Remittance & Money Transfer Guide:

When sending money overseas, you have options when choosing how your recipient obtains the funds. Among these options is a cash pickup method, which can be an excellent way to send money to someone who does not have a bank account or needs cash promptly. Xe now offers a cash pickup option for your recipient that is fast, convenient, and available in over 500,000 locations worldwide. Xe's cash pickup offering is exclusively available on their mobile app. What is Cash Pickup? Cash pickup allows the recipient of a money transfer to collect cash from a physical location rather than sending the money to a bank account. How Does Cash Pickup Work? If you're the sender, you'll choose an amount of money to send to your recipient. After the transaction is successful, you'll be given a generated PIN. Your recipient will then be able to pick up the money at the selected physical location in their area. How Do I Use Cash Pickup? In order to utilize Xe's cash pickup option, you will first need to download their mobile app. If you're a new customer, select the currency you'd like to exchange and which country you'd like to send money to. You will then have the option to change the delivery method from bank transfer to cash pickup. Follow these steps once your transfer is initiated: 1. Tap "Delivery Method".2. Select "Cash Pickup" when prompted. 3. Enter or select your recipient. 4. Choose an available provider near your recipient. It's that easy! How is the Money Picked Up? Your recipient will be able to pick up the money from a specific store or a branch from one of Xe's partners. As the money sender, you'll be able to choose the destination where the recipient will pick up the funds. Once the transfer has been paid, you'll receive: 1. Confirmation of where the money is being sent to 2. A PIN that your recipient will need in order to pick up the money successfully You'll want to share the provided PIN with the recipient once you receive it. Once the transfer is ready to be picked up at the selected location, you'll receive a confirmation notice. The funds can then be picked up using the PIN. In addition to the PIN, the individual picking up the money will need a valid form of a government-issued ID that matches the recipient information entered by the sender. How Do I Find a Cash Pickup Location? Xe cash pickup is available at over 500,000 locations across over 150 countries. Use Xe's Location Finder tool, found within their mobile app or website, to identify the best location for your recipient to pick up your transfer. Using the Location Finder on the Xe mobile app: Before you confirm your transfer, you'll be asked to review the details of your payment. On the review screen, select "See Locations". This will bring you to the Location Finder page.Using the Location Finder, you can search for a specific location to see what pickup places are available in that area. Locations are listed at the bottom of the screen and you'll also see available locations as pins on the map. Clicking on a location will give you more information including contact details and open hours. Using the Location Finder on the Xe website: Go to xe.com/locations/You can use the search bar to look up a specific location or you can click and drag the screen to move around the map. Locations will be listed on the left as well as on pins on the map. Clicking on a location will give you more information including contact details and open hours. How Much Does Cash Pickup Cost? Cash pickup does charge a small fee for the sender, however, your recipient picks up the money for free. All they need is the PIN and their government-issued ID. How Much Money Can I Send? We offer money transfers of up to 3,000 in your local currency up to a maximum of 5 times per day. However, there are a few exceptions: Oklahoma, Arizona, and New Mexico may only send $999.99 a day (without additional documentation) Transfers from the United States to Nigeria may not exceed $500There may be restrictions in place that can limit the amount you can send, such as from a recipient's bank or other receiving method Some of our partner payout locations may have receiving limits in place Tips for Using the Cash Pickup Option For senders: Ensure that all the details of your recipient are correct and match the details shown on their government-issued ID. You'll receive an estimate of when the cash will be ready for pickup - typically, cash pickup money transfers are instant and can be picked up within minutes.Make sure to send your recipient the PIN sent to you from Xe. This will be necessary for your recipient to pick up the money. Use your PIN to track the movement of your transaction. You'll be notified when your recipient has successfully picked up the money via text or email. For recipients: Stay vigilant and aware of your surroundings when picking up any cash transfer from your designated location. Reach out to the location's agent ahead of time to confirm a proper pickup time. Find a friend or family member to go with you. Try to be as discreet with the cash as possible. About Xe Xe offers simple and secure money transfers to over 150 countries around the world, serving over 1 million happy customers. Xe has remained an authority in remittance and currency for over 25 years and continues to set the bar in the industry.Use Xe by downloading their mobile app or using their website to send money to friends or family overseas in just minutes. Money can be sent using direct debit, debit card, credit card, or bank transfer. Creating a new account only takes a few minutes of your time, and completing your first transaction is simple and straightforward every step of the way. Exchange rates and fees are upfront, and you can easily track your transfer to ensure it reaches your recipient. For a more detailed review of Xe and how to get started, check out our comprehensive review. What Does Xe Offer? Extremely low fees Real-time market competitive exchange rates Transparent delivery times Transfers sent in as little a few minutes Signing up is free!Completely safe and secure Use Xe's Cash Pickup Option Today! Cash pickup is an excellent money transfer choice for when your recipient doesn't have a bank account, or if they need cash on hand quickly. Download the Xe mobile app now to get started!

Whether you're sending funds to a family member in a different city, paying bills, or even assisting a friend in an emergency, the ability to send money efficiently is crucial.One popular and convenient option is the Walmart2Walmart money transfer service, which offers a low-cost, fast, and reliable way to send money across the U.S., including Puerto Rico and Mexico.In this guide, we'll explore how to use Walmart2Walmart money transfer powered by Ria money transfer, Western Union, and MoneyGram, all available through Walmart.We'll also cover how it works, the fees involved, and tips on getting the best deal possible and making a smooth transfer when using Walmart's money transfer services.What is Walmart2Walmart Money Transfer Service?Walmart2Walmart powered by Ria, is a person-to-person payment transfer service available through Walmart, one of the world's largest retail chains.Ria Financial Services which is a global money transfer company has partnered with the world's largest retailer to facilitate all Walmart2Walmart money transfers.It allows customers to send money from any Walmart store in the United States to any Walmart locations across the U.S., Puerto Rico, and Mexico.The money transfer service was launched in 2014 to serve the unbanked population in the US. As of 2021, an estimated 4.5% of the U.S. population which is approximately 5.9 million were 'unbanked'.How Does Walmart2Walmart Money Transfer Work?The way Walmart to Walmart money transfer works is you have to visit any local Walmart store near you and initiate your transaction with the help of a store associate.You fund your transfer money using your debit or credit card. Once Walmart receives your money, it will take just a few minutes for the money to be available for the recipient to receive.Then to collect the funds, your friend or family member can visit one of any 4,500 Walmart stores in the U.S. and Puerto Rico or any of the 2,500 Bodega Aurrera or Walmart locations in the U.S. and Mexico to pick up the cash you sent.Alternatively, you can skip the line at the local Walmart store and use Ria's website or the Walmart2Walmart app to make money transfers even more convenient.And if you already have a digital Ria account, you don't need to create a new account to use the app. You can use your Ria credentials to start using the Walmart2Walmart app.What are Walmart2Walmart Fees?The Walmart2Walmart fees are straightforward and affordable. However, fees may vary depending on the transfer amount and receiving location. Check the exact fees before you make the transfer.Fees start at $4 for up to $50 transfer, $8 for transfers of $51-1,000, and range up to $16 for $1,000 to $2,500 transfers.Walmart to Walmart Transfer Limit and Transfer HoursThe Walmart2Walmart money transfers have a daily limit of $2,500 per person.The Walmart2Walmart money transfer hours are open from 8 a.m. to 8 p.m. Monday through Saturday, and 10 a.m. to 6 p.m. on Sunday.Do note that MoneyCenters open and close much earlier than Walmart store standard hours.How To Transfer Money Using Walmart2Walmart Using at a Walmart Store?Sending money using Walmart2Walmart in person at a store is quick and easy. Follow the following step-by-step guide to send money in Walmart stores:Step 1: Visit a Walmart StoreTo initiate a Walmart-to-Walmart money transfer, you'll need to visit a store near you. Be sure to bring a valid photo ID, such as a driver's license or passport, with you.The following IDs are accepted at Walmart:U.S. Driver's License, including Puerto RicoState ID, including Puerto RicoUnited States PassportInternational PassportMilitary IDU.S. Permanent Resident CardTribal IDMexican Matricula ConsularStep 2: Locate the Service DeskOnce inside the store, make your way to the Walmart Money Services Counter or the Customer Service Desk. Inform the store associate that you want to use Walmart2Walmart to send money. This is where you'll find the necessary forms and assistance to complete the transaction.Step 3: Provide Necessary InformationYou'll need to provide the following information to the Walmart associate:Your name and contact information.The recipient's name and contact information.The amount you wish to send.The location of the Walmart store where the recipient will pick up the money.Step 4: Pay for the TransferAfter providing the required information, you'll need to pay for the money transfer, including the service fee. Walmart offers transparent pricing, so you'll know the exact cost upfront. You can pay for your transfer with cash in US Dollars, or with a debit card or credit card.Step 5: Receive a Reference NumberOnce the transaction is complete, you'll receive a reference number. Be sure to keep this number safe, as the recipient needs to pick up the money.Step 6: Share the Reference Number with the RecipientShare the reference number and transfer details with the recipient, as they will need this information to collect the funds.Step 7: Confirm ReceiptOnce the recipient has picked up the money, you should confirm with them that the transfer is complete.That's it! You've successfully sent money using Walmart to Walmart.The money will be transferred to your recipient as early as 10 minutes for pickup if everything goes smoothly.If you are visiting the store for shopping and other needs, using the money transfer services while you are at the store can be a convenient option.How to Send Money Online Using the Walmart2Walmart?You can either use the Walmart2Walmart app or Ria's website to send money online.Create a new account or use your existing Ria credentials to log into the Walmart2Walmart mobile app.Add the recipient's full name, country, and state. Or choose an existing recipient, the one to whom you have sent money before.Choose a delivery option: cash pickup, mobile wallet, bank account deposit, or even home delivery (depending on the location)Enter the transfer amount. (Total cost including the transfer fee will be shown upfront)Pay for the transfer using cash in US Dollars, or enter a bank account or debit or credit card details.Walmart will take care of the rest.How to Receive Money Sent Through Walmart2Walmart?To receive the money transferred through Walmart2Walmart:Visit any Walmart or Bodega Aurrera storeGo to the Walmart Money Services Center or customer service deskShow a valid IDIf you received a barcode, provide it to the store associateCollect the cash from the associateThe transfer process is completed within 10 minutes from the moment the sender initiates the money transfer.The recipient has up to 60 days from the date of the transaction to collect the money. As per the Walmart return policy, the money transferred is returned to the sender if the money is not collected within the 60-day limit.If the sender opts to send money to your bank account or mobile wallet, you just have to wait for the money to get deposited.How to Track Your Walmart2Walmart Money Transfer?There are several ways to track your Walmart2Walmart money transfer:Track at your local Walmart MoneyCenter. The associate can track with the help of the sender's tracking number or order number.Track through the Walmart2Walmart mobile app using the tracking number. Click the Track link at the bottom of the screen to see the status of your transfer.Online at the Ria "Track a Transfer" section using the tracking numberCall the Ria customer support team (1-855-355-2144 or 1-877-443-1399)Send an email to R[email protected] Money With MoneyGram and Western Union Through WalmartWalmart has also partnered with money transfer incumbents such as MoneyGram and Western Union to make money transfer more convenient both domestically and internationally.MoneyGramYou can send money from a Walmart store for cash pickup safely at a MoneyGram location anywhere in the US and Puerto Rico. MoneyGram also offers international money transfers through Walmart. The money you send with Walmart can be collected at any MoneyGram location across 200 countries worldwide. You also have to option to transfer via a bank account deposit, mobile wallet, and card payments where available.You can also pick up or receive money sent from any Western Union, Ria, or Moneygram agent location within the U.S. by going to your local Walmart with the reference or MTCN number provided by the sender.Western UnionSend money from a Walmart store for pickup at one of hundreds of thousands of Western Union agent locations throughout the US and Puerto Rico. The money is typically available within minutes for collection. For international money transfers, visit any Walmart store for cash pickup at a Western Union agent location in over 200 countries. The money can also be deposited to a bank account, cards, and mobile wallets (availability of delivery options can vary by destination country).Benefits of Using Walmart to Walmart Money TransferWalmart2Walmart offers seamless domestic money transfers within the US, Puerto Rico, and Mexico with the following benefits:Simplicity: Whether you visit a store or use the Walmart2Walmart mobile app, sending money is effortlessly straightforward.Speed: Transactions through Walmart to Walmart are typically processed quickly, allowing your recipient to access the funds promptly.Convenience: With over 4,500 Walmart locations across the US, finding a location to send or receive money is relatively easy.Widespread Access: Recipients can collect funds at over 4,500 Walmart branches in the US and Puerto Rico or over 2,500 Bodega Aurrera and Walmart locations in Mexico, ensuring easy access to their money.Security: Walmart2Walmart, powered by Ria, boasts a strong track record in domestic and international money transfers, guaranteeing the safety of your funds and personal informationLow Cost: Walmart offers competitive pricing for its money transfer service, making it an affordable choice for most customers.Tips for a Smooth Walmart-to-Walmart Money TransferTo ensure a seamless experience when using the Walmart to Walmart money transfer service, consider the following tips:Double-Check Information: Ensure all the details you provide, such as recipient information and the destination Walmart store, are accurate.Understand Fees: Familiarize yourself with the service fees associated with your chosen transfer option (Ria, Western Union, or MoneyGram).Keep Receipts: Retain all transaction receipts, including the reference number, until you confirm that the recipient has received the funds.Plan Ahead: Keep in mind that transactions may take a little time, so plan accordingly, especially if the recipient needs the funds urgently.Use Secure Channels: Only share the reference number with the intended recipient and ensure they are aware of the importance of keeping it confidential.Ask for Assistance: If you have any questions or encounter issues during the process, don't hesitate to ask Walmart associates for assistance. They are trained to help you with money transfers.Frequently Asked QuestionsCan you do a Walmart-to-Walmart money transfer online?Yes, you can send money through Walmart to Walmart online using their official website or mobile app.How does Walmart to Walmart money transfer work?Walmart to Walmart money transfer is a service that allows you to send money to someone domestically within the U.S., Puerto Rico, or Mexico. You can initiate the transfer by visiting a store and using their Money Services Center, or you can do it online through the Walmart2Walmart website or mobile app. You provide the recipient's name, location, and the amount you wish to send. The recipient can then pick up the funds at a Walmart store or participating location.How much is Walmart to Walmart money transfer?The fees for Walmart-to-Walmart money transfers vary depending on the amount you're sending. Fees start at $4 for up to $50 transfer, $8 for transfers of $51-1,000, and range up to $16 for $1,000 to $2,500 transfers.How to track Walmart to Walmart money transfers?To track a Walmart-to-Walmart money transfer, you can typically use the reference number or order number provided during the transaction. You can inquire about the transfer's status at the store where you initiated the transfer or contact Walmart's customer service for assistance.Can I cancel a Walmart-to-Walmart money transfer?It is possible to cancel a Walmart-to-Walmart money transfer, but the process and eligibility for cancellation may vary depending on the specific circumstances and Walmart's policies. You should contact Walmart's customer service or visit the store where you initiated the transfer as soon as possible to inquire about cancellation options.Is Walmart to Walmart safe?Walmart-to-Walmart money transfers are generally considered safe and secure. The service is powered by Ria, a well-established money transfer company with a strong reputation. However, it's essential to follow best practices for online and in-person money transfers, such as safeguarding your transaction details and only sending money to trusted recipients.ConclusionWhether you're helping out a friend, sending funds to a family member, or taking care of financial obligations, these services offer speed, reliability, and security. By following the simple steps outlined in this guide and considering the tips provided, you can make the most of these options for your money transfer needs. Remember, when it comes to transferring money, convenience and peace of mind are key, and Walmart's partnerships with these trusted providers deliver just that.There are numerous ways to send money internationally. We recommend taking a look at other options at your disposal as well.To find the best exchange rates, lowest fees, and fastest turnaround times for sending money online, check out CompareRemit's online money transfer comparison tool to choose a trusted remittance provider for your transaction today!

