Are you looking for ways to transfer money to India? Do you want to send your savings to your family back in India so that they can fulfill their needs? Are you a remote employer and looking for ways to transfer money to your employee in India?
If yes, then, you are in the right place. We will be providing you a complete list of companies with their benefits and drawbacks so that you can choose a method to transfer money to India.
Who Looks for ways to Transfer Money to India?
No one loves to leave his home country. Every person wishes to pursue his career and make good earning for himself and his family while staying close to them.
However, keeping in view certain circumstances and family conditions, people have to move away from their home country. They leave their families so that they can earn some extra bucks for the betterment of their loved ones.
Subsequently, when such people have earned a considerable amount of money, they search for ways to transfer that money to India to their loved ones.
Similarly, these days, a lot of companies are hiring remote employees. Inspired by the quality of the work of a particular individual, the company employs a person, but instead of offering him a full-time office job, companies allow them to work remotely.
Suppose the company hires a person from India and he starts accomplishing the tasks assigned to him by the company.
The problem is how the company will pay that employee once he has completed his assigned tasks? Here again, the companies will be looking for ways to transfer money to India.
So, this is where it becomes necessary to have a thorough knowledge of the ways to transfer money to India. You will have to look for the companies offering the best services.
How to Choose the best way to Transfer Money to India?
Although transferring money to India these days is easy and efficient, but there are so many options available to make a decision of which to use becomes a quite challenging task.
Importantly, each option has unique advantages and disadvantages that should be considered before making a decision. So, you must conduct thorough research before taking a final decision.
So, let’s discuss some of the critical factors that play the most significant role and should be considered before choosing any method to transfer money to India.
Key Factors to Consider Before choosing a way to transfer money to India
By speed, it means how much time will it take for the money to be delivered to India? Some companies may charge an additional amount if you want to deliver urgently.
2. Exchange rate
Make sure that you are getting the best price for cash transfer.
Before transferring, money, do confirm that sending the amount from bank to bank shouldn’t add additional charges. However, sending money using a card may add a fee.
How easy and secure was your experience with that particular company? Was there an online option available or you had to go to their office to complete the transfer? Do they have a mobile app to make your process more accessible?
While sending money, do check that the services providers are reliable and safer. Be aware of the scams or frauds. Some service providers might claim that they will charge a minimum amount, but in the end, they would run away stealing your entire amount.
6. Hidden T&Cs
Before signing on any document or agreeing to the policies, read the Terms and conditions carefully. Sometimes the service providers might not verbally inform you about any hidden policy. As a result of this, you might end up losing a considerable amount by agreeing to their terms and conditions.
Best Options Available for transferring Money to India
Now let’s discuss in detail the companies offering cash transfer to India. We will also note down the advantages and disadvantages of each method so that you can choose a company wisely.
Chase is a money transfer service that offers secure money transfers overseas via international wire transfers. Chase provides step-by-step instructions that help you to make your transfers efficiently. It ranks in the top two service companies meeting customer satisfaction among large US banks.
- Chase offers a high daily wire limit, which means you can send up to $100,000 online, or any amount via telephone or by visiting a branch location.
- Moreover, Chase allows you to set up recurring wire transfers via telephone or by visiting a branch location.
- The best output of chase is that it is lightning fast. If you make the wire transfer before 4 p.m. EST, you can get your money transferred on the same day
- A drawback of Chase is that you have to pay high fees for international wire transfers. You’ll have to pay about $45 to send an international wire transfer and to receive you’ll pay $15.
- Chase allows Bank-to-bank transfers only.
- Chase offers reduced exchange rates. Compared to independent transfer services, Chase doesn’t offer the most competitive exchange rates.
TransferWise is a very well-designed money transfer site that helps you save money on exchanges through a peer-to-peer system. TransferWise system allows you to exchange your funds with those people who are seeking to convert their cash to your currency.
It’s trading money with another person. However, it doesn’t cross the borders. TransferWise doesn’t allow same-currency transfers like Chase does, but it does offer reasonable exchange rates and no hidden fee.
While Chase and TransferWise both allow only bank-to-bank transfers, however, Chase has a higher online transfer limit ($500,000) compared to TransferWise. ($49,999 limit).
- TransferWise deducts only $3 fee for transfers up to $300. Following the same pattern, it deducts a fee of 1% of the amount sent for transfers up to $5,000 and 0.7% on any amount over the initial $5,000
- It Offers High transfer limits in which you can send up to $49,999 in a day and $199,999 in a year
- It offers very low minimum transfer amount of $1
- It offers Mobile App for both iOS and Android
- Charges market exchange rate with no hidden fees
- TransferWise offers transfers to bank accounts only i.e.; it offers no cash pickup option
- TransferWise is a two-step process. In the first step, you must send your money to
- TransferWise, which will then deposit the funds to your recipient’s bank account in the second step.
- It does not offer same-currency transfers
- It requires a Social Security number to send money
3. XE Transfer Money
XE Money Transfer is a service that transfers your funds to a bank in a foreign currency. It doesn’t offer same-currency transfers.
