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Easy, Fast and Best Ways to Transfer Money to India

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.

Remote Working

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

1.   Speed

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.

3.   Fees

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.

4.   Convenience

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?

5.   Reliability

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.

1.   Chase

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.

Positives

Negatives

2.   TransferWise

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).

Positives

Negatives

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.

Positives

Negatives

4.   Travelex

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. 

Positives

Negatives

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.

Positives

Negatives

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.

Positives

Negatives

7.   OFX

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.

Positives

Negatives

8.   TorFX

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%.

Positives

Negatives

9.   Ria

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.

Positives

Negatives

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.

Positives

Negatives

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.

Positives

Negatives

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.

Positives

Negatives

13. Remitly

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

Positives

Negatives

14. Xoom

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

Positives

Negatives

15. Transfast

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.

Positives

16. Remit2India

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

Positives

Negatives

Bottom-Line

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.

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