In today’s interconnected world of trade and travel, understanding the dynamics of currency exchange rates is a must. As the saying goes, “Exchange rates are the mirrors reflecting the economic health of nations, where fluctuations tell stories of prosperity, challenges, and the shared destiny of our interconnected world”.Finding the best USD to INR rate can have a big impact on your budget and financial gains, whether you're planning a trip abroad, sending remittances, managing investments, or conducting global business transactions. Understanding currency exchange rates is essential for anyone involved in transactions between the US dollar and the Indian rupee. In this guide, we delve into exchange rates, give a brief overview of the USD to INR 2024 forecast, and provide tips and tools on how to find the best exchange rate. This will help you navigate the complexities of the exchange rate market and get the best US dollar to Indian rupee rates.First, let’s begin our journey with the basics!What is an Exchange Rate?An exchange rate is the value of one currency in relation to another currency. It essentially defines how much one unit of a currency is equivalent to in terms of another currency.For instance, if you're planning to transfer money from the United States to India, the exchange rate will play a crucial role. When you send the money, you'll use US dollars (USD), and the recipient will receive the equivalent amount in Indian rupees (INR). This conversion from USD to INR is determined by the current exchange rate.Imagine you're sending $500 to India and the current exchange rate of 1 USD to INR is 82.66. In this case, your recipient should receive approximately Rs 41,330 (excluding any potential transfer fees or additional charges). The exchange rate has a direct impact on the final amount your recipient gets in their local currency. Keep in mind that exchange rates can fluctuate due to various economic factors and market conditions.What is a Marked-up Exchange Rate?A marked-up exchange rate, also known as a "retail exchange rate" or "exchange rate margin" refers to an exchange rate that has been increased by a bank, financial institution, money transfer service, or currency exchange provider to include a profit margin.In other words, it's the rate that is offered to their customers by these companies to convert one currency into another, and it includes an additional amount beyond the actual market exchange rate (or the mid-market rate).The difference between the mid-market exchange rate and the marked-up exchange rate represents the provider's profit. This markup is often applied to cover the provider's operating costs, and services, and to generate revenue.As a result, the marked-up exchange rate is usually less favorable for the customer compared to the mid-market rate, and the customer ends up receiving fewer units of foreign currency for their money.When sending money abroad or converting currencies, it's important to be aware of the marked-up exchange rates and any associated fees.How to Get the Best Exchange Rate when Sending Money Abroad?Getting the best exchange rate when sending money abroad involves a combination of research, timing, and using the right services.Here are the factors you should consider to get the best rates for overseas money transfers:Compare Different Providers: Don't settle for the first option you come across. Research and compare exchange rates from various banks, money transfer companies, and online platforms. Look for providers that offer competitive rates and low fees. Some providers are more transparent about their fees and exchange rate markups than others, so it's advisable to choose a reputable and transparent provider to ensure you're getting a fair deal.Use Online Comparison Tools: There are several online platforms that allow you to compare exchange rates and fees from different providers. These tools can help you quickly identify the most favorable options.Check Mid-Market Rates: The mid-market exchange rate is the real exchange rate without any markup. Use this rate as a benchmark to compare the rates offered by different providers. Keep in mind that most providers will add a margin to the mid-market rate, which is how they make a profit.Stay Informed About Market Trends: Exchange rates can fluctuate daily based on market conditions. Keep an eye on financial news and currency trends to understand when rates are more favorable. You can use online currency converters to track historical rates.Consider Peer-to-Peer Transfer Services: Peer-to-peer platforms can sometimes offer better rates compared to traditional banks. These platforms connect you directly with individuals looking to exchange currency.Use Specialist Transfer Services: There are companies such as Wise, Remitly, WorldRemit, Instarem to name a few that are specifically focused on international money transfers that often offer better rates and lower fees compared to traditional banks.Beware of Hidden Fees: In addition to the exchange rate, be mindful of any hidden fees or charges associated with the transfer. Some providers may advertise low rates but make up for it with high fees.Avoid Airport and Hotel Currency Exchanges: These places often offer less favorable exchange rates due to higher operating costs. It's best to avoid exchanging money at airports or hotels if possible.Choose the Right Timing: Timing can significantly impact the exchange rate you receive. While it's impossible to predict exchange rate movements perfectly, try to make your transfer when rates are more favorable. Avoid sending money during volatile periods.Consider Forward Contracts: If you have a larger sum to transfer, some providers offer "forward contracts" that allow you to lock in a favorable exchange rate for a future transfer. This can protect you from unfavorable rate movements.Negotiate for Better Rates: If you're dealing with a bank or a larger transfer, you might be able to negotiate for better rates, especially if you're a loyal customer.What's the Best Way to Send Money to India from USA?Sending money from the USA to India can become quite perplexing due to the multitude of options available. Moreover, the exchange rates between United States Dollar and Indian Rupee are in a constant state of flux.CompareRemit's online comparison tool can help you find the best rate for USD to INR transfer amid such market volatility.By simply clicking a button, the exchange rate calculator provided by CompareRemit enables you to instantly compare the exchange rates provided by top money transfer services in the market.You can also evaluate transfer charges, processing speed, the amount you'll receive, and even access authenticated reviews of leading money transfer firms. This approach empowers you to locate the optimal choice that aligns with your transfer needs.How to Use CompareRemit to Find the Best Exchange Rate?You can go to the CompareRemit website and compare the money transfer companies on various parameters we have discussed.As the remittance market characteristics vary in each country owing to factors like transaction volume, level of competition, regulations, and other considerations, CompareRemit provides you the option to customize your homepage. This customization ensures that your preferred transfer corridors or currencies are displayed.Or you can download the CompareRemit App from either the Google Play Store or the App Store. Alternatively, do an online search for "CompareRemit App".This app is compatible with iPhones, iPads, and Android devices, encompassing all the functionalities and details required for seamless international money transfers at the most favorable exchange rates.To Sign up with CompareRemit:Launch the app on your mobile phone.Enter your email address to register.Complete your profile details.Verify both your phone number and email.Personalize your notification preferences.Select your preferred corridor, for example, USD to INR.The app will display exchange rates, fees, and options from various providers. Pick the best option that meets your needs and provides a favorable exchange rate. You'll be redirected to your selected provider (either website or mobile application) to complete your transfer.Confirm the transaction details and proceed to initiate the transfer. Complete the payment using your preferred method. Once the transfer is done, you'll receive a confirmation.Using the CompareRemit App streamlines the process of sending money overseas by presenting you with multiple options, allowing you to choose the most favorable exchange rate, fees, and transfer method.Make sure to take advantage of various deals CompareRemit has for Dollar to Indian Rupee remittances.Step-by-Step Instructions for Sending Money from USD to INRThe specific instructions for initiating your online money transfer will depend upon the selected provider. However, this is generally how the process goes:Begin by registering an account with a specific provider.Provide your ID and proof of your address for verificationEnter your preferred payment method.Enter recipient details.Choose the desired delivery method.Enter the amount you wish to transferInitiate the transaction.At this point, the service provider will take over the process of transferring your USD to INR. You won't typically need to take any further actions.Be sure to monitor your email inbox, as you can expect progress notifications regarding your transaction.A Brief Overview of USD to INR 2024 ForecastAs indicated by analysts from the Economy Forecast Agency, there's a projection that the Indian rupee could experience a decline from its present value in the upcoming year. According to the USD to INR Forecast on their platform, the exchange rate could reach 83.37 by the end of 2023.Over the next year, the USD to INR Forecast for 2024 suggests that the rupee may continue to depreciate against the dollar, reaching 89.08 by the year's end. This implies an expected increase in the USD to INR exchange rate both in the short term and the long term.The rise in the USD/INR exchange rates in recent years can be attributed to a combination of different factors. These include the strength of the USD, increasing inflation, higher interest rates, along with foreign investors withdrawing from Indian markets. Furthermore, the increased oil prices have contributed to the depreciation of the Indian rupee.Ways to Save Money When Sending USD to INRSaving money when sending USD to INR involves making informed decisions and utilizing cost-effective ways. Here are some of the ways you can adopt:Research and compare exchange rates from different providers to find the most competitive one.Opt for money transfer services with transparent and low transfer fees.Use online transfer platforms like Wise, Xoom, or Remitly, which often offer better rates and lower fees compared to a traditional bank transfer.Sign up for rate alerts from transfer providers to be notified when rates are favorable.Check for special promotions or discounts that will save you money on transfer fees.Avoid last-minute transfers, as urgent transfers often come with higher fees.Prioritize the security and reputation of the service provider to ensure your funds are safe.Use forward contracts that allow you to lock in a current favorable rate for a future transfer.Steer clear of options with high fees, such as using credit cards for international transfers.ConclusionBy following the strategies outlined in this guide, you're better equipped to navigate the complex world of currency exchange and ensure you're getting the most value for your money. Researching multiple providers, understanding how exchange rates work, and being aware of potential hidden fees are essential steps in making an informed decision.Staying up to date on market trends can make a significant difference because the foreign exchange market is dynamic and subject to various economic factors.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!

In an ever connected world, online money transfers are naturally the preferred and most convenient method for sending money across international borders, making it easier than ever to support your family, friends, or business partners in the Philippines.Whether you're an OFW (Overseas Filipino Worker) or a person with ties to the Philippines, this blog will walk you through the step-by-step process of sending money through GCash, the Philippines’ leading mobile wallet, to effortlessly and securely send money to your loved ones.Say goodbye to long queues and lengthy paperwork – and say hello to instant and accessible money transfers.What is GCash?Gcash is a mobile wallet and financial services platform based in the Philippines which came into operation in 2004. It was introduced by Mynt, a subsidiary of Globe Telecom, one of the Philippines’ major telecommunications companies.GCash allows users to carry out various financial transactions, mobile payments, and services through their mobile phones, making it a convenient and efficient way to manage money.You can make bank transfers, pay bills with QR codes, take out loans, and top-up airtime on your mobile phone. It is one of the most popular mobile wallets in the Philippines and the most convenient option for Overseas Filipino Workers (OFWs) to send money to their loved ones in the country.With 81 million active users and 2.5 million merchants and sellers as of May 2023, GCash is truly the undisputed mobile wallet king in the Philippines.Why Should You Get GCash?This is especially important for people who want to send money to the Philippines. GCash offers multiple benefits for sending money to the country:Convenience: You only need a mobile app to send money to friends and family in the Philippines making it easily accessible and convenient. You need not go to any money transfer centers to make a money transfer.Mobile Services: Apart from money transfers, it offers a wide range of financial services, such as bill payments, online shopping, and even investments.No Need for Bank Account: Your recipient does not need a bank account to receive money through Gcash.Speed: It is faster to send money to Gcash than traditional methods. Your recipient can receive the money instantly or within a few minutes, depending on the transaction type.Lower Fees: Due to its lower fees, it is a cost-effective method to send money to the Philippines.Extensive Network: Gcash has a vast network of partner merchants, banks, and money transfer companies in the Philippines, making it easy for the recipients to access and withdraw the money.Security: Various security measures such as PIN verifications, fingerprint scanning, and two-factor authentication are put in place to protect users’ accounts and transactions.How Does GCash Work?To use GCash, you need to download the GCash app from the App Store or Google Play and sign up for an account. You will enter your personal details (mobile number, name, address), complete the customer verification process, and create a secure PIN.After creating your account, you will need to fund your GCash Wallet. There are several ways to do this:Link your bank account or credit/debit card to your GCash accountDeposit cash at GCash partner outletsReceive money from other GCash users.Once your GCash is funded, you can start using it for various transactions, such as:Send money to other GCash users or non-GCash users through the “Send Money’ feature. This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.While Pangea does not offer direct transfer to a mobile wallet like GCash, you can still make an international transfer to the Philippines, and then your recipient can transfer that money to their GCash account.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. The currency exchange is usually handled by the money transfer provider or financial institution initiating the money transfer to the Philippines from abroad.For example:If you are sending money from abroad to a GCash mobile wallet in the Philippines, your transfer providers will likely handle the currency conversion from the currency you are sending to Philippine Pesos based on the prevailing exchange rates.The converted amount in PHP will be deposited to the recipient’s GCash wallet.However, GCash may display the received amount in both the sender’s currency and PHP within the app for the recipient’s reference.If you want to get the best exchange rates while sending money to the Philippines or abroad, the best way is to compare your options. To compare the best rates to send money to the Philippines using Gcash, use our online comparison tool to check the best providers today!

In today's globalized world, sending money abroad has become a common necessity. People transfer money across international borders for various reasons, such as supporting family members abroad, paying for education or medical expenses, carrying out business transactions, or even for trips overseas.International money transfers facilitate these financial transactions, allowing individuals and businesses to transfer funds safely and efficiently to recipients in different countries.However, navigating the intricacies of international money transfers can be daunting. Factors such as exchange rates, transfer fees, and security concerns can significantly impact the efficiency and cost-effectiveness of your international money transfer.Canada, known for its strong economy and diverse population, attracts people from around the globe. Whether you have family or friends residing in Canada, need to transfer money for business, or are relocating to the country, knowing how to send money to Canada is crucial.In this blog, we will walk you through the process of sending money to Canada, step by step. We will explore the different transfer methods available, and discuss the factors you need to consider to help you make an informed decision that suits your specific needs to send money to Canada.International Money Transfer BasicsInternational money transfers have become increasingly important in today’s day and age.  By understanding the basics, you can navigate the process of sending money abroad more confidently.Exchange Rates and Their Impact on Money TransfersExchange rates represent the value of one currency in relation to another. They fluctuate constantly due to various factors such as economic conditions, interest rates, geopolitical events, and market forces.The exchange rate can significantly influence the overall cost and value of your transfers.When sending money to Canada, you will need to convert your currency into Canadian dollars (CAD), and the exchange rate will determine how much CAD you will receive for your money.CAD Currency Forecast for 2023Economists and currency analysts expect the Canadian dollar to strengthen against the US Dollar in 2023 and into 2024, owing to several factors, such as an optimistic global growth and inflation outlook, a possible change in expectations regarding monetary policy, and an overall environment that favors taking on more risks.As per Trading Economics, the CAD is expected to trade at 1.34 by the end of this quarter, and in 12 months’ time, it is expected to trade at 1.39.As central banks approach the end of their cycle of raising interest rates, economists are more optimistic that the global economy may avoid a recession this year. This positive outlook is expected to have a favourable impact on the Canadian dollar, potentially providing it with a boost.How Do Exchange Rates Impact Money Transfers?The Exchange Rate: The actual rate at which currencies are exchanged.  The Exchange Rate Margin or Markup: The additional fee or markup charged by banks, money transfer providers, or financial institutions for facilitating international transactions.The Exchange RateWhen the exchange rate is unfavorable, it means that your currency has a weaker value compared to the Canadian dollar. As a result, you will receive fewer Canadian dollars for the same amount of your currency, reducing the value of your transfer. This can be a significant concern, especially when sending large sums of money.The Exchange Rate MarginThe exchange rate margin adds an extra cost to your money transfer. Banks and financial institutions often apply a margin to the real-time exchange rate to cover their operational costs and generate profits. These margins can vary widely between providers, with some offering more competitive rates and lower fees than others.Therefore, it's smart to compare exchange rates and margins across different providers to ensure you're getting the best value for your money.How Do I Get the Best Exchange Rates When Sending Money Overseas?There are a few ways to get the best exchange rates when you want to transfer money to Canada.Time Your Transfer:Exchange rates are constantly changing, so keep an eye on the currency market and monitor exchange rate trends. This can help you identify favorable times to transfer money when the rates are more advantageousHedging Options:Some providers offer hedging options, such as forward contracts or limit orders, which allow you to lock in an exchange rate for a future transfer. These tools can help protect you from unfavorable rate fluctuations and provide more certainty in your transactions.Compare Transfer Providers:Research and compare different money transfer providers to find the ones that offer competitive exchange rates and lower exchange rate margins. Online money transfer services and specialized remittance companies often provide more favorable rates compared to traditional banks.Factors to Consider When Sending Money to CanadaThere are several important factors to consider to ensure a smooth and cost-effective transactionExchange Rates: As we have discussed, exchange rates can significantly impact the value of your money transfer. Compare the exchange rates offered by different providers and consider opting for a provider that offers competitive rates with minimal markup. Timing your transfer when exchange rates are favorable can also help maximize the value of your money.Transfer Fees: Different money transfer providers charge varying fees for their services. Compare the transfer fees across different providers to find the most affordable option. The fees may vary based on the transfer method, amount, and speed of delivery.Transfer Speed: Consider the urgency of your transfer and the speed at which you need the funds to reach the recipient when choosing a transfer provider. Some providers offer faster delivery options for an additional fee, while others may have longer processing times. Choose a transfer method that aligns with your timeline requirements.Security and Reliability: Ensure that the money transfer provider you choose has robust security measures in place to protect your funds and personal information. Look for reputable and trusted providers with positive customer reviews and a track record of reliability in handling international transfers.Delivery Options: Consider the available options for the recipient in Canada to access the funds. Can they receive the money directly into their bank account? Can they pick up cash from a designated location? Assess the convenience and suitability of the options offered by the provider.Regulatory Compliance: Ensure that the money transfer provider adheres to the regulatory requirements for international transfers to Canada. This includes compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations to ensure the legality and transparency of the transaction.Customer Service: Evaluate the quality of customer support provided by the money transfer provider. In case of any issues or inquiries, it is important to have access to reliable and responsive customer support channels that can assist you promptly.Customer Reviews: Read reviews and seek recommendations from trusted sources or individuals who have previously sent money to Canada. Their experiences and insights can provide valuable information about the reliability, efficiency, and overall experience of different money transfer providers.Different Methods of Sending Money to CanadaThere are three main ways you can send money abroad, each with its own advantages and considerations. Consider factors such as transfer fees, exchange rates, speed, security, and recipient preferences when choosing the most appropriate method to send money to Canada.Bank TransfersBank transfers involve sending money from your bank account to the recipient's Canadian bank account bank. Bank transfers are commonly used for large transactions or regular payments. To initiate a bank transfer, you typically need the recipient's bank account number, routing number, and the bank's SWIFT/BIC code. A bank transfer can take several business days to process, and fees may vary depending on the banks involved.Online Money Transfer ServicesOnline money transfer services mostly operate through dedicated online platforms or mobile apps and offer a convenient and often cost-effective way to send money to Canada. To use an online money transfer service, you usually need to create an account, provide identification documents for verification, and enter the recipient's details. Online money transfer services offer competitive exchange rates, lower fees compared to banks, and faster transfer times, often completing transfers within one to three business days.Remittance CompaniesRemittance companies specialize in facilitating international money transfers. These companies have extensive networks and partnerships with financial institutions worldwide, including Canada. Remittance companies typically offer multiple options for sending money, including wire transfer, bank transfers, cash pickups, and mobile wallet transfers. They often have a wide range of agent locations where recipients can collect cash in Canada. Remittance companies may charge varying fees and offer different exchange rates, so it's important to compare options to find the most suitable provider to transfer money.Step-by-Step Guide to Send Money to CanadaHere are the general steps to send money to Canada:Depending on your transfer needs, in terms of speed, convenience, cost, and security, explore different transfer methods available, such as bank transfers, online money transfer services, or specialized remittance companies.Choose a reliable provider that suits your specific needs. Comparing multiple providers can help you find the most cost-effective and reliable option.With the preferred service provider, register an account and provide the necessary identification and verification documents. This step ensures compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.Provide accurate information about the recipient, including their full name, contact details, and bank account information. Double-check the details to avoid any errors that could delay or disrupt the transfer.Calculate the costs and fees associated with the transfer, including any upfront charges, exchange rate margins, and potential intermediary bank fees.Initiate the Transfer after entering the transfer amount and confirm the transaction.Track the transfer status with the help of the tracking number or transaction reference. Most providers also send notifications or updates via email or SMS.Let your recipient know about the upcoming transfer. Share any relevant information such as the expected amount, currency, and estimated time of arrival.Contact customer service immediately for assistance if any issues or delays occur during the transfer. They can provide guidance and resolve any concerns or inquiries you may have.Three Reasons to Use Money Transfer SpecialistsMoney transfer services are dedicated to the task of transferring money-it’s what they do all day, every day.Here are three key reasons:Cost-Effective: Money transfer specialists often offer more competitive exchange rates and lower fees compared to traditional banks. They specialize in international transfers and have streamlined processes that allow them to offer better rates.Faster Transfers: They are known for their efficient and speedy transfer services. They have dedicated systems and networks in place to ensure quick processing of transactions. In some cases, transfers can be completed within minutes or a few hours, depending on the provider and the destination country.Expertise and Support: They have extensive knowledge and expertise in international transfers. They can provide personalized assistance and guidance to help you navigate any challenges or concerns you may have during the transfer process. Their customer support teams are often well-equipped to address any queries or issues you may encounter.Top Online Money Transfer Providers to Send Money to CanadaWiseFormerly known as TransferWise, Wise is a trusted and popular choice to send money to your recipient's Canadian bank account. They offer competitive exchange rates, low fees, and transparency in their pricing. Wise stands out for its user-friendly interface and easy-to-use platform, making it convenient for individuals and businesses to send money abroad.XE Money TransferRegarded as a reputable money transfer provider, XE offers fast and secure online transfers to Canada. Known for their competitive exchange rates and no transaction fees, XE provides a cost-effective solution for sending money internationally. With a user-friendly website and mobile app, they offer a seamless experience for customers looking to transfer money to CanadaRemitlyRemitly is a popular choice for individuals sending money internationally. They provide competitive exchange rates and offer two different transfer options: Express and Economy. Remitly's user-friendly platform and mobile app make it easy to send money conveniently and securely, catering to the needs of customers looking for quick and reliable transfers.WorldRemitWorldRemit is a well-established money transfer service that enables fast and secure transfers to Canada. With competitive exchange rates and low fees, the provider offers a user-friendly online platform and mobile app for hassle-free money transfers. They provide multiple transfer options, including bank account deposits, cash pickups, and mobile wallet transfers, making it convenient for your recipients in Canada.InstaremInstarem is a digital cross-border payments company that offers efficient and low-cost international transfers. With competitive exchange rates and low fees, Instarem provides a transparent and reliable platform for sending money internationally. Their fast-processing times and user-friendly interface make it a popular choice for individuals and businesses.SkrillSkrill is a widely recognized digital wallet and payment provider that also offers money transfer services to several countries. With a focus on simplicity and convenience, Skrill enables users to send money quickly and securely through their online platform and mobile app. They offer competitive exchange rates and transparent fees, making it a suitable choice for online money transfers.XoomXoom, a PayPal service, specializes in international money transfers all across the globe. They offer competitive exchange rates and a convenient online platform for sending money securely. Xoom provides various transfer options, including bank account deposits and cash pickups, catering to the diverse needs of customers looking to transfer funds abroad.PandaRemitPandaRemit is an emerging online money transfer company that focuses on providing efficient and reliable international transfers. They offer competitive exchange rates and low fees, ensuring cheaper transactions. PandaRemit's user-friendly website and dedicated customer support make it a promising choice for transferring money to Canada.Western UnionWestern Union is a well-established and widely recognized money transfer service that allows individuals to send money abroad through their online platform or physical agent locations. With a vast global network, Western Union offers convenient transfer options, including cash pickup and bank account deposits. While their fees and exchange rates may vary, Western Union remains a reliable choice for international money transfers.OFXOFX is a trusted provider of online money transfers, offering competitive exchange rates and low fees. They specialize in international transfers for individuals and businesses, providing dedicated support and secure transactions. OFX's user-friendly platform and personalized service make them a popular choice for those seeking reliable and cost-effective transfers to Canada.ConclusionSending money to Canada can be a straightforward process with the right approach. By considering various factors such as exchange rates, fees, transfer speed, and convenience, you can make informed decisions about the best method to send money to Canada.There are several top online money transfer services to choose from when sending money online. Whether you prioritize low fees, speed, or ease of use, these companies provide excellent options for sending money securely to Canada. By comparing their features and services, you can select the best online money transfer provider that suits your specific needs and preferences.Before sending money internationally, check out our online comparison tool to view top money transfer service providers side by side and always get the best exchange rates!

Whether it’s for conducting cross-border business, managing personal finances during travel, or analyzing global economic trends, an understanding of international currencies is essential for making sound financial decisions and thriving in an interconnected global economy.If you are a globetrotter seeking new adventures, a savvy investor navigating the global market, or simply an inquisitive mind fascinated by the intricacies of the financial systems, this guide will provide you with a comprehensive overview of international currencies, their characteristics, and the current state of the top international currencies.Central to our exploration of international currencies is the concept of exchange rates. We will also delve into how exchange rates work and the factors influencing them.Let’s unravel the mysteries of international currencies, connecting us all through the language of money.What is a Currency?A currency is a form of money used in a specific country or region as a medium of exchange for goods, services, and investments. Each currency is represented by a unique code, which helps distinguish it from other currencies. For instance, the United States dollar is denoted as USD, the euro as EUR, and the British pound as GBP.What are International Currencies?International currencies are monetary units that are widely accepted and used for transactions across national borders. They serve as a medium of exchange, facilitating trade, investment, and financial transactions between countries.  These currencies are typically issued and regulated by sovereign nations or groups of countries and they are accepted beyond their country of origin due to factors such as economic stability, geopolitical influence, and international trade relationships.Major international currencies, often referred to as reserve currencies, such as the US Dollar and the Euro are held in substantial quantities by central banks around the world to support international transactions and maintain financial stability. Other major international currencies include the British pound (GBP), Japanese yen (JPY), Swiss franc (CHF), Canadian dollar (CAD), Australian dollar (AUD), and New Zealand dollar (NZD).Some notable examples of international currencies include the Brazil currency ( Brazilian Real), Korean currency (Korean Won), Thailand currency (Thai Baht), Turkey currency (Turkish Lira), Vietnam currency (Vietnamese Dong), Poland currency (Polish Zloty), Sweden currency (Swedish Krona), Denmark currency (Danish Krone), Indonesia currency (Indonesian Rupiah), Singapore currency (Singapore Dollar), Czech currency (Czech Koruna), South Korea currency (KRW), Egyptian currency (Egyptian Pound), Swiss currency (Swiss Franc), Hong Kong Dollar, Malaysia currency (Malaysian Ringgit), and Israel currency (Israeli Shekel)These currencies represent various economies with unique characteristics and are actively traded in the global foreign exchange market. Exchange rates for these currencies fluctuate based on economic factors, market conditions, and geopolitical events, shaping their values relative to other currencies.List of International CurrenciesTop 10 Strongest Currencies as of June 2023The US dollar is generally seen as the most powerful currency in the world and certainly the most traded currency in the global financial market. The USD is also the largest reserve currency in the world. However, the greenback is not the strongest of the fiat currencies recognized as legal tender worldwide.Based on their relative value against the US dollar, here are the top 10 strongest currencies in the world as of June 2023.How Do Exchange Rates Work?The exchange rates are the rates at which one currency can be exchanged for another. In other words, they represent the ratio between two currencies and determine the price at which one currency can be bought or sold in relation to another.Exchange rates are quoted in currency pairs, such as USD/EUR or GBP/JPY, indicating how much of one currency is required to purchase one unit of the other currency.Understanding exchange rates is crucial for sending money abroad, making investment decisions, and managing currency risk management. They reflect the economic factors and market forces influencing the demand and supply of a currency.Types of Exchange RatesExchange rates can be classified into two categories:FixedFloatingFixed and floating exchange rates are two different systems used to determine the value of one currency in relation to another.Fixed Exchange RatesIn a fixed exchange rate system, the value of a currency is set and maintained at a fixed rate against another currency or a basket of currencies. This rate is typically established and controlled by a country's central bank or monetary authority. Governments may choose to fix their currency to another currency, such as the U.S. dollar, or a commodity like gold.An example of a fixed exchange rate is that of the Chinese Yuan (CNY). The People's Bank of China (PBOC) maintains a fixed exchange rate for the CNY against a basket of currencies, with the U.S. dollar being the predominant reference. The PBOC intervenes in the foreign exchange market to manage fluctuations and keep the exchange rate within a predetermined range.Advantages & Disadvantages of Fixed Exchange RatesThe advantages of fixed exchange rates include stability and predictability in international trade and investment. They can promote confidence in a country's currency and reduce currency risk for businesses engaged in cross-border transactions.However, maintaining a fixed exchange rate requires significant intervention by the central bank and limits its flexibility to respond to economic changes.Floating Exchange RatesIn a floating exchange rate system, currency values are determined by market forces of supply and demand. The exchange rate fluctuates freely based on factors such as interest rates, inflation, economic performance, political stability, and market sentiment. Governments do not actively intervene to control or fix the exchange rate.For example, the United States has a floating exchange rate system, where the value of the U.S. dollar is determined by market forces of supply and demand. The Federal Reserve influences interest rates and monetary policy but does not actively intervene to fix the exchange rate.Advantages & Disadvantages of Floating Exchange RatesFloating exchange rates provide flexibility for currencies to adjust based on market conditions, allowing them to find their equilibrium levels. This system allows for automatic adjustments to external shocks and economic imbalances. However, floating exchange rates can be volatile, which introduces uncertainty for international trade and investment, as exchange rates can vary significantly over time.Mixed Exchange Rate SystemIt's worth noting that countries can choose to switch between fixed and floating exchange rate systems depending on their economic policies and objectives.Many countries today adopt a mixed exchange rate system, also called managed float system, that combines elements of both fixed and floating systems. In this system, the exchange rate is influenced or guided by government intervention to avoid extreme fluctuations. This approach aims to strike a balance between stability and flexibility.For example, India follows a managed floating exchange rate system. The Reserve Bank of India (RBI) actively manages the Indian rupee (INR) against a basket of currencies, primarily focusing on the U.S. dollar. The RBI intervenes in the foreign exchange market to smoothen excessive volatility and maintain orderly conditions.Factors Influencing Exchange RatesExchange rates are influenced by a variety of factors, including the supply and demand for currencies in the foreign exchange market. Economic indicators, such as inflation rates, interest rates, trade balances, and political stability, can impact the demand for a currency and consequently affect its exchange rate.Exchange rates are also influenced by market speculation and government interventions, as central banks may adjust interest rates or engage in currency market operations to influence the value of their currency.These factors can be summarized as follows:Supply and Demand: Like any other commodity, the value of a currency is influenced by the forces of supply and demand. If the demand for a currency is high relative to its supply, its value typically increases. Conversely, if the supply of a currency outweighs the demand, its value may decrease.Economic Factors: Economic indicators, such as interest rates, inflation, GDP growth, employment data, and trade balances, can significantly impact exchange rates. Stronger economic performance often attracts foreign investment and boosts demand for a currency, leading to appreciation: Strong economic growth, trade surpluses, and low unemployment rates can contribute to currency appreciation.Interest Rates: Higher interest rates in a country can attract foreign investors seeking better returns, increasing demand for the currency and potentially strengthening its value. At the same time, lower interest rates may discourage foreign investment and lead to currency depreciation.Inflation: Countries with higher inflation rates tend to experience currency depreciation as the purchasing power of the currency diminishes. On the other hand, countries with lower inflation rates may witness currency appreciation.Balance of Trade: A positive balance, with exports exceeding imports, boosts foreign currency reserves, allowing a country to lower interest rates, spur economic growth, and fortify its currency exchange rate.Public Debt: Public debt and its potential inflationary impact, as well as its deterrent effect on foreign investment, can devalue a currency.Current Account Deficit: The current account deficit is interconnected with the balance of trade, and arises when a country's expenses surpass its earnings. A greater current account deficit relative to a trading partner can diminish a country's currency value compared to that partner's currency.Political Stability: Political stability fosters investor confidence, attracts foreign capital, and strengthens a currency.Market Sentiment and Geopolitical Factors: Political stability, geopolitical tensions, and investor confidence are just a few examples of the factors that can affect market sentiment and, consequently, exchange rates. Positive sentiment can lead to currency appreciation, while negative sentiment can result in depreciation.Government Interventions: Governments possess a range of methods to manage their currency exchange rates. These strategies include adjusting interest rates, purchasing or selling foreign currency, influencing lending rates, printing money, and implementing additional measures. These interventions are typically done to maintain stability, support economic objectives, or address extreme fluctuations.Do Exchange Rates Matter When Sending Money Abroad?Yes. Exchange rates matter when sending money abroad. Being aware of exchange rates and seeking favorable rates can help ensure that you, as a sender, maximize the value of your transfer and provide your recipient with the most beneficial outcome.Top reasons why exchange rates matter when sending money abroad include:Value of the Transfer: Exchange rates determine the conversion of one currency to another. When sending money abroad, the exchange rate determines how much of the sender's currency will be converted into the recipient's cash. A favorable exchange rate can result in the recipient receiving more funds, while an unfavorable exchange rate can reduce the value of the transfer.Cost of the Transfer: Exchange rates impact sending money abroad. If the exchange rate is unfavorable, it means that the sender's currency will have a lower value when converted to the recipient's currency. As a result, the sender may need to transfer a larger amount of their currency to achieve the desired value in the recipient's currency, resulting in higher transfer costs.Timing of the Transfer: Exchange rates are subject to fluctuations due to various economic and market factors. The timing of the money transfer can significantly impact the exchange rate obtained. By monitoring exchange rate movements, the sender can choose a favorable time to initiate the transfer and potentially optimize the value of the transfer.Cost Comparisons: Different service providers offer varying exchange rates for currency conversions. Comparing exchange rates among different providers can help the sender find the most favorable rate, allowing for more value to be transferred to the recipient.How to Send Money AbroadSending money abroad involves several steps to ensure a smooth and secure transaction.Research Transfer MethodsThere are different methods for sending money abroad, such as bank transfers, online payment platforms, or remittance services. You can compare fees, exchange rates, and delivery options to choose the most suitable method for your needs.Collect Recipient InformationCollect the necessary information from the recipient, including their full name, contact details, and bank account information. Ensure you have accurate and complete details to avoid any delays or errors in the transfer.Choose a Service ProviderSelect a reputable service provider or institution to facilitate the money transfer. Consider factors such as fees, exchange rates, transfer speeds, and customer reviews when making your choice. Specialized money transfer companies are better than banks or other financial institutions, as they tend to have higher transfer costs, slower transfer speeds, and hidden fees.Initiate the TransferProvide the required information to the service provider, including your details, the recipient's information, and the amount you wish to send. Double-check all details for accuracy before proceeding.Pay for the TransferFollow the instructions provided by the service provider to pay for the transfer. This can usually be done through various methods such as bank transfers, credit/debit cards, or online payment platforms. Ensure you understand the fees and any additional charges associated with the payment.Confirm and Track the TransferAfter initiating the transfer and making the payment, the service provider will provide you with a confirmation or transaction reference number. Keep this information safe and use it to track the progress of the transfer. Most service providers offer tracking options to monitor the transfer's status.Notify the RecipientInform the recipient that you have sent them money and provide any necessary transaction details or reference numbers they may need to receive the funds. Advise them to monitor their account for the incoming transfer.ConclusionUnderstanding international currencies and exchange rates is important for anyone engaging in global transactions. Having a comprehensive knowledge of different currencies and their dynamics will empower you to navigate the complexities of the global economy more effectively.It is advisable to compare the available options before finalizing your decision when sending money overseas. While banks may seem convenient for international transfers, specialized money transfer providers offer superior exchange rates, transparent and affordable fees, and speed. Use the CompareRemit compare tool to view today's best exchange rates when sending money overseas!

In today's globally connected society, sending money abroad has become a routine necessity. Choosing the best international money transfer service is essential, whether you need to support family members, pay for goods and services, or make investments abroad. Finding the ideal selection can be difficult due to the abundance of options.We have carefully selected a list of the 10 best international money transfer services for 2023 and included it in this guide. By offering comprehensive information, evaluations, and comparisons, we hope to assist you in making an informed choice.What is an International Money Transfer?An international wire transfer is a way to electronically transfer money between bank accounts in several countries. The sender must contact their bank to start the transfer and provide the recipient's bank information, including the account number and pertinent codes. The transaction is then completed through an electronic transfer of funds between the two banks.Factors to Consider While Using International Money TransfersExchange Rates: The exchange rate between currencies is crucial when deciding to send money to another country. Look for providers with competitive rates that are close to mid-market pricing. Some businesses also offer real-time or guaranteed rates, which can be useful in volatile markets. Compare rates from various suppliers to guarantee you get the best deal.Fees: The cost of an international money transfer varies by service provider. It usually includes two kinds of fees: the sending fee levied by the sender's bank and the receiving cost levied by the recipient's bank. Furthermore, exchange rates play a significant role in determining the final cost.Transfer Speed: Compare the rates at which different providers perform transfers. Some transfers are processed in minutes, while others may take several business days. Consider your urgency and select a service that can meet your deadline.Transfer Amount: Taking into account how much money you are sending is also crucial. For small transfers, many businesses can help you send money. However, for large sums, it's advisable to choose a company specializing in corporate transfers. Avoid using banks for significant overseas transfers due to their high fees.Reviews: Read user reviews and testimonials to gain insight into other customers' experiences. Consider both positive and negative comments to gain a balanced view of service quality and customer satisfaction.What are the Things to Look for in International Money Transfer Companies?There are some crucial elements to consider while selecting a money transfer company. You can choose a service provider that matches your individual demands and assures a seamless and secure transfer experience by carefully examining these factors. Here are some important things to check for:Reliability and SecurityLook for suppliers who are licensed and regulated in the countries they operate in. Consider their track record, reputation, and security measures in place, such as encryption and two-factor authentication.Competitive Exchange RatesCompare the rates provided by various money transfer companies and look for those that provide competitive rates similar to mid-market pricing.Transparent FeeLook for service providers with a transparent and upfront fee structure and no hidden expenses. Compare the sending and receiving fees, as well as any additional fees that may apply to your particular transfer.Transfer Speed and ConvenienceSome transfers are processed in minutes, while others may take several business days. Determine your level of urgency and select a service that can meet your deadline. In addition, consider the transfer process's comfort, such as ease of use, user-friendly interfaces, and various transfer options (online, mobile app, etc.).NetworkSome companies have vast networks and relationships that enable seamless transfers to a variety of nations. Check to see if the money transfer company covers the precise places you require.Customer ServiceLook for a money transfer provider with dependable and quick customer care. This can be done via phone, email, live chat, or extensive FAQs.ReviewsRead user reviews and testimonials to learn about other customers' experiences. Their feedback can provide information on service quality, dependability, and overall client happiness. Regulatory ComplianceDetermine whether or not the service provider complies with applicable legislation and anti-money laundering procedures. This ensures that they conform to tight norms and legal regulations, providing an additional degree of protection and legality to your transfers.How to Send Money Internationally Using a Money Transfer CompanyHere are the precise steps to follow when sending money abroad via a money transfer service.Sign up for an account online at the business's main website using your name, contact details.Verify your identity. in step two. Depending on how much money you're sending, different companies have varying criteria.Enter your transfer amountProvide your recipient’s name, contact information & their bank details (account number, and branch number or bank identifier code (SWIFT BIC or IBAN).Pay the money transfer company with funds from your bank account.Track the transfer status online or through email.The transaction is finished when the money reaches the receiver's bank account.How to Get the Best Exchange Rates When Sending Money OnlineWhen transferring money online, getting the best exchange rate is critical to maximizing the value of your overseas transfer. Here are some techniques for obtaining a favorable exchange rate:Research and analyze multiple money transfer companies by comparing their currency rates and overall costs, including fees. Use money transfer comparison platforms like CompareRemit or visit providers' websites to ensure an informed decision.Get to know the mid-market rate (the interbank rate or the real exchange rate). Using comparison tools like CompareRemit, compare the mid-market rate to the rate that money transfer services are offering. Find a provider with rates that are as close to the mid-market rate as possible.Exchange rates fluctuate owing to market conditions. Consider timing your transfer when rates are lower, but be aware that predicting exchange rate movements can be challenging. Strike a balance between timing and the urgency of your transfer.Certain money transfer providers offer the option to lock in an exchange rate in advance allowing you to secure a fixed rate for a specific duration, protecting you from potential volatility.Forward contracts are useful for larger transfers or future payments. They enable you to fix the currency rate at the start of the contract, even if the actual transfer occurs later. This provides peace of mind and safeguards you against adverse currency fluctuations over time.10 Best International Money Transfer CompaniesXe Money TransferXe Money Transfer is a well-known brand in the international money transfer industry. It has several services that distinguish it from other businesses in the industry, such as easy currency conversion and same-day money transfers to more than 170 nations across all six continents.Because of its great exchange rates and lack of additional fees for sending money, Xe Money Transfer is quite popular. They are largely an internet business that offers web and mobile platforms that let users manage domestic and international money transfers from any location. On the business website, each user has the option to create a personal account that is accessible and usable around the clock.Their website receives close to 300 million visitors a year, and more than 70 million people have downloaded their app. With such a large customer base, Xe collaborates with more than 200 top worldwide companies, including Apple, Google, Walmart, and Amazon, and in 2015 alone, it enabled the secure and timely transfer of over $74 billion.Xe is regulated by central banks and financial regulatory agencies all over the world.Pros of Xe Money Transfer Offers competitive exchange rates, which are frequently close to the mid-market rate. Zero transfer fees for international money transfersTransparent and offers a secure platform for sending payments. Covers a wide range of currenciesAccessible via Mobile app and web platformCons of Xe Money Transfer Only offers bank-to-bank transfersIt may not be the quickest solution for urgent transfersRestricted service in particular countries or locationsLack additional services such as bill payment or mobile top-upsWiseWith a 4.5 out of 5 Trustpilot rating, Wise, formerly known as TransferWise, is a well regarded and reliable business for international money transfers. With over 16 million customers transmitting a combined amount of about £76.4 through their platform annually in more than 70 countries, they have a sizable customer base.The business has physical locations in 17 different countries. For their services, Wise charges a fee, but it's typically minimal, with some transfer fees as low as $1 plus a 1% commission on the overall transfer amount. It is a decent option for modest transactions because of its low fees.Wise doesn't charge any additional costs that aren't disclosed up front. They provide a variety of ways to send money, including direct bank transfers, debit and credit card payments, bank wire transactions up to several million dollars (or currency equivalents), and Apple Pay.Although Wise offers next-day transfers, they might not be applicable to all transactions, and the recipient could not have instant access to the funds due to their bank's availability.One of Wise's main advantages is that they use the government-established official exchange rate and adjust their own rate in accordance with it. Pros of Wise Transparent and low fees Fast and Efficient transfers (transactions completed in a few hours or even minutes for certain currency corridors)Accepts a wide selection of currenciesCons of Wise Customers must have a bank account in order to initiate transfers There are transfer limits based on the user's location and verification levelNo cash pickup services. WorldRemitOne of the first brands in the global money transfer industry, WorldRemit is currently valued at about $6 billion. WorldRemit has transformed the remittance industry in some regions, such as Asia and Africa, by offering immigrant workers easily accessible and reasonably priced money transfer services.Even though WorldRemit charges significant margins on its currency exchange rates, it is still far less expensive than conventional banks. The regular special offers and online coupons that clients can use to reduce the fees on their overall transfer amount are another area where WorldRemit excels.Online complaints concerning WorldRemit's customer service and how quickly it answers client issues are common when it comes to customer happiness. However, they make up for it by providing affordable charges, simple online resources, and excellent coverage.Pros of WorldRemit Services available in over 150 countriesOffers a variety of transfer methods, including bank transfers, cash pickups, mobile wallet transfers, and airtime top-ups.Easy-to-use internet platform and mobile app for initiating, tracking, and managing money transfers. Cons of WorldRemitTransfer fees can vary depending on factors such as the amount being transferred, the destination country, and the payment method used.Complaints of delayed verification processInstaremOne of the fintech newcomers to the international money transfer market is Instarem, which prioritizes cutting-edge solutions. Based out of Singapore since 2014, Instarem makes money transfers easy, quick, and reliable for everyone who needs to send or receive money.Instarem has a fantastic mobile app that prioritizes modern design and user experience. They lack true customer assistance and rely on AI to help consumers with their demands, like many contemporary financial businesses. Despite the fact that this is the way to go, many people lament their inability to find timely solutions to their problems.For the majority of its consumers, Instarem can be quite cost-effective. The sending and receiving countries and currencies will determine the fees and exchange rates, although generally speaking, there are no transfer fees.Instarem also offers a rewards program: for signing up, introducing other users, and donating money, customers can accrue reward points. Reward points can then be redeemed and added to the transfer amount.Pros of InstaremCharges affordable and transparent transfer fees Transfers that are quick and efficient.Supports transfers to many nations throughout the worldCons of InstaremOnly allows bank-to-bank transfersAccess restricted in some countries.Limited additional services (bill payments or mobile top-ups not available)RemitlyRemitly, a Seattle, Washington-based company, was established to provide quick international money transfers. It mostly handles remittances—sending money to friends and family who live abroad. Remitly has its own physical facilities in almost 60 countries and operates through a vast network of over 30,000 institutions all around the world. This makes sending and receiving money in a secure, dependable manner incredibly handy for everyone who utilizes them.Since Remitly isn't designed for large transfers, it is only natural that it doesn't provide hedging alternatives or professional dealers. Personal users that send little sums of money internationally make up their customer base. Over 70 different currencies are available for users to pick from, and transfers may be completed in a matter of minutes.The amazing thing about Remitly is that you can accrue perks as you utilize them more frequently. They have a fantastic referral scheme, and you can enable a greater limitation on your maximum sending capacity if you supply more official documentation.The amount of money you're transferring, the speed of the transfer, the payment method you'll use, and the destination country are all factors that affect Remitly's transfer rates.Pros of Remitly Provide rapid transfers with some transactions being processed in as little as a few minutes.Remitly's conversion rates are usually competitiveCovers a huge number of nationsMultiple payment and receiving optionsCons of Remitly Transfer Fees vary depending on the country and quantity transferred.Imposes limits on transfer amountPanda RemitPanda Remit is a digital remittance provider that specializes in money transfers between the UK and China. They provide reasonable exchange rates and cheap costs, making it an appealing option for people and businesses sending money between these two countries.Panda Remit focuses on delivering an easy-to-use internet platform and mobile app for quick and easy transfers. Panda Remit ensures that payments are sent safely and efficiently by emphasizing security and compliance.Additionally, Panda Remit offers real-time transfer notifications via SMS, WeChat, or email to keep consumers updated throughout the procedure. Various delivery alternatives, including a direct deposit to digital wallets, bank cards, or cash pickup, are available for the payment methods of bank transfers, debit cards, and ATM transfers.Customers may effortlessly transfer money overseas thanks to the company's user-friendly PandaRemit mobile app, which offers a 100% satisfaction guarantee.Pros of Panda RemitOffers competitive exchange ratesLow transfer costsA user-friendly web platform that makes it simple to initiate and track transactionsCons of Panda Remit Restricted Coverage and Destination choicesTransfer times may vary based on factors such as the destination country and the banking systems involved. It may not be the quickest solution for time-sensitive transactions.PassToPassTo is an international money transfer service that allows customers to send money to nations all over the world. They provide a variety of transfer options, such as internet transfers, mobile top-ups, bill payments, and digital vouchers.PassTo offers reliable and safe transfers through its trusted network of partners, with an emphasis on user experience and customer satisfaction.The majority of transfers using PassTo are finished in under a minute. There are numerous ways to make a payment, including debit/credit card payments and transfers between bank accounts. It provides a variety of payment options, including bank deposits, mobile wallet credits, airtime top-ups, and cash pickups.PassTo uses cutting-edge security measures to protect transactions and user data, and it is authorized and governed by the Financial Conduct Authority (FCA) in the UK. Depending on the nation, there may be a maximum transfer limit of GBP 3,000 per day, GBP 8,000 per month, and GBP 50,000 per year.Pros of PassToOffers a wide range of transfer options (bank transfers, mobile wallet transfers, and cash pickups). A large network and serves many countries throughout the worldEnhanced security measuresCons of PassToLimited Availability in Some RegionsReports of difficulties contacting customer support or receiving assistance PomeloPomelo is a prominent money transfer firm that offers consumers and businesses globally convenient and secure foreign transfer services. Pomelo seeks to simplify the process of moving money across borders by emphasizing convenience and competitive pricing.Pomelo's user-friendly internet platform is one of its most notable characteristics. The platform offers a simple transaction process, whether you're a first-time user or a seasoned sender.Pomelo prioritizes security, and they use advanced encryption technology to safeguard user data and financial activities. While Pomelo has numerous advantages, certain aspects must be considered. Transfer costs may apply and vary depending on criteria such as transfer amount, destination country, and payment method selected.Pomelo's availability may be limited in some areas. Before selecting Pomelo as your preferred  international money transfer company, be sure it functions in the intended location.Pros or Pomelo Offers a user-friendly online platform that allows users to easily initiate and track money transactions. Users can enjoy competitive exchange rates.Places a high priority on the protection of user data and financial transactions.Cons of PomeloVariable transfer fees based on transfer amount, destination country, and payment method used.Coverage may be limited in certain locations or nations.PlacidPlacid Money Transfer is a well-known and trustworthy international money transfer company that enables individuals and organizations to send and receive money across borders. Placid attempts to deliver a smooth experience for its users by emphasizing accessibility, cheap rates, and comprehensive services.Placid Money Transfer's extensive network coverage is one of its most noticeable qualities. The program offers transfers to multiple countries throughout the world, allowing users to send money to a variety of locations. Placid also provides competitive exchange rates, allowing consumers to get the most out of their money transfers. Placid provides a variety of helpful features in addition to its main money transfer services. In some nations, they include cash pickups, mobile wallet transfers, and even home delivery of funds. Such adaptability provides consumers with a variety of options to meet their individual preferences and circumstances.While Placid Money Transfer has various advantages, certain concerns must be considered. Transfer costs may apply and vary depending on criteria such as transfer amount, destination country, and payment method selected. To understand the fees associated with their transactions, users should check the price structure.Furthermore, the availability of Placid's services may vary by region. Before deciding on an international money transfer service, it is a good idea to see if Placid operates in the chosen location.Pros of PlacidPlacid has extensive network coverageProvide competitive exchange ratesHas a variety of transfer alternatives to accommodate a wide range of user requirements. Multiple delivery options: cash pickups, mobile wallet transfers, and even home delivery of money. Cons of Placidits availability in particular places may be limited.Does not provide a broad variety of ancillary services like bill payment or mobile top-ups. SkrillSkrill Money Transfer is a well-known online payment and international money transfer service that enables individuals and organizations to send and receive money from across the world. One of the primary benefits of Skrill Money Transfer is its simplicity. The platform is designed to be simple and easy to use, making it suitable for users of all levels of experience. Users may quickly create an account, add their bank accounts or credit cards, and begin sending money to others all around the world.Skrill Money Transfer also provides competitive exchange rates, guaranteeing that users receive the best possible rates when transferring currencies. This may result in cost savings when compared to traditional banks or other money transfer services. You can compare the top money transfer companies side by side on CompareRemit. Pros of SkrillA user-friendly site that is simple to access and comprehend, making it accessible to users of all skill levels.Offers competitive exchange ratesEnables transfers to over 180 countries, providing extensive global coverage.Cons of SkrillReports of difficulties contacting Skrill's customer service or receiving assistance on time. Limited Payment Options (may not support all local payment methods in every country) Frequently Asked QuestionsHow long does it take to send money internationally?The time it takes to send money internationally varies based on the service provider and the destination country. It can take anywhere from a few minutes to several business days.How safe are international money transfers?Yes, respectable money transfer firms use advanced security methods to safeguard your financial information and assure safe transactions. It is critical to select a reputable and licensed provider.Are there any fees involved with international money transfers?The rates for international money transfers vary depending on the supplier. Transaction costs, exchange rate fees, and receiving fees are all possible. Before initiating a transfer, it is critical to review the pricing structure of each service.Is there a limit to how much money I can send internationally?Yes, there are normally limits on how much money you can send abroad. These restrictions may differ depending on the service provider, the destination country, and local regulations. It is critical to review the particular limits for each provider.ConclusionWhen you want to send money overseas quickly, reliably, and affordably, specialist  international money transfer services are a fantastic alternative to banks.While sending money overseas, selecting the correct money transfer service is critical. Make an informed decision by examining factors such as exchange rates, costs, transfer speed, security, and customer service. Compare multiple service providers to find the ideal alternative that provides competitive pricing, low fees, and a flawless user experience. We recommend that you visit CompareRemit to make the process of comparing money transfer services easier. Don't settle for subpar rates or high fees.Use CompareRemit today to find the best international money transfer service for your needs!

Having the right credit card when traveling can offer you much-needed convenience and additional perks and travel insurance benefits such as travel rewards, sign-up bonuses, airline and hotel loyalty programs, airport lounge access, travel-related discounts, and assistance, to name a few.One additional perk that certain credit cards offer is travel insurance. There’s no denying that traveling is fun and exciting, but there are always unexpected challenges that may arise during your trip. From flight cancellations to lost baggage to medical emergencies, things can happen that will jeopardize your trip, which can result in a huge financial burden.This is when travel insurance becomes an essential part of your travel, providing you with financial protection and peace of mind by offering you various types of coverage. In this article, we will discuss the importance of travel insurance, the various credit card travel insurance benefits, and highlight the top credit cards that offer travel insurance, ensuring peace of mind throughout your trip.The Importance of Travel InsuranceTravel insurance is an important part of travel planning as it helps mitigate the financial risks associated with unexpected travel-related events. It provides protection, peace of mind, and assistance when you need it most, allowing you to enjoy your travels with confidence.Financial ProtectionTravel insurance acts as a safety net, providing financial coverage for various mishaps that may occur during your trip. Whether it's reimbursing your expenses in case of trip cancellation, covering medical emergencies and evacuation costs, or compensating for lost or stolen belongings, travel insurance safeguards your finances from unexpected expenses.Medical EmergenciesIf you fall sick or get injured while traveling, especially abroad, medical expenses can be exorbitant. Travel insurance will help you cover the costs of medical treatments, hospital stays, medications, and emergency medical assistance, ensuring you have access to quality healthcare services and medical evacuation if necessary. It provides you with peace of mind and financial protection against unforeseen medical expenses.Trip Cancellation and InterruptionLife is unpredictable, and sometimes unforeseen circumstances such as illness, injury, family emergencies, political unrest, or natural disasters can force you to cut your trip short.Sometimes, unforeseen circumstances such as natural disasters, political unrest, or personal emergencies can force you to cut your trip short. Travel insurance with trip cancellation and interruption coverage can reimburse you for non-refundable expenses like flights, accommodations, and prepaid activities and help you arrange alternative travel arrangements, minimizing the financial impact of unexpected changes.Lost or Delayed LuggageIf your luggage goes missing or arrives late at your destination, travel insurance can reimburse you for essential items you need to purchase while waiting for your belongings. This coverage is especially useful when traveling with valuable items or if you rely on your luggage for essential medications or equipment.Travel DelaysDelays can hamper your travel plans and lead to additional expenses. Travel insurance can cover expenses incurred due to delayed flights, such as accommodations, meals, and transportation. This coverage ensures that you are not left stranded and financially burdened by unexpected delays.Additional Benefits & AssistanceTravel insurance may also offer additional benefits such as 24/7 travel assistance, emergency hotline services, concierge services, and access to pre-trip information and resources. These services can be invaluable when you need guidance, support, or information while traveling in unfamiliar surroundings.Different Types of Travel Insurance Coverage Offered by Credit CardSeveral credit cards provide various types of travel insurance when you use them to pay for flights, rental cars, and other travel expenses.Travel insurance coverage provided by credit cards can vary depending on the issuer and type of card. However, there are common types of travel insurance coverage that you may find with certain credit cards.Trip Cancellation/Interruption InsuranceThis coverage reimburses you for any unused, prepaid, non-refundable travel expenses if you have canceled or interrupted your trip due to covered reasons, such as illness, injury, or severe weather.Baggage DelayIf your checked baggage is delayed or lost by the airline, this coverage provides reimbursement for essential items you need to purchase, such as clothing and toiletries. The length of the delay required and the coverage offered vary by card.Lost Luggage InsuranceIf your bags are lost or damaged by a carrier or items have been stolen from your baggage, your provider may provide monetary compensation.Trip Delay InsuranceIf your trip on a common carrier is delayed, you may receive monetary compensation to help cover meals, hotels, transportation, and necessary purchases during the delay.Emergency Medical & Dental InsuranceIf you become injured or ill while traveling and require medical treatment, you will get reimbursed for medical expenses, including hospital stays, doctor visits, and emergency dental treatments.Emergency Medical EvacuationIf your illness or injury requires you to return home immediately for care, this coverage provides assistance and reimbursement for emergency medical transportation, including air ambulance services, or medically necessary repatriation to your home country.Travel Accident InsuranceIn the case of accidental death or dismemberment, while traveling on a common carrier, this coverage will provide financial protection.Rental Car InsuranceThis coverage protects your rental car against theft and damage. It saves you from having to purchase additional insurance from the rental car company.As we have seen, credit cards provide a range of travel insurance benefits and coverage tailored to your travel needs. Although travel insurance provided by credit cards is not as comprehensive as a standalone travel insurance policy, it may provide enough coverage for certain tips.If you know which credit card to use, you do not have to buy an additional travel insurance policy for your travel abroad.If you want to buy standalone travel insurance plans, travel insurance companies offer comprehensive travel insurance coverage that will meet your varied requirements.For more information on travel insurance, visit VisitorsCoverage.com!Top Credit Cards with Travel InsuranceTo help you make an informed decision, we have listed below the top credit cards that provide robust travel insurance coverage. Explore the options below and find the perfect credit card to protect your travel adventures.Chase Sapphire Reserve: Most Comprehensive Travel Insurance Coverage on the ListThe Chase Sapphire Reserve is a credit card with extensive travel insurance benefits. It provides a wide range of coverage, including medical, trip cancellation, trip interruption, trip delay, lost and damaged luggage, delayed luggage, emergency evacuation, and primary rental car insurance.Compared to other cards, the coverage amount offered by this card is generally higher. Additionally, for trip delays and baggage delays, the coverage takes effect after just six hours of delay.Sign up Bonus60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening.RewardsEarn 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate RewardsEarn 5X total points on flights through Chase Ultimate RewardsEarn 3X points on other travel and diningEarn 1 point per $1 spent on all other purchases  Annual Fee: $550Travel InsuranceBaggage delay: Up to $100 reimbursed per day for up to five days if a passenger carrier delays your baggage for more than six hours.Lost/Damaged Baggage: Up to $3,000 per passenger per tripTrip Delay: Up to $500 per ticket for delays more than six hours or requires an overnight stay.Travel Accident: Accidental death or dismemberment coverage of up to $100,000 (up to $1,000,000 for common carrier travel)Trip cancellation and interruption: Up to $10,000 per person and $20,000 per trip for pre-paid non-refundable travel expensesMedical evacuation benefit: Up to $100,000 for necessary emergency evacuation and transportation.Emergency medical & dental benefit: Up to $2,500 for medical expenses (subject to a $50 deductible) when on a trip arranged by a travel agency and traveling more than 100 miles from home.Rental car coverage: Up to $75,000 on rentals of 31 days or less.Chase Sapphire Preferred Card: Best Travel Insurance Card with an Annual Fee under $100The Chase Sapphire Preferred Card is a favorite among travelers. The card is one of the best travel rewards credit cards for the average traveler because it offers good enough travel insurance coverage for a card with an annual fee of less than $100. With this card, you’ll enjoy trip cancellation/interruption insurance, baggage delay insurance, and primary car rental insurance. It also earns valuable Chase Ultimate Rewards points that can be redeemed for travel expenses.However, the travel protections offered by this card are not quite as good as those offered by the Chase Sapphire Reserve.Sign-Up Bonus60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening.Rewards5X on travel purchased through Chase Ultimate Rewards3X points on dining out3X points on select streaming services3X points on online grocery purchases2X on all other travel purchases1X point on all other purchasesAnnual Fee: $95Travel InsuranceBaggage delay: Up to $100 reimbursed per day for up to five days if a common carrier delays your baggage more than six hoursLost/damaged baggage: Up to $3,000 per passenger per trip.Trip Delay: Up to $500 per ticket for delays more than 12 hours or requiring overnight stayTravel Accident: Accidental death or dismemberment coverage of up to $100,000 (up to $500,000 for common carrier travel)Trip cancellation and interruption: Up to $10,000 per person & $20,000 per trip for pre-paid non-refundable travel expensesRental car insurance: Primary coverage for damages caused by theft or collision up to the actual cash value of most rented cars on rentals of 31 days or less.The Platinum Card from American Express: Best for Luxury Travel BenefitsThe Platinum Card from American Express is intended for frequent travelers seeking luxury travel benefits and Platinum Concierge Service.In addition to its elite travel perks, the card provides extensive travel insurance coverage. You will be covered for trip cancellation/interruption, baggage loss/damage, and access to the Global Assist Hotline for emergency assistance while traveling.Sign-Up Bonus Earn 80,000 points after you spend $6,000 on purchases on the card in the first 6 months of card membership.Rewards5X Membership Reward points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.5X Membership Rewards Points on prepaid hotels booked with American Express Travel.1X on other purchasesAnnual Fee: $695Travel InsuranceLost Luggage: Up to $3,000 per passenger (when the entire fare for a ticket for the trip (one-way or round-trip) is charged to an eligible card).Trip Delay: Up to $500 per covered trip for delays of more than 6 hoursTrip cancellation and interruption: Up to $10,000 per covered trip. Maximum benefit of $20,000 per 12-month period for prepaid, non-refundable travel expenses.Travel accident insurance up to $500,000 in case of accidental death or dismemberment while traveling on a Common Carrier Conveyance, when the entire fare has been charged to the Platinum Card.Rental car insurance up to 75,000 for damages caused by theft or collision on rentals of 30 days or less.Capital One Venture X Rewards Credit Card: Popular for its Simplicity and FlexibilityAlongside its robust rewards program, the Capital One Venture Rewards Credit Card provides travel insurance coverage, including trip cancellation and interruption insurance and travel accident insurance. You can redeem your rewards for travel-related expenses at any time.Sign-Up Bonus Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening.RewardsEarn unlimited 2 miles per dollar on every purchaseEarn unlimited 5 miles per dollar on hotels and rental cars booked through Capital One TravelAnnual Fee: $95Travel InsuranceLost Luggage: Up to $3,000 per passenger. For New York State residents, coverage is limited to $2,000 per bagTravel accident insurance: Up to $250,000Rental Car Insurance: Covers damage or theft with restrictions. Eligible rental periods are limited to 15 days in the cardholder’s home country or 32 days outside.Travel and Emergency AssistanceBank of America Premium Rewards Credit Card: Best Card for Travel RewardsThe Bank of America Premium Rewards credit card offers a compelling blend of rewards and travel insurance benefits. With this card, you’ll have access to trip cancellation/interruption insurance, baggage delay insurance, and travel accident insurance. Additionally, it allows you to earn unlimited points on every purchase.Sign-Up BonusEarn 60,000 online bonus points after you spend at least $4,000 in purchases in the first 90 days of account opening.RewardsEarn 2 points for every $1 spent on travelEarn 2 points for every $1 spent on dining purchasesEarn 1.5 points per $1 on all other purchasesAnnual Fee: $95Travel InsuranceTrip Delay: Up to $500 per ticket for unexpected trip delays of more than 12 hoursTrip Cancellation/interruption: Up to $2,500 per person per trip for unused pre-paid, non-refundable travel expensesBaggage Delay: Up to $100 reimbursed per day for up to five days for baggage delays of more than 6 hoursLost Luggage: Provide coverage for luggage & its contents if they are lost or stolen due to theft or misdirection by your common carrierTravel & Emergency Assistance Services: You get help coordinating medical, legal, and travel services when you are traveling. But you will have to pay for any goods and services.Emergency Evacuation & Transportation Coverage: Covers eligible medical services and transportation if you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation.Rental Car Coverage: Get secondary coverage for damages caused by theft or collisionHow to Select A Credit Card for Travel Insurance?When selecting a credit card for travel insurance, consider the following factors to ensure you choose the right one for your needs:What kind of travel insurance benefits are you looking for?Not all cards will have the same travel insurance benefits, so you'll need to examine the specific coverage offered by the cards. Some cards offer only limited travel insurance benefits, such as trip cancellation and interruption and secondary car rental insurance benefits, while others may include trip delays, baggage delays, medical emergencies, emergency evacuations, and much more.How much coverage is enough for you?No two credit cards are equal, even when they offer some coverage. Understand the coverage limits, exclusions, and any requirements, such as pre-existing condition clauses or minimum spending thresholds, to activate the benefits. Also, you may not be fully covered depending on your total trip cost. Similarly, rental car insurance coverage may not cover all types of rental cars.Compare the coverage limits and terms of different cards. Read the maximum coverage amounts for medical expenses, trip cancellation, interruption, and baggage loss, to name a few. Go for cards with adequate coverage that align with your needs and potential costs.When will coverage apply?Having coverage doesn’t mean that it will apply all the time. Trip cancellation insurance permits trip cancellation only for specific covered reasons. Rental car coverage usually does not encompass liability coverage, indicating that the vehicle is insured but you, as the driver, are not.What are your travel habits?Take into account your travel patterns and preferences. Do you frequently travel domestically or internationally? Do you mainly fly or use other modes of transportation? Stay at hotels or opt for alternative accommodations? Examine which types of coverage are most relevant to your travel style and prioritize them when comparing credit card options.What is the card's annual fee?Many credit cards with robust travel insurance benefits often come with an annual fee. See if the benefits outweigh the card's annual fee, depending on the expected usage of the card and the value you will receive from the travel insurance coverage. Additionally, consider any other perks or rewards associated with the card that may offset the fee.If there are additional card benefits?Besides travel insurance, assess the card's other features, such as travel rewards, airport lounge access, travel-related discounts, or concierge services. These additional perks can enhance your overall travel experience and provide added value.What are people saying about the cards?Research online reviews and seek recommendations from other travelers who have experience with the credit cards you're considering. Their insights can offer valuable perspectives on the reliability and quality of the travel insurance coverage provided.Lastly, read the fine print and remember that credit card terms and conditions can change over time, so it's essential to review the details and confirm the coverage before applying for the card.Frequently Asked QuestionsHow do I file a travel insurance claim with my credit card?The process for filing a travel insurance claim varies among credit card issuers. It's best to contact the number on the back of your card to inquire about the necessary steps to initiate the claim process.Is credit card travel insurance sufficient?It depends. Review the details provided in the credit card's coverage documents and assess if the coverage amount and reasons covered are adequate for your specific trip and personal circumstances. If not, consider obtaining a separate travel insurance policy that offers additional coverage. It's also important to consider whether your health insurance extends coverage to out-of-state or international claims. Each insurance company has specific policies that should be understood before embarking on your travels.Does credit card travel insurance work?Credit card travel insurance does work, but the types of coverage, coverage amounts, and limitations can differ significantly from one card to another. Carefully read the fine print in documents such as your credit card agreement and benefit terms to understand the limits and exclusions of the benefits. Be prepared for some back-and-forth communication if you need to submit a claim.ConclusionCredit card travel insurance can provide valuable coverage and benefits for your trips. To get the best credit card for travel insurance, it's essential to thoroughly understand the specific terms, limitations, and coverage offered by credit cards.Carefully review the fine print and assess if the coverage amount and reasons covered align with your travel needs. Depending on your circumstances, it may be necessary to supplement your credit card coverage with a separate travel insurance policy.While credit card travel insurance can be beneficial, it's crucial to be informed and prepared to ensure you have the necessary protection for a worry-free and enjoyable travel experience.For more information on travel insurance, visit VisitorsCoverage.com!Travel insurance and sending money overseas are two important aspects to consider when planning international trips. If you are looking to send money overseas, it is important to consider exchange rates, choose a reliable, cost-effective money transfer that will help you save on fees, and maximize the amount received by your recipient. For instance, when sending USD to INR, it is important to compare the USD/INR exchange rates and find the most favorable option for sending money.Both travel insurance and sending money overseas require careful consideration and research to ensure a smooth and secure experience during your international journeys.

In today's digital age, managing our finances has become easier and more efficient than ever before. Mobile wallets have quickly become the preferred way of sending and receiving money. Now, Xe, a trusted online money transfer service, has announced their latest upgrade to their services which enables users to send money internationally directly to mobile wallets through their platform. In this article, we will explore the benefits of mobile wallets and how Xe simplifies mobile wallet transfers, ensuring a seamless and secure experience for users.Understanding Mobile WalletsMobile wallets are digital applications that enable users to store, send, and receive money using their mobile devices. They eliminate the need for physical cash or cards, providing a convenient and contactless payment solution. With the increasing prevalence of smartphones and advancements in technology, mobile wallets have become the preferred choice for individuals seeking a fast and hassle-free payment method.How Does a Mobile Wallet Work?A mobile wallet securely stores the user's payment information, such as credit card details, bank account information, or even cryptocurrencies. It acts as a virtual wallet, allowing users to make payments for various goods and services through their smartphones. The wallet employs robust encryption and security measures to protect the user's financial data, ensuring a safe and reliable transaction experience.Xe's Support for Mobile WalletsXe now offers support for sending money overseas directly to mobile wallets in over 35 countries through their exclusive mobile app or their online platform. This provides an even faster way to send money to your loved ones internationally.There are just a few simple steps that you need to take in order to initiate your mobile wallet transfer through Xe:Step 1: Sign Up or Sign In with XeIf you're new to Xe, signing up takes just a couple of minutes. For existing users, simply sign into your account via their mobile application or online platform.To send money to a mobile wallet, click Send in the Xe app, or Send money in your account online. Step 2: Provide Your Transfer DetailsNext, provide the details for your mobile wallet transfer. First, choose the destination country for your recipient. You’ll see two fields - one for how much you are sending in your home currency, and one for how much the other person will receive in their currency.Step 3: Choose Your Payment & Delivery MethodIn the next step, you’ll choose how you want to pay for your transfer. For your delivery option, select mobile wallet.Step 4: Confirm and PayBefore finalizing your transaction, double-check that the information you entered is accurate. Once you're satisfied, initiate the transfer by paying. Once Xe receives your payment, the transfer to the mobile wallet will be processed.It’s that simple! With Xe's support for mobile wallets, you can now send money quickly and securely, with funds arriving in your recipient's mobile wallet in as little as a few minutes once your payment is received.In order to use this new delivery option, you must be a customer in the UK, Europe, Canada, or the USA. Only the mobile app version 7.14.0 offers this new delivery method as well as your online account. It is recommended to update your app to the latest version if you do not see mobile wallet as an option for delivery method.The next time you need to send money to a loved one overseas in minutes, sign up for Xe and take advantage of the ability to send your funds directly to a mobile wallet. For more information, please visit Xe's website and start your first transfer today! Feel free to check out our comprehensive Xe guide for more information. 

Imagine a world where borders are just lines on a map, where distance doesn't hinder transactions, and where global commerce is as easy as a few clicks. Thanks to PayPal, that world is within reach. PayPal is a widely recognized and widely used payment platform, offering convenience and accessibility for international money transfers. But before you dive headfirst, it's essential to untangle the web of fees that come with using PayPal for international money transfer.In this blog, we will explore the advantages that PayPal brings to the table, as well as the potential drawbacks and alternatives to consider. By understanding these factors, you can navigate the world of international payments more effectively and ensure your funds are used efficiently.Factors to Consider While Sending Money Internationally Using PayPalWhile PayPal is a widely used payment platform for international transactions, there are several factors to consider to ensure a smooth and cost-effective experience. Here are some key factors to keep in mind when sending money internationally using PayPal:Exchange Rates: PayPal offers currency conversion services when sending money across borders. However, it's essential to compare PayPal's exchange rates with the mid-market rate (the real exchange rate) to understand if there is a significant markup. In some cases, using a local currency exchange service or a specialized platform like Wise may offer more competitive rates.Fees: PayPal charges transaction fees for international payments, which are typically a percentage of the transaction amount. It's crucial to review PayPal's fee structure and compare it with alternative platforms to ensure you're getting the best deal. Additionally, consider the currency conversion fees, which can add up, especially if you frequently receive payments in different currencies.Funding Sources: PayPal allows you to link various funding sources, such as bank accounts and credit cards, to your account. Each funding source may have different fee structures for international transactions. For example, using a linked bank account may have lower fees compared to using a credit card. Take the time to review and compare the fee structures of different funding sources before making a transaction.Security and Fraud Protection: PayPal offers security measures and fraud protection for international transactions. It's important to familiarize yourself with PayPal's security features, such as two-factor authentication, buyer and seller protection policies, and dispute resolution processes. These measures can provide peace of mind when sending money internationally.Transaction Limits: PayPal may impose transaction limits for international transfers. It's essential to understand these limits and ensure they align with your transfer needs. If you anticipate making larger or frequent international transactions, it's advisable to check PayPal's policies and explore options for increasing your transaction limits.Payment Timelines: Consider the time it takes for funds to be transferred through PayPal for international payments. Depending on the recipient's location and local banking processes, it may take several business days for the funds to become available. If time sensitivity is a factor, explore alternative payment platforms that offer faster transfer options.Customer Support: Familiarize yourself with PayPal's customer support channels and their availability for international transactions. In case of any issues or concerns, having access to responsive customer support can be invaluable. Check if PayPal offers dedicated support for international transactions or if there are any specific contact options for cross-border payments.By considering these factors, you can make informed decisions when sending money internationally using PayPal. Take the time to research and compare different options, avoid PayPal fees and use a low-cost, trusted money transfer provider featured on CompareRemit! Pros of Using PayPal to Send Money Internationally:Convenience: PayPal is a widely recognized and accepted payment platform, making it convenient for both senders and recipients to send and receive money across borders.Accessibility: PayPal has a large user base and is available in many countries, allowing for seamless transactions between different regions.Speed: Transfers through PayPal are generally quick, with funds usually becoming available to recipients within a few business days.Security: PayPal offers robust security measures, including encryption technology, fraud protection, and dispute resolution services, providing users with a level of confidence and protection when sending money internationally.Wide Acceptance: PayPal is accepted by numerous online merchants and e-commerce platforms worldwide, making it a versatile payment option for international transactions.Cons of Using PayPal to Send Money Internationally:Transaction Fees: PayPal charges transaction fees for international transfers, which can add up, especially for larger amounts. These fees may vary depending on the countries involved and the payment method used.Currency Conversion Fees: When funds are converted from one currency to another during the transfer, PayPal applies a currency conversion fee. This fee is typically higher than the mid-market rate, resulting in additional costs for users.Exchange Rates: PayPal's exchange rates for currency conversion are known to have a markup compared to the mid-market rate. This means that users may not receive the most favorable rates when converting their funds.Fund Withholding: In some cases, PayPal may put a hold on funds received from international transactions, especially if it detects suspicious activity or needs to verify the transaction. This can cause delays and inconvenience for both senders and recipients.Limited Customer Support: PayPal's customer support may not always be responsive or readily available for international transactions. Dealing with any issues or disputes can be challenging, especially if there are language barriers or different time zones involved.Transaction Limits: PayPal imposes transaction limits, which may restrict the amount of money that can be sent internationally within a specific time frame. This can be a drawback for users who need to make larger or frequent international transfers.It's important to weigh these pros and cons when deciding whether to use PayPal for international money transfers. Remember, while PayPal is a convenient option, exploring alternative payment platforms may offer better rates, lower fees, and additional features tailored to international transactions. Compare different options, weigh the pros and cons, and select the method that best suits your requirements for sending money abroad.For a comprehensive comparison of money transfer services and their fees, visit CompareRemit to find the best service for your specific USD to INR transfers from the USA to India. Compare exchange rates, fees, transfer speed, and more with the click of a button. Tips for Reducing International Fees When Using PayPalWhile avoiding PayPal fees completely is not possible, here are some tips to reduce the fees:Understand PayPal's International Fees: To effectively minimize PayPal's international fees, you need to understand how they are structured. PayPal charges a combination of transaction fees and currency conversion fees for international payments. The transaction fees are typically a percentage of the transaction amount, while the currency conversion fees apply when the payment is converted from one currency to another.Choose the Appropriate Funding Source: When making international payments through PayPal, you can link various funding sources, including bank accounts and credit cards. Each funding source may have different fee structures, so it's crucial to compare and select the one with the lowest fees for international transactions. For example, using a linked bank account may have lower fees compared to using a credit card.Opt for Local Currency Payments: When you receive funds from international sources, PayPal offers the option to convert the funds into your local currency. However, PayPal's currency conversion rates often include a markup, leading to additional fees. To avoid this, consider receiving payments in the sender's currency and then using a local currency exchange service or digital wallet to convert the funds at more favorable rates.Explore Alternative Payment Platforms: While PayPal is widely used, there are alternative payment platforms that offer competitive international fees. Wise (formerly TransferWise), for instance, specializes in international money transfers with transparent fees and real-time currency exchange rates. By comparing different platforms, you may find alternatives that better suit your cross-border transaction needs and help you save on fees.Consider Peer-to-Peer Payments: In some cases, you may be able to bypass PayPal altogether and opt for peer-to-peer payment platforms. These platforms allow you to send and receive funds directly from the sender's bank account to your own, reducing fees associated with intermediaries like PayPal.Negotiate Fees for Business Transactions: If you are conducting business transactions on a regular basis, it's worth exploring whether PayPal offers negotiated fee structures for higher volume transactions. Contact PayPal's customer support or explore their business account options to see if you qualify for lower fees based on your transaction volume.Alternatives to PayPal to Send Money AbroadWhen it comes to sending money from the USA to India, there are several reliable alternatives to using PayPal. These services specialize in facilitating transfers specifically between the USA and India, offering competitive exchange rates and convenient options for sending funds in USD to recipients in INR. If you're looking for the best transfer service for your specific needs, you can compare the available options on CompareRemit. Here are some of the prominent services worth considering:Remitly: Remitly offers fast and secure transfers from the USA to India. It provides competitive exchange rates and low fees, ensuring cost-effective transfers. Users can conveniently send money directly to Indian bank accounts, and recipients can receive funds quickly. Remitly's partnership with major banks in India allows for seamless transactions.Xe: Xe is a trusted platform for international money transfers, including those from the USA to India. It offers competitive exchange rates and provides a user-friendly experience. Xe supports transfers to Indian bank accounts, enabling recipients to receive funds in INR promptly.Panda Remit: Panda Remit specializes in money transfers between the USA and India. It provides competitive exchange rates and efficient transfer services. Panda Remit focuses on user convenience, ensuring a smooth experience for sending funds from the USA to India. WorldRemit: WorldRemit is a popular service for sending money from the USA to India. It offers competitive exchange rates and low fees, ensuring cost-effective transfers. WorldRemit provides multiple delivery options, including bank deposits and cash pickups at partner locations across India.Instarem: Instarem specializes in digital cross-border payments and offers efficient transfers from the USA to India. It provides competitive exchange rates and transparent pricing, making it an attractive option. Instarem supports fast transfers to Indian bank accounts, ensuring recipients receive funds in INR promptly.Wise: Wise (formerly TransferWise) is a reliable and cost-effective option for sending money from the USA to India. It offers competitive exchange rates and transparent fees. Wise uses the mid-market rate for currency conversion, ensuring fairness in its pricing. Transfers to Indian bank accounts are fast and straightforward. Placid: Placid specializes in money transfers from the USA to India. It offers competitive exchange rates and user-friendly transfer services. Placid focuses on providing a seamless experience and offers multiple options for sending funds to Indian bank accounts.These money transfer services offer alternatives to PayPal for sending money internationally, providing competitive exchange rates, low fees, and various delivery options to meet the needs of users. It's important to compare their features, rates, and supported countries to choose the service that best suits your specific requirements.To evaluate these options and explore additional services, you can visit CompareRemit, a free online comparison platform that provides comprehensive information about various money transfer services, including their rates, fees, and customer reviews. This platform allows you to assess different options side by side and make an informed choice based on your specific requirements for transferring USD to INR from the USA to India.

Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.

In our increasingly globalized world, the need to send money overseas has become an integral part of many individuals' lives, whether they are expatriates, international students, business professionals, or individuals supporting their families abroad.Where convenience and speed are paramount, many individuals are eager to explore new possibilities when it comes to sending money overseas.While traditional methods like wire transfers and international bank drafts are still prevalent, the question we are exploring today is: Can we use credit cards to send money internationally?In this article, we'll explore the concept of using a credit card for international money transfers, the associated risks, alternative payment options, and guide you towards making an informed decision.How to Send Money Overseas With a Credit CardSending money using a credit card may not be as straightforward, but there are alternative ways:Transfer money from a credit card to a bank account: One of the most common and straightforward methods is transferring money from a credit card to a bank account. This option allows you to send funds directly to a recipient's bank account, providing a secure and reliable transfer. It's advisable to check with your credit card issuer or bank to understand the process and any associated fees involved.Use specialist money transfer providers: Money transfer providers like Western Union and Xoom, a PayPal service offer a convenient way to send money overseas using a credit card. These services act as intermediaries, allowing you to fund the transfer with your credit card and then transferring the money to the recipient.With a wide network of agents and online platforms, money transfer providers ensure quick and accessible transactions to support your loved ones anywhere in the world.Transfer money from a credit card to a debit card: If you need to transfer funds to a recipient who has a debit card, it is possible to transfer money from your credit card to their debit card. This method provides flexibility, especially if the recipient prefers to have the funds readily available in their debit card account.It's important to ensure that both the credit card and debit card issuers allow such transfers and to be aware of any associated fees or restrictions.Explore peer-to-peer payment platforms: Peer-to-peer payment platforms have gained popularity in recent years, offering an alternative method to transfer money internationally using a credit card. Platforms such as PayPal or Payoneer allow you to link your credit card and send money globally. These digital wallets often provide convenience, lower fees, and the ability to transfer funds to recipients using their email addresses or mobile numbers.Consider online payment platforms: In addition to peer-to-peer payment platforms, online payment platforms such as TransferWise or Revolut offer innovative solutions for international money transfers. These platforms allow you to link your credit card and transfer money abroad at competitive exchange rates and with lower fees compared to traditional banks. It's worth exploring these platforms to find a cost-effective solution that suits your specific needs.Compare Money Transfer Services: Take the time to compare different money transfer services, considering factors such as exchange rates, fees, transfer speed, and customer reviews. Platforms like CompareRemit allow you to conveniently weigh your options, view real-time exchange rates, and choose the service that best fits your needs.Advantages of Sending Money From a Credit CardQuick and Straightforward Process: Using a credit card for international money transfers can be a convenient and efficient payment method. It allows for swift transactions, particularly when using online platforms or money transfer services, saving you time and effort.Variety of Transfer Methods: One of the benefits of using a credit card is the flexibility it offers in terms of transfer methods. As discussed earlier, you can utilize money transfer services, credit card checks, or digital wallet platforms to send money abroad. These diverse options allow you to choose the method that best suits your needs and preferences.Potential Positive Impact on Credit Score: Responsible use of a credit card for international money transfers can contribute to building a positive credit history. Timely repayments and managing your credit utilization demonstrate financial responsibility, which can enhance your credit score over time.Disadvantages of Sending Money From a Credit CardPotential Negative Impact on Credit Score: While responsible credit card usage can benefit your credit score, it's important to note that certain actions, such as exceeding your credit limit or carrying a high balance, can have adverse effects.When sending money from a credit card, it's crucial to consider how it might impact your credit utilization and overall creditworthiness.Interest Charges: Credit card cash advances typically accumulate interest from the moment you withdraw the money, and the interest rates for cash advances are often higher compared to regular credit card purchases. This means that using your credit card cash advance for international money transfers can result in additional interest charges, potentially making the transaction more expensive in the long run.Risk of Accumulating Debt: Sending money from a credit card carries the risk of accumulating debt if not managed responsibly. It's essential to have a clear plan for repayment and ensure that you can comfortably meet your financial obligations. Failure to repay the borrowed amount promptly can lead to a cycle of debt and financial strain.By understanding the advantages and disadvantages associated with sending money from a credit card, you can make a more informed decision based on your financial situation and priorities. It's crucial to weigh these factors carefully and assess whether the convenience and benefits outweigh the potential drawbacks.Additionally, always review the terms and conditions of your credit card to fully understand the fees, interest rates, and any other relevant charges related to international money transfers.Risks of Using Credit Cards for Sending Money OverseasWhile using a credit card for sending money overseas may seem convenient, it's essential to be aware of the risks involved. Consider the following factors before making your decision:High Fees: Credit card issuers often charge substantial fees for cash advances, making this option more expensive compared to other alternatives. Be sure to understand the fees associated with your credit card and the specific money transfer provider or service you choose.Interest Charges: Cash advances typically accumulate interest from the moment you withdraw the money, often at higher rates compared to regular credit card purchases. This interest can quickly add up, resulting in a higher overall cost.Foreign Transaction Fees: Using your credit card for international money transfers may attract foreign transaction fees. These fees are typically a percentage of the transaction amount and can significantly impact the total cost. Consider whether the convenience of using a credit card outweighs these additional charges.Credit Limit Restrictions: Cash advances can limit the amount of credit available for regular purchases, potentially impacting your ability to manage other expenses. Make sure to consider your credit limit and evaluate how a cash advance might affect your overall financial flexibility.Currency Conversion Fees: When using a credit card for international money transfers, keep in mind that currency conversion fees may apply. These fees can vary among different credit card issuers and can add to the overall cost of the transaction. It's essential to understand the applicable fees and compare them with other methods of sending money overseas.Factors to Consider Before Using Credit Card to Send Money InternationallyInterest Rates: Sending money from a credit card may involve cash advances, which often carry higher interest rates compared to regular credit card purchases. It's crucial to be aware of the interest rates associated with cash advances and consider the impact they can have on the overall cost of the transaction.Prioritize paying off the borrowed amount as soon as possible to minimize interest charges.Debt Implications: Sending money from a credit card has the potential to increase your debt if not managed responsibly. It's important to consider your financial situation and ensure that you can comfortably repay the amount borrowed. Avoid relying solely on credit cards for international money transfers if it may lead to financial strain or excessive debt.Credit Card Rewards and Benefits: Some credit cards offer rewards programs or benefits that can be advantageous when sending money internationally. These may include cash back, travel rewards, or lower fees for specific money transfer services.Consider exploring the rewards and benefits offered by your credit card to determine if they can provide additional value when sending money overseas.Fraud and Security: When using a credit card for international money transfers, it's important to prioritize security and protect yourself against fraud. Ensure that you are using reputable and secure online money transfer service providers or platforms. Regularly monitor your credit card statements and report any suspicious transactions to your credit card issuer immediately.Consider Alternative Methods: While sending money using a credit card can be convenient, it's worth considering alternative methods as well. Depending on your specific needs, bank transfers, online payment platforms, or peer-to-peer or money transfer apps and services may offer competitive exchange rates, lower fees, or additional features that align with your requirements.FAQs on Sending Money Overseas Using a Credit CardQ: What is a cash advance?A: A cash advance is a feature offered by credit card issuers that allows cardholders to withdraw cash from an ATM or receive a cash equivalent directly from their credit card. It is essentially borrowing money against your credit limit. However, it's important to note that cash advances typically come with higher interest rates and additional fees than regular credit card purchases.Q: What is a credit card loan?A: A credit card loan, also known as a credit card cash loan or a credit card installment loan, is a type of loan that allows credit cardholders to borrow money directly from their credit card issuer. Unlike a cash advance, which provides immediate cash, a credit card loan allows you to borrow a specific amount and repay it over time with fixed monthly payments and interest charges.Q: How does a credit card loan differ from a cash advance?A: While both cash advances and credit card loans involve borrowing money against your credit card, there are some key differences. A cash advance provides immediate cash or a cash equivalent, usually in the form of a lump sum withdrawal. On the other hand, a credit card loan allows you to borrow a specific amount and repay it over time with fixed monthly payments. Credit card loans may have lower interest rates compared to cash advances, but they usually require a formal application process.Q: How do cash advances and credit card loans affect my credit score?A: Both cash advances and credit card loans can impact your credit score. Taking a cash advance increases your credit utilization ratio, which is the percentage of your available credit you are using. High credit utilization can negatively affect your credit score. Credit card loans, when managed responsibly and paid on time, can have a positive impact on your credit score by demonstrating responsible credit use and repayment behavior.Q: Can I use my credit card to send money internationally?A: While most credit card companies do not offer a direct service for sending money abroad, there are alternative methods available. Some money transfer services allow you to use your credit card indirectly to fund the transfer to your intended recipient overseas.Q: Are there any fees associated with sending money internationally using a credit card?A: Yes, using a credit card for international money transfers may involve fees. These can include a cash advance fee, fees, foreign transaction fees, currency conversion fees, and any fees charged by the money transfer service or digital wallet platform you choose.It's essential to review the terms and conditions of your credit card and the specific service you're using to understand the fees involved.Q: How does sending money internationally using a credit card affect my credit score?A: Sending money internationally using a credit card typically does not directly impact your credit score. However, if you use a cash advance feature, it may increase your credit utilization ratio, which can indirectly affect your credit score. In conclusion, there are ways to send money internationally using a credit card. It is important to be mindful of the potential impact on your credit and manage your credit card responsibly.Consider the risks, explore alternative methods, and carefully review the terms and conditions of your credit card to ensure a cost-effective and secure international money transfer. Remember to compare different money transfer services on CompareRemit.com, seek financial advice when necessary, and prioritize security to protect yourself against fraud. By considering these factors and making well-informed choices, you can send money overseas with confidence and convenience.