If you’re working remotely, XE is ideal for sending cash to your family. Like Chase, XE Transfer has high online maximum transfer amount of $500,000 and only offers bank-to-bank transfers.
- XE Transfer deducts No transfer fees
- Trade available in over 120 currencies, allowing for money transfers to over 170 countries
- Offers Competitive exchange rates to help you save money in the long run
- Offers quick turnaround which means the transfer is completed in 3 to 5 days
- Offers Bank-to-bank transfers only
- Does not allow same-currency transfers
- Exchange rate comparison tool not available until you’ve registered with the site
Travelex is an international money transfer service operating in 177 countries and offers transfers in 45 different currencies. It offers multiple transfer options, including spot contracts, forward contracts, and recurring payments.
- No fee deduction for transfers of $5,000 or more
- Travelex is Available in 177 countries and deals with 45 different currencies
- It offers multiple transfer options including spot contracts, forward contracts, limit orders, and recurring payments
- Provides a price promise i.e., if you find a better price within 30 minutes, they’ll beat it
- Funds are transferred within 1 to 4 working days
- Same-day transfer option also available for selected countries
- Offers Bank-to-bank transfers only
- High minimum transfer amount of $500
- Travelex deducts a flat fee of $5 for any transaction under $5000
- No cash payments or cash pickups allowed
- No check or credit card payments allowed
5. World Remit
WorldRemit offers its services in more than 140 countries. It allows paying via debit or credit card, bank account, or mobile apps.
WorldRemit’s transfer fee varies and depends on the country you’re transferring funds to.
Chase’s maximum transfer limit is $500,000, which makes it ideal for larger businesses. On the other hand, WorldRemit’s maximum transfer limit of $5,000 makes it suitable for smaller ones.
- Services Available in over 140 countries
- Flexible payment options available including debit or credit card, bank transfer, Android Pay and ApplePay
- Offers low minimum transfer amount of $1
- Cash pickup option available
- Cash Home delivery available
- Mobile airtime account transfers
- Allows transfers to mobile wallet accounts
- The higher the amount you transfer, the greater the transfer fee
- Low maximum transfer amount of $5,000
6. Current Direct
Currencies Direct offers “No-fee” money transfers almost every time. Moreover, Current Direct offers exchanges in 60 market currencies.
However, if you’re looking to transfer money through a credit card or mobile wallet, you’ll have to go for some other option. The reason is that Current Direct offers bank transfers only.
- Supports 60 market currencies
- No fees for 90% of its transactions
- Offers Market Competitive exchange rates
- Low minimum transfer of only $100
- Supports large transactions
- Monitors exchange rates for your ideal transfer
- No cash pickup option available
- Allows Bank-to-bank wire transfers only
OFX offers transfers and exchanges into 55 different currencies. OFX also offers bank-to-bank transfers. It doesn’t deduct any transfer fee and has no maximum limit for online transfers.
Ultimately, if you want to transfer a larger amount to an account overseas, this service may be ideal.
- Deducts No transfer fees
- 24/7 customer support
- Available in 195 countries and 55 currencies
- Offers scheduled and recurring transfers
- iOS and Android apps available for mobile transfers as well as tracking
- No maximum transfer limits
- Allows Bank-to-bank transfers only
- No cash payment or pickup available
- High minimum Transfer amount i.e., $1,000 per year
TorFX is a stricter money exchange and transfer company that allows money transfers only from Australia. Moreover, It requires that the funds should be cleared by individuals who hold TorFX accounts, which means the money must be sent in advance before the transaction is performed.
TorFX offers No-fee transfers. It provides multiple transfer options, including spot contracts, forward contracts, limit orders, and stop-loss orders in 60 different currencies.
Moreover, TorFX offers a guaranteed best rate with competitive exchange rates that often beat banks by more than 3%.
- No transfer fees
- Competitive exchange rates
- Transfers available in 60 different currencies
- Free registration
- Permits access to free market analysis and expert advice
- Low minimum transfer amount of $150
- Can only send from Australia
- Allows Bank-to-bank transfers only
Ria is a global money transfer network. It has more than 316,000 agent locations in 144 countries. It has been in business for more than 30 years. Ria allows you to make the payments through cash, debit card, credit card, or bank account. It also offers cash pickup and home delivery options in selected countries.
- Low minimum transfer amount of $1
- Wide variety of transfer payment options
- Online price calculator available for simplifying money conversions
- Home delivery available in selected countries
- Quick turnaround if you send the money with a debit or credit card, which takes less than 30 minutes
- Maximum daily transfer limit of $2,999.99
- The maximum amount you can send in a month is $7,999
- Fees vary and depend on amount, location and method of Transfer
10. Western Union
Western Union is a global money transfer method that allows you to send money in a few minutes to bank accounts around the world. However, it offers relatively weak exchange rates. Western Union has high transfer fees that depend on your method of payment and the location where the money has to be transferred.
It offers the option of paying through cash, debit card, or credit card. If you’re looking to send a large amount of money, you need to go for other options because Western Union’s maximum transfer amount is set at $5,000.
