoom
Xoom is a PayPal-owned company that prioritizes speed on its web-based platform. So when you transfer money to India using this method, it will be the cheapest way of transfer.
With this method, delivery to an Indian bank account takes less than four hours during Indian bank hours. Regardless of whether your funds come from a foreign bank account, debit card or credit card.
However, some transfers can arrive within minutes at some banks. But, Xoom costs are not as competitive as others. For example, fund transfers with a bank account have fees of three to five US dollars.
But, there are no fees if you send more than one thousand US dollars. The costs of Xoom for using a debit or credit card range from five to twenty US dollars. Its exchange rates have higher limits than its competitors.
But, the rates of Xoom are better than those of many foreign banks. The maximum funds you can send per transfer is two thousand nine hundred and ninety-nine US dollars. On the contrary, the daily transfer limits can be higher.
MoneyGram
Similar to Xoom, MoneyGram’s strength lies in the speed of transfers. Indeed, transfers between abroad and Indian bank accounts can take a few hours. It is compared with the several business days it takes for competitors for this type of transfer.
Other MoneyGram transfers are funded with cash at agent locations or with credit or debit cards online. In some cases, money can arrive within minutes, which is similar to Western Union.
The cost structure of MoneyGram is similar to Xoom’s cost structure. Furthermore, card-funded transfers have fees of up to twenty US dollars. While transfers using bank accounts have fees of up to five US dollars.
You will get complimentary transfers if you are sending more than one thousand US dollars. However, its exchange rates are higher than those of other competitors and vary depending on the payment and delivery method.
Wise
Wise serves up an optimal web experience for sending money to India from overseas. By using mobile or through its website, you can easily register with an email address. After logging in, you can quickly see a calculator for fees and the latest exchange rates.
Transfers can be sent or cancelled in the app and online. While using bank accounts on the sending and receiving, ends are required. Moreover, you can send up to one million US dollars in most states.
However, delivery can take over a week, depending on the time the company receives and converts your funds.
Conclusion
Here, we have discussed the cheapest ways to transfer money to India from abroad online. However, you can get an idea about different service providers to operate in funds transfers to India. Indeed, you can know the financial service providers for sending funds to India online.