As an expat frequently sending money to loved ones abroad, you know how important convenient and affordable remittance services are. PassTo is one of the easiest, most secure and budget-friendly options for sending money overseas from the UK.For making your money transfers easier and more convenient, PassTo is pleased to announce the launch of the latest addition to their platform - their web app! This new feature allows for the best user experience possible and more options to send money quickly and to track your transaction from start to finish.Their new web app makes it easier than ever to send money quickly and affordably while also providing peace of mind that your transfers are secure and tracked every step of the way. With PassTo’s web app, you have the flexibility and convenience to send money whenever and wherever device you need to.The new, easy-to-use online application version of their money transfer service provides a comprehensive dashboard view of your account. You can now send money through PassTo via web browser for your convenience. Their online app is in addition to their current mobile application and works similarly - however, you have the option of how you want to send money whether it be via your smartphone or computer.How Does PassTo’s New Web App Work?Signing up online is easy - all you need is your email address and phone number to begin. Once your account is set up, you’ll need to do the following to start your first transfer: Verify your identification documents.Deposit money into your account.Choose your preferred amount and the country of your recipient.Transfer the money.The PassTo web app allows you to: Send money to over 70 countries worldwide from the UKView transaction historyDeposit and withdraw moneySet up an Airtime Top upManage your recipientsView past exchange rate history for different currency pairsEasily access your dashboard featuring total deposits, total transactions, total top ups, and total withdraws With unparalleled convenience, value and security, PassTo’s new web app makes sending money abroad effortless and cost-effective.Why Choose PassTo for Your Money Transfer?Here are just a handful of the reasons why PassTo is a trusted option when it comes to sending money online from the UK:Get your first transfer free!Receive a special welcome rate for new usersGet the best exchange rates possibleTransfer money in as little as a few minutes or same day/next business day (90% of transfers arrive within 60 minutes) or same day/next business dayExcellent customer service ready to assist you via email, phone, or in-App chatFCA regulated and completely secureIt takes 2 minutes on average to set up an accountEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachIn addition to the online app, you can also download PassTo’s user-friendly mobile app for all of your money transfer needs.For expats, sending money to loved ones abroad is an act of love and care. Make that process easier and more affordable than ever before with PassTo. Our web app provides a simple, secure and personalized solution tailored to your unique needs as an expat.Transfer money around the world with mid-market exchange rates without any hidden fees and experience the difference. Send money using PassTo’s new web app today!

Foreign Exchange rate (ForEx rate) is one of the most important means through which a country's relative level of economic health is determined. A country's foreign exchange rate provides a window to its economic stability, which is why it is constantly watched and analyzed. If you are thinking of sending or receiving money from overseas, you need to keep a keen eye on the currency exchange rates.What is an Exchange Rate?The a currency's exchange rate is defined as "the rate at which one country's currency may be converted into another." It may fluctuate daily with the changing market forces of supply and demand of currencies from one country to another. For these reasons; when sending or receiving money internationally, it is important to understand how exchange rates are determined.This article examines some of the leading factors that influence the variations and fluctuations in exchange rates and explains the reasons behind their volatility, helping you learn the best time to send money abroad. When you are ready to send money internationally online, you can use our online comparison tool to find the best exchange rates today and lowest fees for your desired transfer. Factors Affecting Currency Exchange RateHow is an exchange rate determined? There are several factors that contribute to a currency's exchange rate. Here are some of the top factors that can affect an exchange rate: 1. Inflation RatesChanges in market inflation cause changes in currency exchange rates. A country with a lower inflation rate than another's will see an appreciation in the value of its currency. The prices of goods and services increase at a slower rate where the inflation is low. A country with a consistently lower inflation rate exhibits a rising currency value while a country with higher inflation typically sees depreciation in its currency and is usually accompanied by higher interest rates.2. Interest RatesHow do interest rates affect money exchange rates? Changes in interest rate affect currency value and dollar exchange rate. Forex rates, interest rates, and inflation are all correlated. Increases in interest rates cause a country's currency to appreciate because higher interest rates provide higher rates to lenders, thereby attracting more foreign capital, which causes a rise in exchange rates.3. Country's Current Account/Balance of PaymentsA country's current account reflects balance of trade and earnings on foreign investment. It consists of total number of transactions including its exports, imports, debt, etc. A deficit in current account due to spending more of its currency on importing products than it is earning through sale of exports causes depreciation. Balance of payments fluctuates exchange rate of its domestic currency.4. Government DebtGovernment debt is public debt or national debt owned by the central government. A country with government debt is less likely to acquire foreign capital, leading to inflation. Foreign investors will sell their bonds in the open market if the market predicts government debt within a certain country. As a result, a decrease in the value of its exchange rate will follow.5. Terms of TradeA trade deficit also can cause exchange rates to change. Related to current accounts and balance of payments, the terms of trade is the ratio of export prices to import prices. A country's terms of trade improves if its exports prices rise at a greater rate than its imports prices. This results in higher revenue, which causes a higher demand for the country's currency and an increase in its currency's value. This results in an appreciation of exchange rate.6. Political Stability & PerformanceA country's political state and economic performance can affect its currency strength. A country with less risk for political turmoil is more attractive to foreign investors, as a result, drawing investment away from other countries with more political and economic stability. Increase in foreign capital, in turn, leads to an appreciation in the value of its domestic currency. A country with sound financial and trade policy does not give any room for uncertainty in value of its currency. But, a country prone to political confusions may see a depreciation in exchange rates.7. RecessionWhen a country experiences a recession, its interest rates are likely to fall, decreasing its chances to acquire foreign capital. As a result, its currency weakens in comparison to that of other countries, therefore lowering the exchange rate.8. SpeculationIf a country's currency value is expected to rise, investors will demand more of that currency in order to make a profit in the near future. As a result, the value of the currency will rise due to the increase in demand. With this increase in currency value comes a rise in the exchange rate as well.Top Exchange Rates SearchedThese are the most common exchange rates that those who are looking to transfer or send money are searching:Dollar Peso Exchange RateDollar Rupee Exchange RateEuro Exchange RateUS Canada Exchange RateExchange Rate CalculatorHow do you convert exchange rates? When sending money overseas, you can use our compare page to understand the current market exchange rate when sending money overseas.ConclusionAll of these factors determine the foreign exchange rate fluctuations. If you send or receive money frequently, being up-to-date on these factors will help you better evaluate the optimal time for international money transfer. To avoid any potential falls in currency exchange rates, opt for a locked-in exchange rate service, which will guarantee that your currency is exchanged at the same rate despite any factors that influence an unfavorable fluctuation.Using CompareRemit, you can compare dollar to peso exchange rate, usd to inr exchange rate, and more to find the best dollar exchange rate when sending money overseas. For more information on transferring money abroad, learn about some important tips for sending money overseas and your rights as an overseas money sender. If you're wondering how to calculate exchange rate to send money online, use our online exchange rate tool. 

What are the Tax Implications for Sending Money from USA to India? The annual federal gift tax exclusion allows you to give away up to $14,000 in 2015 to as many people as you wish without those gifts counting against your lifetime exemption (After 2015, the $14,000 exclusion may be increased for inflation). In case you are married, you and your spouse can elect to split the gift. So, you can potentially send $28,000, per person, in a year. Thus, under the law if you sent $40,000 to 4 different persons, that is, if you gave $10,000 each, the amount of gift will be below the annual exclusion threshold and you will not owe any gift tax on this. Receiving Money in India Gifts you receive from persons other than your blood relatives* in excess of Rupees 50,000, in a year, is considered as your income and it is taxable as ordinary income. Thus tax on taxable gifts is to be paid by the receiver of the gift. *A close or blood relative would include any of the following: Spouse of the individual Brother or sister of the individual Brother or sister of the spouse of the individual Brother or sister of either of the parents of the individual Any lineal ascendant or descendant of the individuals Any lineal ascendant or descendant of spouse of the individuals Related Article: Are You Becoming An an NRI? Here are the steps you need to take first What are the Tax Implications for Sending Money from India to USA? Under FEM (CAT) Amendment Rules, 2015, Individuals can avail of foreign exchange facility for the following purposes within the limit of USD 250,000 only on financial year (April – March) basis. Private visits to any country (except Nepal and Bhutan) Gift or donation. Going abroad for employment Emigration Maintenance of close relatives abroad Travel for business, or attending a conference or specialized training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up. Expenses in connection with medical treatment abroad Studies abroad Any other current account transaction Amounts exceeding this limit require prior permission from RBI. No separate taxes need to be paid by you for this as these funds are after payment of applicable taxes. How Much Money can One Send from USA to India? There is no limit on sending money from USA to India, provided you pay the required taxes. But, there is a limit of US $14,000 per person per year for gift tax free transactions. Any amount sent above US $14,000 per person per year, the sender is responsible for paying the gift taxes. Note that there is no income tax deduction for the amount you send. Related Article: More About Taxes in the US How to Repatriate Money from Sale of Property in India? To be able to transfer money, received in India from the sale of your property, it is important that the payment for the property is accepted through legal banking channels. Documentary proof showing source of money will be required when transferring money abroad. In order to transfer the money it must first be deposited in an NRO bank account. Remember, your CA has to verify that taxes have been paid on 'Form 15CB' NRIs are allowed to repatriate an amount up to USD one million, per financial year, from their NRO account. Such transfers are allowed, subject to tax compliance. The limit of USD 1 million includes sale proceeds of immovable properties held by NRIs/PIOs. In the United States, you are required to report this capital gains transaction on your Federal Income Tax Return and pay the applicable capital gains tax. How Much Money can One Send from India to USA? Under the Liberalised Remittance Scheme (LRS), all resident individuals, including minors, are allowed to freely remit up to USD 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. In case of remitter being a minor, the LRS declaration form must be countersigned by the minor’s natural guardian. Are There Any Restrictions on the Frequency of the Remittance from India? There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 250,000. Who is Responsible for Paying Taxes While Sending Money to India? As per federal tax laws, the US person sending money is responsible for paying taxes Disclaimer: The information presented here is for general informational purposes only and does not constitute tax advice. Please consult your CA, CPA, tax-expert or tax attorney for specific tax advice and inquiries. Visit IRS Website for US tax information. Visit RBI Website for Reserve Bank of India and Income Tax Department Website for Indian regulations.  

NRIs (Non-Resident Indians) managing income earned in India and abroad may benefit from having two different types of bank accounts in India, an NRE (Non-Resident External) account and an NRO (Non-Resident Ordinary) account. Both NRE and NRO accounts may be opened in the form of savings, current, recurring, or fixed deposit accounts, and depending on your banking needs, one or both may help you more easily manage foreign and Indian-earned incomes. What is an NRE Account? The NRE account is an Indian Rupee denominated account, which is freely repairable. This form of NRI account can be in the form of savings, current, recurring or fixed deposits. The income is deemed to be earned outside India. Indian Rupees cannot be deposited into this account, only foreign currency can be deposited which will be converted into Indian Rupee at the time of deposit. The interest earned on the balances at the end of quarter is free from any income tax. However, the NRI can send his remittances from abroad into this type of account. The bank pays interest on the balance at their own determined rates. For a comparison of the best NRE Accounts, check our NRE Accounts Section What is an NRO Account? An NRO account is a savings or current account held in India that helps NRIs manage income earned in India such as rent, dividends, or pension from abroad. The account holder can deposit and manage accumulated rupee funds conveniently through an NRO account. Foreign currency deposited into the NRO account is converted into Indian Rupees. Any NRI can open an NRO account. For a comparison of the best NRO Accounts, check our NRO Accounts Section NRIs may also convert their existing resident savings account into an NRO account when their status changes from resident to non-resident. A minimum amount of Rs.10,000 must be maintained in an NRO account on a daily basis. Any repatriation done through this account should be reported to RBI. Difference between NRE and NRO Accounts The differences between NRE and NRO accounts are outlined below in the following account features. Repatriation: Repatriation is defined as sending or bringing money back to the foreign country. You can easily repatriate funds from an NRE account including the interest earned in that account. However, RBI has made some restrictions on NRO accounts. You can remit only up to USD 1 million in a financial year (April to March). In addition, you will need a chartered accountant to complete the paperwork for you. Taxation Laws: NRE accounts are tax exempted. Therefore, income taxes, wealth taxes, and gift taxes do not apply in India. Interest earned from these accounts is also exempt from taxes. But as per Indian Income tax laws, NRO accounts are taxable; income taxes, wealth taxes, and gift taxes do apply. Interest earned on an NRO account as also subject to taxation. However, the reduced tax benefit is availed under the Double Taxation Avoidance Agreement (DTAA). Deposit and Withdrawal of Funds: You can deposit funds from a foreign country (in foreign currency) in both NRE and NRO accounts, but funds originating from India (in Indian rupees) can only be deposited in an NRO account and cannot be deposited in an NRE account. Withdrawals from both NRE and NRO accounts can only be made in INR. Flow of Funds: In an NRE account, repatriation is allowed outside India in any currency. Transfer: An NRE account allows you to transfer funds to another NRE account as well as to an NRO account. You can transfer funds from an NRO to another NRO account, but you cannot transfer funds from an NRO account to an NRE account. Joint Accounts: Two NRIs can open both an NRE joint account or an NRO joint account. However, you cannot open an NRE joint account with a resident Indian. This facility is available only with an NRO joint account. Motive or Purpose: An NRE account helps you transfer funds to India earned abroad and maintain them. While NRO accounts help maintain a regular flow of income earned in the form of rent, pensions, or dividends from India. Effect of Exchange Rate Fluctuations: NRE accounts are exposed to two kinds of exchange loss, namely day-to-day fluctuations in the value of INR and conversion loss. NRO accounts are not at such risk. Choosing the right account depends on examining your and your family’s financial needs. If you foresee the need to repatriate more than a million dollars or if you want to maintain savings in INR then an NRE account may be the better option. If you want to keep India-based earnings in INR, then opt for an NRO account. With both NRE and NRO accounts, managing your funds as an NRI is made much more convenient and secure.