- Transfers available to over 200 countries across the globe
- Low minimum transfer of $1
- Money Transfer takes place in minutes
- Multiple transfer options available including paying with cash or debit card, credit card or bank account
- Cash pickup available
- Trusted provider for over 160 years
- Offers Weak exchange rates which can be nearly 5% more than the market rate
- High transfer fees
- Low maximum transfer amount of $5,000
11. Share Money
Sharemoney service company is a part of the Omnex group. Sharemoney’s transfer fees start at $2.99. Moreover, Sharemoney offers cash delivery as well as pick up from your doorstep.
- Low transfer fees
- Low minimum transfer amount of $20
- Exchange rate calculator helps you to calculate how much money you’ll get for each dollar
- Quick and easy service
- Cash delivery at your doorstep within 48 hrs
- Multiple discounts available on Facebook
- Available in Limited states, with Sharemoney allowed to operate in only 36 out of 50 states
- Allows money transfer to 21 countries only, which are limited mainly to South America and selected Asian countries
- Low maximum transfer limits
12. Money Gram
Money Gram is the second-largest international money transfer service across the globe. MoneyGram transfers funds in over 200 countries to more than 350,000 agent locations worldwide.
MoneyGram offers fast transfers, with same-day service in many locations. However, if you’re looking to transfer large amounts of money, you should better go with Chase because Chase offers transfers up to $500,000, while MoneyGram cuts off transfers at $6,000.
However, if you want your funds to be delivered to your recipient’s home or enjoy the facility of cash pickup, you’ll have to choose MoneyGram, as Chase only offers bank-to-bank transfers.
- An extensive global network consisting of over 350,000 agent locations in more than 200 countries
- Plenty of services available for sending, receiving and financing
- Fast transfers, with same-day service for many countries
- Home delivery and cash pickup options
- Low minimum transfer amount of $1
- High maximum online transfer amount i.e., $6,000
- Fees vary and depend on payment type and transfer destination
- Transfers must be made in US dollars
- Local exchange rates vary by the transfer destination
Remitly is another fast, secure, and reliable way to transfer money to almost any country in the world, including India. Remitly provides speedy services at an affordable price.
If you want to get your money transferred on the same day, you can get it done through Remitly, but by paying an additional amount.
Let’s discuss some of the positives and negatives of Remitly
- Transfer expenses are meager. Usually, they deduct about $4 for transfers up to $1000 and no fee deduction for an amount higher than $1000
- Remitly provides a fast transfer rate. It takes about three days to process transfers without any additional fee deduction. However, if you want to transfer on the same day, an additional amount will be charged
- New customers are awarded a $40 Amazon gift card if they send $1,000 four times
- Transfers are applicable in almost all the major Indian Banks including ICICI Bank, Citibank, State Bank of India, Axis Bank and HDFC Bank.
- Service is extremely secure as it is registered with the US Department of Treasury.
- Customer Service available 24/7
- You might be charged $13 fee in the name of currency conversion
Xoom is another reliable and secure service to transfer money to India. Xoom is a part of Paypal. Xoom has been providing reliable and quality services for almost 14 years and has gained international recognition all over the world.
The best part of Xoom is that the recipient doesn’t need to have a bank account or Internet connection to receive the money. It’s an online-to-offline money transfer facility. As soon as you make the transaction, the receiver can withdraw money from a specified location in India.
Here are some positives and Negatives of Xoom
- The transfer process is speedy. The transfer might be completed within 4-hours
- Allows sending money to NRO/NRE accounts
- Enables transactions done through mobile apps. You can also track transfers using the mobile app.
- Customer Service available 24/7
- By referring someone to Xoom, you can get a referral eGift card of $25
- Higher transfer fee
- Max transfer is $10,000 USD
- Hidden conversion fees may come into play
Transfast focuses on providing reliable and convenient services. The process of transferring money through Transfast is straightforward.
If you make a transfer through a bank account, you won’t be charged any fee. However, if you pay through your card, you will have to pay an additional amount.
Let’s discuss some of the positives and negatives of Transfast.
- The transfer process is straightforward
- Allows transfers to made easily through the website or a user-friendly app
- No fee deduction if you make a transfer through the bank account
- Takes relatively more time when compared to other available services
Remit2India is another secure and reliable money transfer service. Remit2India provides excellent exchange rates.
Let’ have a look at the positives and negatives of Remit2India
- No fee for sending $1,000 or more using your bank account.
- Allows sending money through ACH or wire transfer.
- It provides high exchange rates for transferring money.
- Allows sending up to $50,000 using ACH and up to $200,000 using wire transfer.
- Allows for tracking your transfer at every stage.
- You may be charged a hidden currency conversion cost of $19 for transfers
- A regular transfer may take 3 to 5 days
So, the concluding point is that there are plenty of options available to transfer money to India. To get the maximum benefit from a particular company, you must conduct thorough research so that you can choose the best money transfer method.
Carefully look into all the positives and negatives a company is offering and then based on their services, choose the one that offers the premium services.