Sending money to India can be rather easy. There are a few ways to send money, though some ways are easier than others. Here are your best options.
The current exchange rate for the Indian Rupee (INR) is 71.1003 INR per American Dollar (USD). The INR reached a high of 71.7450 INR per USD, and a low of 68.3776 IDR per USD during the last 90 days. The average exchange rate for the INR was 69.6085 IDR per USD during the last 90 days.
Your options for money transfer services to India are several, with wire transfers being the most common transfer method. Services such as Remitly and Western Union can wire money to friends and family rather simply. That being said, the best service for you really depends on whether you’re looking for speed, convenience, lower exchange rates, or lower fees.
If speed is your biggest concern, try looking into MoneyGram. The company offers much in the way of speed and control when it comes to sending money to India. The service is very fast and serves hundreds of thousands of people daily. MoneyGram often offers same-day service as well, and most transfers are verified in under 15 minutes. The main drawback is that they charge a slightly higher fee when compared to similar services. If getting your funds to India extremely quickly is of utmost important to you, then MoneyGram's pricing is a small price to pay for their rapid service.
MoneyGram’s rates are affordable, if a bit high, but they are number one when it comes to consistently transferring money to India at high speeds. Be aware that they have a slightly low 30-day limit of $6000 for US – India transfers. That limit is generally lower for other countries as well.
Many of your options for sending money online to India are quite convenient, depending on whether you are using an online service or a mobile app. As far as the larger transfer services go, let’s look at two options…
Western Union is well known for both its dependability and ease of use. The company is highly active in India, so it serves as a great option for money transfer to India and is unlikely to let you down. There is a flipside, however. While Western Union is dependable and convenient, they charge a heavy fee. As such, we’d recommend you don’t use it to send small amounts of money to India. If you prefer to send money less frequently but in higher amounts, that can mitigate the company’s fees. Furthermore, if speed is a your primary need, you should look elsewhere, as transfers can take up to a week to be completed.
TransferWise also offers a convenient, yet inexpensive option to send money online to India. Like Western Union, it is very easy to use. Both their online service and their mobile app are simple and user-friendly. However, like Western Union, expect longer wait times. It can take multiple business days for money to be sent to India, depending on your location.
If keeping as much of your hard-earned money as possible is a bigger concern to you, then it’s best to stick to money orders. There are even cheaper ways to send money online to India, such as email checks, but they are often less safe and vulnerable to phishing scams.
Money Orders are both safe and affordable, and they are offered at most banks for a small charge. It will ultimately fall on you to find the bank that best suits your needs. You’ll need to bring your ID, but this helps ensure security, and the money you send will be traced.
The drawbacks to money orders are two-fold. First of all, they are not the most convenient way to transfer funds to India. They require you to go to the bank and complete a process that takes more time than most other options. Second, they aren’t very fast either, as they can take a few business days to be completed. Again, if speed or convenience is of any importance to you, then Money Orders might not be the best option.
The answer is first and foremost dependent on your individual needs. That being said, services such as TransferWise offer the most generically useful service amongst all of the providers. Their app is easy to use and relatively cheap, while the transfer times are not as bad as many other options. If you don’t mind waiting a few days for the money to arrive at its destination, then TransferWise is a well-rounded option for you. It’s best to first consider your own values and primary concerns before determining your new method of choice.
If you are also looking to transfer money to other countries, use the following guides to: