When you are sending money from US dollars (USD) to rupees (INR), find the service provider that is offering the highest exchange rate and the lowest transfer fee.
Many new companies and the old players are stepping up to provide the best money transfer service resulting in great offers and rates for the senders. In this blog, we are going to find out the best ways of sending money from the US to India.
India is the top recipient of remittances in the world, followed by China, Mexico, and the Philippines. In 2019 alone, a whopping $83 billion was sent to India according to the data by the World Bank.
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Remittance is a lifeline of many households and is one of the highest foreign exchange earners for a country like India. Remittance is part of the United Nations’ Sustainable Development Goals (SDG) to reduce inequality within and among countries. The goal to reduce the transaction costs of remittances to less than 3% and eliminate remittance corridors with costs higher than 5% by 2030. Currently, the cost of sending money to India from the United States is less than 3%, which is within the goal of SDG.
With close to 3 million strong NRI population in the United States, a huge percentage of this money originates from the United States. The success could be attributed to high competition amongst the remittance service providers due to the high volume of remittances and adoption of technology.
Sending money online from the US to India is the fastest, cheapest, and safest way of sending money.
Factors affecting international money transfers
Before we go deeper into the list of the top money transfer companies, it is important to understand the factors that affect international money transfers and compare:
Best ways to send money from the US to India
Taking all these factors into consideration, choosing the right transfer service can be a confusing task. With that in mind, we have compiled a list of the best online money transfer services:
There are no transfer fees for amounts from $1000 to $50000. They also provide one of the fastest transfer speeds: taking just a couple of hours for your money to reach its destination.
They provide multiple options to send and receive money including cash pickup and bank deposits. Transfers can take up to 4 business days for a regular transfer but cash pickups are instant. Western Union also makes money through exchange rates and therefore, does not charge transfer fees for amounts up to $5000.
Transfer time is fast, taking just hours for debit card and credit card transfers while bank transfers can take up to 5 days. There is a limit of $3000 for a single transfer.
There are no transfer fees for amounts up to $50000 and it takes just a few hours for funds transfer. There are no limits for in-branch transfers although there is a $5000 limit for mobile transfers.
They are one of the top money transfer service providers leading in sending remittances through mobile wallets worldwide with support for both Apple and Android Pay. However, their fee system, although transparent, can be on the expensive side - $3.99 per transfer with a limit of up to $9000.
Gone are the days when a wire transfer to India from the US was a time consuming and expensive affair. In a competitive market space, companies are striving for the best customer experience focusing on ease of transaction and support in addition to the factors mentioned above. If you are looking for the best apps for international money transfer, we have you covered. Compare and save today and every day on your money transfers to India.
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