If you are a U.S. citizen or resident alien, you must report income from sources outside the United States (foreign income) on your tax return unless it is exempt by U.S. law. This is true whether you reside inside or outside the United States and whether or not you receive a Form W2, Wage and Tax Statement, or Form 1099 from the foreign payer.What is Foreign Earned Income?This applies to earned income (such as wages and tips) as well as unearned income (such as interest, dividends, capital gains, pensions, rents, and royalties). If you reside outside the United States, you may be able to exclude part or your entire foreign earned income.Tax on Foreign IncomeIf you are a US citizen or resident alien, you need to pay tax on foreign income. If you paid any tax on foreign income in your respective country you may get a tax benefit from the US government, but there is also a limit of exclusion for foreign income.Reporting Your Foreign IncomeIf you are a U.S. citizen or resident during tax year, you likely have foreign income that you must report on your tax return. Here we help you to understand a few concepts affecting foreign income.The main foreign income concepts (explained below) are:General Rules Regarding Foreign IncomeThe Foreign Tax CreditThe Foreign Earned Income ExclusionReporting Foreign Financial Assets and AccountsGeneral Rules Regarding Foreign Income1. What foreign income is taxable on my U.S. return?If you are a U.S. citizen or resident, you are required to report your worldwide income on your tax return. This means that you must not only report income you receive from U.S. sources, but you must also report income you receive from foreign sources.2. Where do I report the foreign income on my return?Generally, you report your foreign income where you normally report your U.S. income on your tax return. Earned income (wages) is reported on line 7 of Form 1040; interest and dividend income is reported on Schedule B; income from rental properties is reported on Schedule E, etc.The Foreign Tax CreditSince it is likely your foreign source income will be taxed by both the U.S. and a foreign country, there is a Foreign Tax Credit. The foreign tax credit helps to ensure that you are only taxed once on the foreign source income, but at the higher of the foreign or U.S. income tax rates on that income. Related Article More About Taxes in the US.The Foreign Earned Income ExclusionIf you meet certain tests related to the length and nature of your stay in a foreign country, you may qualify for foreign earned income exclusion. This allows you to exclude some of your foreign earned income from your tax return. You may also be able to exclude or deduct some of your reimbursed housing costs. You cannot exclude or deduct more than your foreign earned income for the year. For 2014, the maximum foreign earned income exclusion is $99,200. If you're looking for a foreign earned income exclusion calculator, you can refer to the IRS website.Reporting Foreign Financial Assets and AccountsThere has been a requirement for many years to report foreign income, referred to as FBAR (foreign bank and financial accounts report). You must report any foreign financial assets or accounts that meet certain thresholds. Generally, a report on foreign accounts is required if you hold in the aggregate more than $10,000.Reportable Financial AccountsThe following types of financial accounts are reportable, meaning you must report these on your U.S. tax return."Account" is broadly defined to include any foreign bank, securities, or other financial accounts."Bank accounts" include savings deposits, demand deposits, checking accounts, and any other accounts maintained with a person engaged in the business of banking."Securities accounts" include accounts maintained with a person in the business of buying, selling, holding, or trading stock or other securities."Other financial accounts" include:An account with a person that is in the business of accepting deposits as a financial agency;An account that is an insurance policy with a cash value or an annuity policy;An account with a person that acts as a broker or dealer for futures or options transactions in any commodity on or subject to the rules of a commodity exchange or association; orAn account with a mutual fund or similar pooled fund which issues shares available to the general public that have a regular net asset value determination and regular redemptions (does NOT include hedge funds).Form 8938, Statement of Specified Foreign Financial Assets:This is a relatively new form filed with your Form 1040 and is used to report specified foreign financial assets. The reporting threshold for FATCA depends on filing status and whether the taxpayer is living within the U.S. or abroad.What are the Reporting Thresholds for Domestic Taxpayers?Unmarried taxpayers living in the U.S.: The total value of specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.Married taxpayers filing a joint income tax return and living in the U.S.: The total value of specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.What are the Reporting Thresholds for Taxpayers Living Abroad?You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year.You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.How Do I Report Interest I Earned on a Foreign Bank Account?You must report interest earned on a foreign bank account as part of your worldwide income if you are one of these:U.S. citizenResident alienReport this interest with domestic interest income on Form 1040. You'll also file Schedule B if you had one of these for a financial account in a foreign country:Interest inSignature authority overThis applies even if you had less than $1,500 or more of total interest and/or dividends for the year. Convert the foreign currency into U.S. dollars at the current exchange rate when you receive the income. If there's more than one exchange rate, use the rate that most properly reflects the income.The income might be taxable to both the United States and the foreign country. If so, you can claim a foreign tax credit on taxes paid to the other country.Usually only U.S. citizens and resident aliens must include this income on their return. However, if you're identified as a U.S. person, you have to report foreign bank accounts to the IRS. This is true as long as both of these apply:You have a financial interest in or signature authority over one or more accounts in a foreign country. This includes bank accounts and securities accounts.The total value of all foreign financial accounts is more than $10,000 at any time in the year.A U.S. person is any of these:A citizen or resident of the United StatesA person doing business in the United States on a regular and ongoing basisA domestic corporationA domestic estate or trustIf these tests apply to you, you meet the reporting conditions when you do both of these:Check the appropriate FBAR-related federal return questions. The questions are found on:Form 1040, Schedule BForm 1041, Other InformationForm 1065, Schedule BForm 1120, Schedule NIf the foreign financial account is worth more than $10,000 at any time in the year, you must report it. Do so by filing FinCEN 114: Report of Foreign Bank and Financial Accounts. Unlike the previous form TD F 90-22.1, you can't mail the form. You must file it online.What are the Consequences for Evading Taxes on Foreign Source income?You will face serious consequences if the IRS finds you have unreported income or undisclosed foreign financial accounts. These consequences may include, but are not limited to, additional taxes, substantial penalties, interest, fines, and even imprisonment.Copyrights CompareRemit.com

Walmart has around 11,500 stores worldwide, with over 6000 stores in over 26 countries outside the US. Walmart has come a long way from its early years of being a regional discount store chain, it is now one of the largest international conglomerates with portfolios in various sectors of the economy. Incorporating financial services is one of the many ventures that Walmart is expanding its portfolio through.Through Walmart Money Center, the company offers various services including;Walmart Credit CardReloadable Debit CardWalmart Gift CardCheck Printing and CashingTax Prep ServicesWalmart PayWalmart Money OrderBill PayWalmart Money TransfersThis means your convenience store just got more convenient. But are Walmart's money transfer services reliable? Is it safe to send money through Walmart2Walmart money transfer? How to send money internationally through Walmart? We will answer some of these questions in this guide.Walmart money transfer services for domestic and international are powered by Ria and MoneyGram respectively. Money Order and Western Union transfer services are also available at participating stores.During the launch of their international money transfer service in 2019, Walmart announced that they have helped their consumers save an estimated $1 billion in total costs due to Walmart's Everyday Low Price Strategy since 2014.Depending on your needs, Walmart offers various options through which you can transfer funds anywhere in the US and to over 200 countries worldwide.Walmart2WalmartWalmart2Walmart is powered by Ria to send money domestically within the US territories. Ria is an online money transfer company that provides low-cost currency exchange services in 140 countries through its large network of affiliates and agents.Walmart2Walmart was launched in 2014 in a bid to serve the unbanked population in the US. With this service, you can send money to any Walmart Store in the US, including Puerto Rico.How to send money through Walmart2WalmartVisit a Walmart near youA store associate will help you find a Walmart store location that is most convenient for the recipientPay the transfer amount and fees; you can pay using a debit or credit card or in US dollarsThe money will be available at the recipient's location in as little as 10 minutes.To skip the line, you can also choose to start a transfer via Walmart's mobile app and complete your transaction at a Walmart store near you.How to track Walmart2Walmart Money TransfersWalmart to Walmart money transfer tracking can be done using the reference number of the transaction. In case of any issues with Walmart2Walmart US transactions call RIA's customer helpline at 1-855-355-2144.Fees of Walmart2WalmartOne of the most important features of Walmart money transfer is the flat fee system.Fees start from $4.00 for up to $50 transfer amount and go up to $16 for transfer of $1001 to $2500.Walmart2WorldWalmart2World is powered by MoneyGram to facilitate international money transfers. With the Walmart2World service, you can transfer money to over 200 countries with a MoneyGram agent location.MoneyGram is a money transfer company with a presence in over 200 countries. MoneyGram provides various sending options including the MoneyGram mobile app, debit or credit card, and bank transfers. The cash pickup facility is also available through its 350,000 plus agent locations all over the globe. Money transfers can be started through the app, Walmart MoneyGram online website, or from a Walmart Store. You can send money through a credit card, debit card or by paying with US dollars.How to send money online internationally through WalmartRegister or log inEnter the details of the senderEnter the details of the recipientEnter the amountSelect your payment method; pay with your credit card or debit card, or send money directly from your bank account.Select a receiving methodAnd your money is on its way!Depending on the beneficiary's location, delivery options include cash pickup, bank transfer, or home delivery. This speed of delivery is fast as it provides either the same day or next business day delivery options for international money transfer.How to Track Walmart2World money transfersTo track Walmart2World money transfers or money sent through the MoneyGram network. You can use the Track a Transfer tool to keep track of your transfers. You just need to enter your Last name and the Reference number. In case of any issues with Walmart2World, call MoneyGram at 1-800-926-9400.Fees of Walmart2WorldTransfer fees of Walmart2World vary depending on the transfer amount;$4 for up to $50$8 for $51 to $1000$16 for $1001 to $2500And if you are paying by a credit or a debit card, your bank may levy additional charges.Opening hours of Walmart Money TransferWalmart MoneyGram hours are usually 8 a.m. to 8 p.m. from Monday through Saturday and 10 a.m. to 6 p.m. on Sundays. Actual hours may vary from store to store.Walmart Western UnionYou can avail Western Union services at participating Walmart stores to get 5% off on standard fees. Western Union is similar to MoneyGram, with a network of 500,000 agent locations in 200 countries and territories worldwide from which to send and receive money internationally.Walmart Money OrderYou can also send Walmart money orders through a Walmart Supercentre. The fees may vary depending on the location but $0.88 is the maximum fee. Although the fees may seem attractive, Money orders are outdated and it may take several days if not weeks for the recipient to receive the money.Walmart Money Order hours are 8 a.m. to 8 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday, but the exact time may vary depending on the store location.How to send money from a Walmart StoreFind and visit your local Walmart store by searching for "Walmart Money Center near me". Make your way to the Customer Service Desk or Money Services Center. Walmart's money transfer service hours are 8 a.m. to 8 p.m. from Monday through Saturday and 10 am-6pm on Sundays.What information Walmart will need for money transfer services?Walmart will require you to provide photo identification when sending or receiving money. This includes:US Drivers' License, including Puerto RicoState ID, including Puerto RicoUS PassportInternational PassportMilitary IDUS Permanent Resident CardTribal IDMexican Matricula ConsularOnly valid government-issued photo identification that is not damaged or expired will be accepted.How to send money through Walmart's mobile applicationWalmart provides a mobile application available in both Android and Apple stores that includes money transfer servicesFirst, download the Walmart AppCreate an account and log inGo to Send Money ServicesChoose to SendComplete filling all the required detailsYou can now head over to your local Walmart store to complete the transaction at the Express lane of the Money Services Center or Customer Service DeskScanning the QR code on your App at the registerAnd your money is on its way!Pros of sending money through WalmartAnecdotal positive customer review of Walmart Money Transfer is for its speed, usually within minutes.Since Walmart rides on Moneygram's network and capabilities to facilitate money transfers, most reviews are on Moneygram as a service provider. Here is our complete review on Moneygram.Walmart offers convenient money transfer options. It's easy to send money online internationally for both; cash pick-up or direct deposit to a bank account outside the United States. We recommend Walmart money transfer if you want to send money for an emergency or complete a small amount transaction during your grocery runs.Cons of sending money through WalmartWhile the fees of the actual money transfer are flat, there are other costs you should consider. For instance, sending money through Walmart requires you to be at the store to complete your transaction. This may not be your best option if you want to opt for money transfer services exclusively.In addition to your gas cost and time of driving to a Walmart near you, back and forth, the fees are high compared to other specialist money transfer service providers.Alternatives to Walmart Money transferIn Walmart's latest annual report, less than 1 percent of annual net sales came from fuel and financial services, which includes money transfers. Compare that to specialist money transfer service providers who have built their business to facilitate money transfer service.You are more likely to get better exchange rates, lower to zero fees, and a convenient option of sending money through a specialist money transfer service provider. Here are a few convenient and cheap alternatives to Walmart Money Transfer:XoomRemitlyInstaReMWise (formerly known as TransferWise)Western UnionWhen you are sending money, look out for the exchange rates, transfer fees, and the time taken to complete your transfer. Compare the various money transfer service providers side-by-side for free on CompareRemit.

When you send money internationally, there are two things to consider in order to get your money's worth. The first one is how much money your recipient will get and second, is the time taken for the money to reach its destination. You may be wondering how to send money from India to USA at an affordable rate and in a timely manner. Let's look at the best way to send money from India to USA.Send Money from India to US - What to ConsiderThe following are some factors to consider when sending money from India to USA:Exchange RateThe foreign exchange rate is the value of a currency compared to another foreign currency. The difference in the exchange rate of the currencies is one of the ways banks and money transfer service providers make money. A small difference in the exchange rate can be a significant difference in sending a large sum of money. Since you are sending money from India to the USA, you will be paying in Indian rupees (INR) and the recipient will receive the money in US Dollars. INR has to be converted to USD as per the exchange rate at the time of sending. Subscribe to our USD to INR exchange rates alerts to get notified when it reaches your desired rate. Transfer SpeedThe time taken for the money to reach its intended destination varies. It can be received in minutes or days. Sending cash through money transfer agent locations is faster but expensive. Bank transfers may take about 3-5 days or more but they are cheaper. Online money transfer service providers offer the best rates and transfer speed. Factors to Keep in Mind Before Sending Money to USAYou will be charged a transfer fee that can be fixed or a percentage of the amount you are transferring. There are also fees on the payment method used for the transfer. For example, fees are higher for credit card transfer than debit cards or bank transfers. You will also need to pay foreign conversion tax and service tax which are fixed but differs from country to country. Service tax is charged on the commission and not on the total amount.The exchange rate offered and the total transfer cost will differ widely between different remittance service providers, and the amount that your recipient will finally get won't be the same for any of the service providers.Choose the one with the great customer support that will guide you during the transfer process or when something goes wrong. The customer service should be easy to access via email, chat, or phone and should be available 24/7.Considering all these factors while choosing the one that suits your needs will get you the best service. Check out our blog on how to compare international money transfer companies.How Can I Send Money from India to America?1. Wire TransferThis electronic money transfer enables you to transfer/wire money from your bank account to a US bank account. Bank to bank transfer uses a network called the SWIFT (Society for Worldwide Financial Transactions) that allows the participating banks in the network to share transaction information between them securely. Major Indian banks and Reserve Bank of India (RBI) approved Authorized Dealers are tied up with over 400 international banks around the world that are part of the SWIFT messaging network to facilitate safe and secure outward remittance from India.Some of the major banks that offer outward remittance services include ICICI bank, AXIS bank, SBI, etc. You need to share your bank account number, your recipient's bank details (name, address, account number), and swift code or routing number to make the transfer. You may need to provide additional documents to prove your identity or your purpose of outward remittance. Keep in mind that for bank transfer there can be corresponding bank charges.2. Foreign Currency Demand DraftForeign Currency Demand drafts are pre-paid negotiable instruments issued in a particular foreign currency by a bank. They are a cheaper option for international money transfer. You are charged only the demand draft fee by the bank or the service provider you used. They can be issued if lost or stolen. However, they can take longer for the recipient to receive the money. They are a good option in case you want to save money and not pressed for time. 3. Online Money Transfer Service Providers Online money transfer service providers offer the best exchange rate and lowest transfer fees.Top Online Money Transfer Service Providers from India to the US1. Wise, formerly known as TransferWiseIt is an online money transfer company based in London. It is one of the cheapest ways to send money online. The exchange rate they offer is the mid-market exchange rate and the transfer fees are shown upfront. You can send money via their website or their money transfer app. You can pay for the transfer with your debit card or credit card, or via your bank account. Their customer reviews are mostly positive.2. Western UnionWestern Union is one of the oldest money transfer companies in the world. You can send money from India to the US via the Western Union online service. Visit their website and register to initiate the transfer and pay via your bank account. Your recipient will get the money directly in their bank account. The service time is one business day and the transaction can be tracked online.3. BookMyForexTo transfer money online from India to the US, visit their website, and enter your bank details, your beneficiary bank details, provide ID proofs, and other verification if necessary. The money is transferred in 2 days. There are no foreign transaction fees. 4. ExTravelMoneyTo initiate money transfer online, visit their website, and fill in the amount of USD you need to transfer along with the purpose of remittance and compare the different rates offered by banks and RBI authorized dealers. Once you select a particular rate, book it. Provide your necessary documents for verification. After you have been verified, the money will be transferred to the chosen bank as NEFT/RTGS. The recipient will receive credit in 2 working days.5. RemitoutWith many Indian students studying in Universities in the US, Remitout currently provides the service of transferring money for educational expenses. To transfer money, you need to register with their website using your banking details in India and the University that you or your ward is studying in. The money reaches in two business days. INR to USD Remittance FactsThe United States of America is home to a large Indian population including students, job seekers, migrant workers, visitors, etc. It is not a surprise that outward remittances or sending money from India to the USA is a common enough practice. The most common purposes for sending money from India to the US are for the payment of college fees, medical treatment, Visa fees, foreign investments, or sending a monetary gift to your friends and family in the US. Under the Liberalized Remittance (LRS) Scheme, all resident Indians are allowed to transfer funds up to USD 250000 per financial year. Learn more about LRS. In the Financial Year of 2018-19, resident Indians sent $13.78 billion under the LRS scheme. Amid the Coronavirus scare and despite a dip in March, Indians sent a record $18.75 billion in FY'20 as per the Reserve Bank of India, taking the aggregate over the last six-years to $58 billion.Travel and Education dominated the reason for remittance with remittance worth $6.94 billion and $4.99 billion respectively. Closely followed by maintenance of close relatives ($3.4 billion) and gifts ($1.9 billion). A decline in Travel is inevitable but we will continue to see a rise in investments and deposits.How to Send Money From India to USAThe best way to send money from India to USA depends on the convenience of the bank or the money transfer company and how it suits your needs. When all things are equal, we recommend going with an online option that offers you the best exchange rate and a transparent transfer fee. You can compare online money transfer USD to INR rates using our online remittance compare service. 

Bank accounts can get frozen for a variety of reasons. Banks or financial institutions can freeze your bank account if they suspect any fraudulent transfers from your account. Or when a credit card company or a debt collector has a court judgment against you. Also when you have unpaid debts like the student loans or unpaid taxes to the government, your bank accounts are likely to get frozen. Once the bank account is frozen, you cannot make withdrawals but can only put money in your account until the freeze is lifted. Joint accounts can get frozen too. Since banks usually do not notify you before freezing your account, it can be one of the stressful experiences, especially when you find out while making purchases at the store or the ATM, or during an urgent need of money. This is because banks are authorized to freeze your account immediately without even informing you after receiving a levy notice.The judgment creditors are not liable for notifying you before obtaining a judgment. However, a creditor needs to inform you about the lawsuit filed and judgment against you. This may not be always the case. You may discover the court case only when your bank account gets frozen. What should you do when your bank account is frozen?Different rules may apply for different reasons on why your bank account got frozen. In suspected fraud transactions, you may resolve the issue by contacting your bank to verify your identity. Unusual large purchases can be flagged by your bank. Making purchases abroad without warning using your credit card or debit card could be flagged as being stolen. To protect your account, the bank may freeze the account unless you contact them and prove your identity. It is a different story when the account is frozen due to a judgment creditor. Your money could be at risk. Creditors can collect your money as part of their debt-collection tactics to satisfy the judgment. Having a lawyer has proven to be successful in unfreezing your account but you need to take the necessary steps as soon as possible. Filing for BankruptcyIf you file for bankruptcy as soon as you are informed about the court judgment, you can prevent the creditors from collecting your money. Filing bankruptcy halts all collection activities due to the "automatic stay". It will also suspend the wage garnishment. However, it will not unfreeze your frozen bank account. You need to provide proof of the bankruptcy filing to the Sheriff who is in charge of freezing the account via the court order. Proof has to be shared with the bank also. This will help in informing the Creditor's attorney that the bankruptcy has been filed. Keep in mind that, once the account is released, the funds in your bank will be included in the bankruptcy estate. How to unfreeze a bank account? Vacating the Judgment In order to file for a Motion to Vacate, consult with a debt-collection defense attorney. Gather all the necessary information about the judgment creditor, their law firm (you can contact your bank for the details), the index number of the case. Your attorney will help you in filing the motion to vacate or an Order to Show Cause. Both parties would have to appear in court. If the Judge is in your favor, the judgment will be vacated and the case will be dismissed. Then your bank account can be released.In the absence of a court judgment, creditors or debt collectors do not have the authority to freeze your account. Funds exempted from Debt collection via Automatic Protections Government benefits like Social Security, Disability Benefits, etc have automatic protections. If the funds in your bank account are exempt, your account cannot be frozen even when there is a judgment against you. You can demand an immediate release by notifying the judgment creditor's lawyer that your funds in the account are exempted from debt collection. Be prepared for any delay in getting your account release. It is recommended that you file a Claim of Exemption to vacate the judgment even in case of exempt funds as soon as you get notified of the default judgment.There is a law in New York called the "Exempt Income Protection Act" (EIPA) that allows people to have access to certain amounts of money for necessities of life when the account remains frozen. Your account cannot be frozen if your bank finds out that you have the cutoff amount or less of the non-exempt funds. Any amount above the cutoff can be taken. The cutoff is raised if your bank finds that you have exempt funds along with non-exempt funds (wages, savings, dividends) in the bank account. If there is less than the cutoff, the account cannot be frozen. The process of accessing the protected funds may vary from bank to bank. Consult with your concerned bank for a detailed explanation. ConclusionIf your account is frozen due to suspicious activities, you can simply call up your bank and resolve it.  If it is frozen due to any other reason that involves debts and bankruptcy, the best step to take is to go to the court and vacate the judgment at the earliest to unfreeze your account quickly. Though you can attempt to come up with some form of repayment options or alternative repayment plans with your creditor, it can be time-consuming to try to settle the matter outside the court. 

