This is a big question everyone wants to know about is which is the best way of online money transfer in India? There is no single best online money transfer service in India. It all depends on a lot of other external factors. Some want best exchange rates, some value for money, some want ease in using and sending the money fast and a host of other things.
When it is an emergency and you want to send the money as fast as possible you could ease the Western Union Money Transfer because it is aimed at people who want to transfer money soon on an emergency basis. They charge a flat fee and the exchange rates too are lower in comparison to the other money transfer services.
Xoom money transfer to India – Xoom is yet another money transfer service which offers a fast and easy money transfer. It has tie-ups with Punjab national bank and is touted to have a good service. They too have fees associated with every transaction. If it’s a check payment the transaction fee is $ 4.99, if you are making the payment with a debit card, there is a transaction fee of $9.99 and if in case you are doing the transaction with a credit card the charges are $9.99 as well.
When you want to have good exchange rates and are not worried about how soon the money will reach your people, you can go for the remittance service to India which requires you to have an account with them. They give good value for money remittance services and good exchange rates but the process isn’t speedy enough.
State bank of California Remittance service – The State bank of California is a US bank and it is more like SBI’s US extension. However they want you to open an account with them in order to use their money transfer services. When you open your account with them, you can add recipients for the money transfer.
TransferWise – This is a new game changer in the world of online money transfer that is transparent and simple and they even claim to have no hidden charges. For money transfer up to $300 they flat charge $3 and for money transfers up to $4999.99 the fee is 1% of the amount, over that the charge is 0.7%.
This means that for a transfer of $6000 the fee would be 1% of the first $4999.99 and then the additional $1000.01 the fee would be 0.7% that would make it a total of $57. When this rate is compared to the rates of the other banks, one can easily find that this rate is much higher.