What are the best options to transfer money to India? Where to find good INR exchange rates?
What are the best ways to send money?
Before deciding on which service provides the best transfers to India, one should first research how to send money in the most efficient way. While banks are the most popular choice for many, their fees have become simply too high compared to the online competition. Some banks can charge you up to $25 for a simple international transfer. Not mentioning, that sometimes you need to pay a fee just to receive a payment from abroad.
That’s why, a whole new market of independent remittance platforms and companies have developed. Nowadays, with global and wide access to the Internet, sending money can be as simple as clicking a few buttons.
You must have heard about PayPal, as it is one of the most popular online payment processors. However, it is one of a thousand available platforms. Some of them specialize in cheap transfers, some focus on the speed, others want to provide best exchange rates. Decide which features are important for you in this particular transaction. Is it an urgent payment? Or maybe it’s a significant sum of money and you want to choose the most secure option?
Which online remittance platforms support India money transfers?
Here are the most popular transfer companies, which support payments to India:
- ACH transfer
- Money orders
- Wire transfer
- Western Union
- Personal Checks
- Email Money
- NRI-NRE account
Be careful of “free transfers to India”
There are some companies who claim to offer “free money transfer services” and while they in fact have no fees for the transfer itself, they manipulate the exchange rates, which in the end leads you to paying more.
For example, let’s say that the current official exchange rate is 1USD=73INR. It means that if you send $100, your recipient should get 7300INR. But some companies put their own “margin” on the rates and change them to let’s say 1USD=65INR. Now, even if you don’t pay anything for the transfer, $100 sent through this company will translate to your recipient receiving only 6500INR. And that’s 800INR less than he was supposed to get.
Therefore, even if the transfer is free of charge, always double check what exchange rates your remittance platform uses!
Where to find best exchange rates?
The rates fluctuate constantly as they are affected by various market factors and depend on countries economies and political situation. Therefore, one can’t really be sure what values will tomorrow’s exchange rates have. Moreover, they might be going up and down by a few cents each minute.
On Wirly.com you can find a convenient tool, which shows the live rates at all possible money transfer and exchange platforms. Simply type in which currencies you want to convert and the algorithm will display you which company offers the best rates at this particular moment. Keep in mind that the top company can change even the next day as all of the rates fluctuate constantly. Therefore, it’s best to use the tool every time you need to exchange some money.