Best Money Transfer From Usa To India – In this article, I will tell you about my experience sending money from the US to India using various methods: Bank Transfer, Riya Money Transfer, MoneyGram, Western Union, PayPal, and Wire Transfer. Wise.
On several occasions, I have had to send small amounts of money to relatives from the US to India using traditional methods, online payment services, and P2P money transfer methods.
Best Money Transfer From Usa To India
Let’s analyze the cost of sending $500 from the US to India today by comparing 3 methods, where the recipient receives the money in Indian Rupees:
Ria Money Transfer
For comparison purposes, all calculations were performed on February 13, 2021. The results are very similar whether you send EUR, GBP or AUD.
The first thing I will say is that for small amounts of money, bank wire transfer is the worst method because the fees charged by banks (both issuing and receiving banks in India) are usually very high. For this reason I stopped using bank transfers to send money to India years ago, because it was too expensive.
Ria Money Transfer or MoneyGram are companies that specialize in sending money abroad. They have a wide network of offices that I have used on various occasions, although they now offer money transfer services through their website.
Sending $500 from USA to India via Riya money transfer assumes an exchange rate of INR 72.52.
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This means, if you send $500 to India today, the recipient in India will receive 36,260.00 INR. Also, you have to pay a $4 commission.
PayPal is a payment method that almost everyone knows, and it allows you to make purchases on many websites, as well as transfer money between users via email.
PayPal has a service called Xoom. But this is not an economical way to send money to India, mainly for two reasons:
So if you send $500 to your relative or friend in India, the commission will be at least $4.99, but your friend or Indian family member will receive a total of INR 35,890.00.
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(P2P) online services have emerged, offering low-commission transaction services using prevailing exchange rates. The most popular is TransferWise (from the makers of Skype).
For example, the commission to send $500 from the US to India today is $5.09, but the good thing about TransferWise is that it uses an exchange rate that is close to the actual exchange rate, per dollar. 72.59 Rs.
Thus, the recipient in India gets INR 35,927.99 already discounted on commission applied unlike other methods of paying commission separately.
One of TransferWise’s greatest strengths is its ease of use and good support should a problem arise. For this reason, this is the method I use.
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In my experience, the two best options for sending money from the US to India are TransferWise and RiaMoneyTransfer. While Ria is a bit cheaper, TransferWise offers excellent support if you run into any issues.
Hello, my name is Elena. I was born in 1974 in Soviet Russia. For the past 20 years, I have worked as a Russian language teacher and translator. One of my main hobbies is traveling. I started this blog with one goal: to create the most comprehensive travel guide ever to Russia and beyond. We are all in a situation where technology is so advanced that no one wants to involve a human being in transferring money. Of course, sending money is much faster and easier these days with everything being accessible. In this article, I discuss the top 10 mobile apps that NRIs can use to transfer money to India.
Before I begin, here is a brief overview of the current trends in sending money from the US to India. According to the study, India is the number one destination in the world for remittances from the US. This is for two reasons. First, there are over 3 million Indians living in the United States. Second, despite the distance, Indians are very close to their families. Why else would a bank or other business need to develop a complex and user-friendly mobile app for transferring money?
Below is a list of apps you can use to send money to India. I have listed them based on usability, durability, and reliability.
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Available for IOS and Android. Click here to download Hikmat app from App Store, Click here for Google Play.
Smart is a service provider with reasonable service fees, meaning no hidden fees. For example, you plan to transfer $500 to India. The fee is approximately 0.9% per transaction, and there are no hidden fees in the exchange rate. While with Moneygram, you choose a $500 transfer, which costs $4 for a bank account transfer and $7.99 for a bank card transfer.
If you are looking for low fees and fast service, you should choose wisely.
Many NRIs consider and use Xoom as the fastest and most reliable way to send money. It’s safe, fast and operates 365 days a day, with low transaction fees of approximately $2.99 for bank account transfers and $4.99 for debit and credit card transfers (no fees for transfers over $1,000).
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7. In short, among international shipping options, Xoom offers a variety of shipping options at very low rates.
1. There are upper limits on the amount that can be transferred per day, month and six months, which are set according to your account level.
Available for iOS and Android. Click here to download Xoom app from AppStore, click here for Google Play
Remitly is a digital money transfer service in the United States. Initially, Remitly focused on sending money to the Philippines, and later in early 2015, the company expanded its money transfer service to India.
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3. Major Indian banks like ICICI Bank, Citibank, State Bank of India, Axis Bank and HDFC Bank support instant transfer
Available for IOS and Android. Click here to download the Remitly app from the App Store, click here for the Google Play Store
Xoom is famous for its fast shipping and excellent service. Although Xoom has a slightly higher exchange rate than Remitly, people don’t mind paying more. One of the best features is an advanced notification and locking the exact amount for the transfer based on the amount you will enter or plan to send (locked rate). While Remitly’s main goal is to focus on mobile-first behavior and build products and solutions around it.
The largest money transfer market player is MoneyGram. It is worth mentioning that every day thousands of people send money through Moneygram.
Send Money Transfer To India From The Us
4. You can also add a personal note and mark your amount as a gift or for a special purpose.
1. The cost is too high. Transferring $1000 from the US to India will cost you around $10 in credit or debit transfer fees.
Available for IOS and Android. Click here to download Moneygram app from App Store, click here for Google Play.
Express Money – International Money Transfer is a great way to send money to India. However this service is very limited in other international countries.
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2. Express Money also helps you get competitive exchange rates, calculate fees and estimate the total amount of your transaction.
Available for IOS and Android. Click here to download the Xpress Money app from the Appstore or here for Google Play.
Western Union is the oldest and largest money transfer company with a wide network of agencies.
Available for IOS and Android. Click here to download the Western Union app from the App Store, or here for the Google Play Store.
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Depending on a long list of factors, the transaction fee for sending money can be high or cheap. The payment method used, how fast the money will be sent, whether it will be sent in cash or to a bank, where it will be sent and where it will be delivered, etc. For international transfers, exchange rates add another element of uncertainty to the cost.
For example, in the case of Western Union, you decide to send USD 500 to India, choose delivery at the institution’s location as the payment method. The estimated cost of this transaction is:
And you choose to deposit the money into the recipient’s bank account, regardless of the payment method, there are no processing fees.
This is not the case with MoneyGram, which is one of the reasons why it is Western Union’s biggest competitor. The rates for sending $500 via bank transfer and card transfer are $4 and $7.99, respectively. Delivery time is relatively short. It only takes 3 hours to 1 day to complete the transfer. So if you are torn between WU and Moneygram, I recommend Moneygram.
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Money2India is a mobile application that is a subsidiary of ICICI Bank. ICICI can use this application
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