If you are an Overseas Filipino Worker (OFW) looking for the best ways to send money from the USA to the Philippines, you have come to the right place! Few factors to consider while evaluating the best option for you are; exchange rates, transfer fees, the speed of transfer, security, and convenience.Here are some of the ways to send money to the Philippines:Bank Transfers: Most banks in the US offer the service of sending money to the Philippines. This is ideal if you are are looking to transfer a large sum of money.Money Transfer Agents: Companies like Western Union, Moneygram, and Ria offer the fastest way of moving money from one location to the other. Cash pickups are the best for emergency situations.Money Order: In this case, the recipient in the Philippines receives a guaranteed sum of money, which was prepaid at the bank or post office by the sender in the US. Money order is ideal if you need to send a specific sum of money.Online Money Transfer Services: If you have access to the internet, online transfers are the best way to send money from US to Philippines. Online transfers will give you the best exchange rate, zero to a minimal transfer fee, high speed of transfer, security, and convenience.The traditional ways of sending money have proven to be more expensive, cumbersome, and slow. So, we have taken every parameter into consideration, while crafting a list of best companies to send money to the Philippines online.These are the best ways to send money to the Philippines online:PomeloPomelo is a new way to send money from the United States to family and friends in the Philippines. Rather than having to send cash constantly, all you have to do is sign up for Pomelo and your beneficiary will receive a card that they can use at any time. You pay the card's balance monthly and still get a very competitive USD to PHP exchange rate. Signing up is easy and cards arrive to your beneficiary in just 10 days or less! Wise (formerly known as Transferwise)Wise is a startup disrupting the remittance industry. Founded by the first employees of Skype, who got tired of paying a huge amount of fee to the banks while sending money. This money transfer company is built for lives without borders. Staying true to their mission, they provide a transparent exchange rate with no markups, which are often the highest exchange rate and takes up to 4 days to transfer money from the US to a bank account in the Philippines.InstaReMDerived from its name, InstaReM provides instant remittance. It is another disrupter founded in Singapore that offers fast, safe, and a cheap remittance options when you need to send money from US to Philippines. InstaReM also works on a Zero-Margin FX rate and charges a low commission rather than charging a fixed rate. It is a popular choice for transferring a small amount of money in no time and takes up to 2 days to a complete a transaction.RiaRia has over 30 years' experience and has consistently ranked number one because it is one of the cheapest, fastest, and the safest way with great rates. You can pay using your bank account, credit card, debit card or cash. If you are an OFW sending money to the Philippines for more than $1000.01 or for the first time, you can avail their offer of a free transfer fee.RemitlyBased in Seattle, Remitly is focused on delivering a promise to provide low transaction fees and swift payment overseas transfers. Located in the tech hub, Remitly wants to do away with antiquated ways of sending money through their proprietary global transfer network described as "easy-to-use mobile app". OFWs pay zero fees when you send money to the Philippines for the first time.WorldRemitThis London-based firm is an evangelist of mobile-to-mobile remittances. Spearheading the company is Ismail Ahmed from Somaliland. In a bid to solve the complexity of sending money and corruption, WorldRemit initially started with a huge focus on the African continent. Today, it is operating in over 140 countries including the Philippines. All the exchange rates are displayed upfront and you can initiate your transfer at a click of your button or a tap on your smart devices.Lucky MoneyTrusted for more than 25 years and licensed as a money remittance company in all US states it operates. It guarantees a fast, secure and reliable means of sending money to the Philippines. Lucky Money offers Bank deposits, Door to door delivery to anywhere in the Philippines, Cash pick-ups, and Lucky Money ATM Visa/Cash Card. Regular customers can send up to $2,999 in just a few minutes using their bank accounts or through the Lucky money app. Depending on the recipients' preference, one can also choose to receive the money in Philippine peso or in US Dollars.XoomXoom, a Paypal service is the fastest and the most secure way to send money to the Philippines. It takes only up to an hour to complete a Cash Pickup and 4 hours for Bank Deposits. You can pay using your credit card, debit card, or bank account. If your bank account and Paypal accounts are linked together, you will also be able to transfer money through the internet using Xoom Money Transfer System or through their Xoom App.PNBPhilippines National Bank is one of the largest banks in the Philippines. Their money transfer services to the Philippines are available for both currency exchanges from Dollar to Peso and Dollar to Dollar. And if you have a Xoom account, you can make instant deposits to PNB banks 24/7, 365 days a year for a fee of $4.99 to send up to $2999.Placid ExpressServing the expatriates community for more than two decades, Placid Express is a Money Transfer provider that specializes in direct money transfers with competitive exchange rates and zero to low transfer fees. Recipients can receive the money through cash pick or it can be directly deposited to their bank account in the Philippines. Remitters can opt to send money via debit card, credit card, or bank accounts. When you send money using your bank account it is free. Users can also send money via a mobile app.USA to the Philippines is one of the fastest growing remittance corridors. Both new and old money transfer service providers are making huge investments resulting in tougher competition, which translates to lower fees, better exchange rates, and best quality of service to customers. We have already seen a 30% drop in transfer fee worldwide in the last 10 years and the exchange rates are improving. If you are looking for how to send money to the Philippines from USA, we invite you to compare rates online using our comparison tool. Like any purchase, make sure you compare the USD to PHP exchange rates offered by various service providers to get your dollars' worth. And to know the daily USD to PHP exchange rates you can subscribe to alerts here.

Most banks transfer money from your account to that of another in a foreign country for a small fee. For this wire transfer to take effect, you’ll need to provide the bank with information that includes the name and address of the account holder, information about the financial institution the money is being sent to and the ABA, SWIFT, CHIPS or IBAN of the recipient bank. It is vitally important to get this information correct as domestic transfers cost around $25, with international charging around $43. ABA Routing Number Used within the United States, the American Banking Association (ABA) Routing number may also be called the Routing Transfer Number (RTN). It is the identification code of your bank, is nine digits long and is composed of numbers only. When making a direct deposit or direct payment of consumer bills, you can find it on your check as the first nine numbers preceded by your bank account number. The ABA is also used for wires and electronic automatic clearing house (ACH) transactions such as electronic funds transfer, echecks, and tax payments, among others. In this case, it may be different than the routing number printed on your bank checks, so please contact your bank for the appropriate ABA number. Use the ABA with the account number to perform the transaction. IBAN IBAN stands for The International Bank Account Number and is a 34-digit long code that carries all the identifying information about your bank, its branch, its location and your account number in both digit and letter form. Its purpose is to improve cross border money transactions and to reduce the risk of transcription errors, where processors misread the font or content. T The IBAN is used in most European countries as well as in many parts of the Middle East and the Caribbean. As of 2016, 69 countries use this code to make or rely on transactions. BIC (or SWIFT) The Bank Identifier Code (sometimes called SWIFT) contains information about the receiving country, bank and branch. It contains numbers and letters and is eight to 11 digits long. The acronym SWIFT refers to the Belgian Society for Worldwide Interbank Financial Telecommunication that developed the code as part of its mission to help global financial institutions send and receive information about financial transactions in a secure, standardized and reliable manner. CHIPS CHIPS stands for the Clearing House Interbank Payments System Universal Identifier. The CHIPS Uid is a six-digit code that contains all the information that is necessary to identify the person who is wiring the money. Thus your name, address, routing number, account number, and so forth are all contained in this CHIPS code. The Clearing House Interbank Payments System confidentially stores the code, or information, as it does that of all individuals. Your safety is of utmost importance to banks when it comes to wiring your money. They, therefore, resort to invincible codes that contain all the information of your bank, the branch of your bank, your identity, account and so forth. All codes are both developed and stored by authoritative and safe agencies such as the Clearing House Interbank Payments System. Codes that include your bank’s identifying details are recognized not only nationally, but also internationally and are used to process domestic and international transactions while moving money around the world.

Many people send money home to India, but a number of NRIs (Non-Resident Indians) have faced problems in maintaining a Rupee account in India. Opening a NRE (Non-Resident External) account in India provides a good option for overcoming these problems. The Foreign Exchange Management Act (FEMA) does not specify any limits or restrictions on most remittances sent to India by NRIs, making it easy for them to send any amount of money to India. What is a NRE Account? An NRE account is a savings account that can be opened by any NRI. It is meant to repatriate funds that would come from outside earnings. This account lets you transfer your earnings to India conveniently with complete security. Money transferred to a NRE account in any foreign currency is converted to INR and permits NRIs to hold and maintain foreign currency earnings in INR. It allows you to repatriate all funds including interest earned at any point of time. How Does Sending Money to A NRE Account Help A NRI? If you are a NRI, sending money to a NRE account may be financially advantageous to you for several reasons. It allows you to send as much amount as you want to India. It allows you to stay in complete control of your hard-earned income abroad. It allows you to transfer your funds freely to and from India. It provides a ‘Multicity’ checkbook, which allows you to make payments with checks at multiple locations. It has a ‘Mandate’ or Letter of Authority facility, so that you can authorize your relative or friend to operate your bank account on your behalf. It offers 24/7 account access through secure a Internet banking facility from anywhere at anytime. It has an online shopping and utility bill payment facility by using Internet Banking. There are no restrictions for transferring the money from the NRE account back to your foreign account. It allows you to withdraw cash easily. It allows you to transfer funds from your existing NRE Savings Accounts to open NRO/FCNR accounts. You can hold your NRE savings account jointly with another NRI or Resident Indian. You can have a nominee for the NRE Savings Account. The Reserve Bank allows NRIs to transfer funds from a non-resident ordinary (NRO) account to a NRE account. Why Should One Open a NRE Account? If you are a NRI and want to send money to India, it is recommended to open a NRE account in India for several beneficial reasons. It allows you to transfer your funds freely to India. You can enjoy two-way transferability, meaning that you can transfer the money from the NRE account back to your foreign account. There is no income tax, wealth tax, or gift tax in India for a NRE account transfer. Interest earned on a NRE savings account is tax exempted. Low minimum balance requirement of Rs. 10,000. An NRE account can be easily converted into a regular resident account. Taxes Applicable on NRE Account Transfer A NRE account is tax-free, including no income tax, no wealth tax and no gift tax in India for any amount of money transferred to your NRE account. There is also no tax on interest earned on a NRE account. Income earned by you in the US would be treated as income earned outside India and therefore, the same would not be taxable in India. As long as you pay taxes on the income you are earning abroad, money transferred into India is not taxable. Interest earned on both the savings NRE account as well as the fixed deposit NRE account will be tax free for the investor. In case you qualify as a resident in India, the interest earned on the NRE account will be taxable regardless of where it is earned. However, if you qualify as a non-resident, you will be subject to taxes only on income that is received in India. In addition, interest paid on your deposits is not taxable in India, but are taxable in the US. A person is considered to be a resident of India if he or she is in India for 182 days or more during the current year.

From e-transfers to traditional methods of payment various options are available to send money to India. It is important to do some research and make sure you make the best choice to send money. Here are more ways to manage your NRI savings abroad. 1. ACH TransferACH stands for Automated Clearing House and is an electronic funds transfer system. In the US, ACH is governed by The National Automated Clearing House Association's (NACHA) operating rules that regulate the inter-banking clearance of electronic payments and transactions among participating financial institutions. When you send money from the bank account in the US via ACH transfer, the recipient bank receives the amount transferred in 4 working days that can be picked up the recipient the very next day. There are no extra costs, visit banks, or sending checks associated with ACH transfer. It helps you save time and money.2. Online TransferOnline Transfer is the easiest way to send money. All you need is an internet connection and use of local banking services to transfer money to an account in India. You will need information including the name and address of the account holder or the recipient, information about the financial institution the money is being sent to, and the IBAN or SWIFT code of the recipient bank. This method is especially recommended if you do regular transfer of funds. You can avoid the steep banking charges and the transaction can be done from the comfort of your home.3. Wire TransferWire Transfer is one of the most common ways to make international money transfer. The sender has to go to an institution like bank or other agencies or branches of agencies like Western Union, Xoom, or Remit2India, and send the money. The wire transfer facility gathers information from the sender about the recipient and recipient's bank or some other facility where the money needs to be sent. After the information is acquired from the sender, the sender institution initiates the wire transfer, and sends the message to the receiving institution. This process takes a few days.4. PayPalPaypal allows individuals to transfer money electronically from one account to another. A fee is charged to the recipient although the transaction is free for the sender. In addition to the exchange rate of transfer, the fee is 3.9% per transaction for international transfers.5. International Money OrderInternational money orders are a safe, cheap, and fast way of sending money especially to remote places in India. The money orders can be deposited into your bank account or cashed at many check cashing locations. Most of them will require an ID to cash the checks. It is simple to purchase and no checking account is required. It is an ideal way to send money if the amount is small.6. Bank Drafts and Cashier's ChecksBank Drafts and Cashier's Checks are available at any bank. There is a fee associated with these services and it may take some time to cash the checks in India. The cost of purchasing a bank draft is higher than money order. This form of money transfer is traceable in case checks or drafts don't reach the destination. They are more economical albeit time-consuming.7. Personal ChecksSending a check in foreign currency is another option. Cashing the check can be delayed because the bank has to verify the deposit. The recipient may have to pay an additional fee for the exchange rate and encashment. This method is safer than sending cash by mail because you can cancel a check if it fails to arrive at its destination.8. E-mail Money TransferE-mail money transfer is an online money transfer. There are no extra charges associated with this type of money transfer. It is like a bank to bank transfer but here the sender need not have the receiver's bank information. The sender has to log on to his bank's website and fill a form. The form does not ask for too many details and the sender has to give the receiver's e-mail id and answer a security question. The sender shares the answer to the security question only with the receiver. An e-mail is sent by the bank to the receiver and in order to validate his identity, the receiver has to answer the security question correctly. If he does answer correctly, he will be forwarded to his bank's website, asked for the details of his account, and complete the transaction. This process takes a day if the receiver's bank is in the list provided by the sender's bank. If not, then the transaction takes 3-5 days. Most people mistakenly assume that e-mail money transfer is not secure. No sensitive information is shared over the e-mail. If the e-mail goes to the wrong recipient, he or she will need the correct answer to the security question to access the money. The name e-mail transfer just signifies that the initiation and notification of the money transfer is done via e-mail.Having more choice is always good news. The mode of transfer depends on the sender's priorities like the speed of transfer, amount of money transferred, whether the money transfers are regular or one-time transfers, cost of transfers, and the receiver's convenience. Finally, the sender and the receiver have to communicate well to decide on the best way to send money.

An Overseas Filipino is a term used to refer to a person of Filipino origin who resides outside the Philippines. This term applies to Filipinos who are abroad as permanent residents in a different country as well as to those who are abroad for a limited period for employment or education. According to the International Labour Organisation, there are approximately 11 million Filipinos overseas. So, who is an OFW? OFW or Overseas Filipino Worker is a term used to refer to Filipino migrant workers who reside outside the Philippines for a limited period for employment. According to a report by the Philippine Statistics Authority (PSA), with statistical data from 2017, an estimated 2.339 million OFWs are living and working abroad. In other words, all OFWs are Overseas Filipinos but not all overseas Filipinos are OFWs. OFWs are considered economic heroes of the country because of their significant contribution towards the growth of the Philippine economy. Remittances sent by OFWs accounted for 11% of the total GDP of the country in 2018. The Philippines is one of the top 5 economies in the world that benefit the most from remittances. OFWs are responsible for the surge in the volume of remittances sent back home. Remittance inflows to the Philippines have been on a rise. The graph above shows a steady rise from $28 billion in 2014 to $34 billion in 2018. The Philippines is the fourth-highest recipient of inward remittances after India ($79 billion), China ($67 billion) and Mexico ($36 billion) according to the World Bank. Which is the best country to work for an OFW? The world is a global village and so is the labor pool. Where an OFW is in demand depends on the type of employment, gender, education, and skillset. Statistically, most OFW men go to the Middle East for construction, mining, and oil-related jobs. And women tend to go to Southeast and East Asia for domestic jobs. In North America, OFWs work in professional jobs, including nurses, doctors, and other types of healthcare jobs. According to the Philippine Statistics Authority, Saudi Arabia is the most preferred country for OFWs to work at 25.4%, others being UAE, Kuwait, Hong Kong, and Qatar. Although, North and South America account for only 5.4% of the OFW population. The highest remittance to the Philippines by country comes from the United States($11 billion). Followed by UAE($4 billion), Saudi Arabia($3.7 billion), and Canada(2.4 billion). The United States and Canada combined contribute around 40% of the total remittances received. Let’s look at how OFWs remittances are contributing to the Philippine economy. Balance of Payments: It is one of the most important economic health indicators of a country. A surplus means the country has earned more dollars than it has spent during the period. A deficit means the country has spent more dollars than it has earned. Remittances sent through the legal financial system are immediately caught in the country's balance of payments which is tracked by the central bank, Bangko Sentral ng Pilipinas (BSP). Remittances represent a significant portion of the earnings of Filipinos working abroad that are transferred to their home families and BOP of the Philippines. This chart above represents the Balance of Payments of the Philippines in the second quarter of 2019. The positive balance indicates net outflows, which is the amount the country spent. And a negative balance indicated net inflows, which is the amount the country has earned. Remittances come under Current Account. As you can see, the current account deficit narrowed to US$1.7 billion from US$3.8 billion in the same period last year. This can be partially attributed to the remittances from OFWs with the 9.5% expansion in net inflows amounting to US$4.3 billion. Exchange Rates: An exchange rate defines the health of a nation’s currency versus the currency of another nation or an economic zone. With a stronger currency, the cost of imported goods decreases which lowers the prices for consumers. This can aid in the settlement of the country’s debts and liabilities. Since the country’s debts are mostly in US dollars, a stronger peso will minimize the debt. The Philippine Peso gets stronger with higher OFW remittances, which means it is worth more relative to other currencies. The steady inflow of remittances empowers the country to buy more foreign goods and services. This also signifies that it is now in a more comfortable position to service its external debt and other international obligations. Foreign Reserves: Foreign Reserves or Gross International Reserves(GIR) is the sum of all foreign exchanges, including foreign investments, foreign exchanges, gold, and special drawing rights (SDR). The GIR is a crucial component of the economy as it is often used to manage the country’s foreign exchange rate against excess volatilities. OFW remittances are the second-largest source of foreign reserves after exports, even surpassing the foreign direct investment flows. As of June 2019, the Philippines’ GIR rose to $85.38 billion. Household Income: Household income refers to the combined gross income of all members of a household or family. It is an indicator of the financial health of a region. The receipt of remittances adds up to the incomes of the recipient households. Some households completely rely on remittances. Other households with sources of domestic incomes, use remittances to supplement their existing income. Regardless, remittance forms a large portion of the fixed monthly income of many families in the Philippines. Standard of Living: Household consumption rises with an increase in income As remittances go straight to the hands of families, friends, and relatives, they use the money to improve their standard of living overall. If you are an OFW, you may want to check out what are the tax implications while sending money to the Philippines. Many economists have cited a direct positive correlation between remittances and improved healthcare, education, and even entrepreneurial pursuits. The positive impact of remittance inflows is felt by whole communities where there are recipient households. OFWs come from a broad representation of the country's regions. So, the cover of improved living standards can be seen at the level of barrios and towns as well as big cities and provinces. Purchasing Power: Purchasing power is the value of a currency pegged against the amount of goods or services that one unit of currency can buy. Remittances have been termed as the “drivers of domestic demand”. Remittances help in financing private consumption by increasing the purchasing power of the people in the Philippines. The Last Word OFW remittances are closing the gap between the poor and the wealthy by contributing to a growing middle class. With improved living conditions and more disposable income, the consumption of goods and services increases, which drives the economy forward. In conclusion, the inflow of remittances can have a significant impact on the country’s economy. OFW remittances have significantly contributed to a positive force on the country's earnings of foreign exchange. By substantially adding to the country's earnings in foreign exchange, these remittances have contributed to the strengthening of the nation's balance of payments position, sustaining the surpluses on current accounts. Even though it is a personal sacrifice to leave behind families and loved ones to go abroad and seek employment with higher wages. The remittances sent by the foreign workers are not only contributing at the macroscopic level of the national economy of the Philippines but also at the microscopic level of household finances.