Whether you need to send money to or from India, you have a lot of options available. All of the money transfer services in India come with their own unique pros and cons. If you want to pick the best choice for your needs, it is a good idea to compare the fees and services at different centers. Here’s what you need to know about the top money transfer centers found in India.
TransferWise is one of the most popular options in India, with very high customer service ratings. People mainly like it for its convenience and affordability. The exchange rates are fairly low and fees are minimal, so you only have to pay about $10 per transfer. People like that you can use TransferWise through a website or phone app, so they can send money to and from India without having to go to a store. The main issue with this service is that it is only available for a limited number of countries, and it can be fairly strict with transfer documentation. If your transfer is flagged for review, it can take several days for it to go through.
This international money transfer center is popular because it works in 200 countries. There are 347 thousand individual MoneyGram locations, so it is quite easy to find a site near you. People like that MoneyGram is an experienced company with very secure transfers and a reputation for reliability. Another bonus is that transfers usually just take around 10 minutes to go through with a maximum length of 24 hours. However, all this convenience comes with some downsides. It has a daily transfer limit of $2,500, and fees and currency conversion costs are on the higher side.
Automated Clearing House is a good option when you want to save money while sending funds to India. This is a type of service offered by many banks, and it is great because it comes with almost no fees. However, not all types of banks in India offer ACH transfers. Another downside can be that it takes a little long to send funds, so it is not a good option if you want money within three to four business days.
Remitly is a good choice when you need to send large funds or when you need to send funds in a hurry. This service does not charge fees if your transfer is more than $1,000. However, you do have to pay currency conversion costs or costs for instant transfer. The higher fee is worth it in some cases because you can do an express transfer that is sent instantaneously. Remitly is also quite convenient since it works with some of the leading banks in India, including State Bank of India, Axis Bank, ICICI Bank, and HDFC Bank.
Western Union is definitely the most widespread way of sending money transfers. Whether you are trying to send money to Mexico or Sri Lanka, Western Union will have a location near you. They have over 125,000 locations in India alone, and you can also send money through their app. Fees can vary quite a lot depending on how you are sending money and what location you are using though, and it can take up to a week for money to transfer to your desired destination.
This service gives many convenient options for people sending money in India. From the mobile phone app, you can do instant transfers. You can also visit one of their centers to get cash. In general, WorldRemit has low fees and exchange rates. It can just be a little hard to send cash, and not all countries have WorldRemit centers. This service is mostly just helpful when you want to send small amounts of money quickly and conveniently.