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Best Ways to Transfer Money to India 2023

Updated on April 18, 2023 12:41 pm
Best Ways to Transfer Money to India 2023

Transferring money to India has never been easier than it is now, with a multitude of options that are fast, convenient, secure, and cost-effective. 

However, with so many options available, it can be overwhelming to choose the best option that fits your international money transfer needs.

In this comprehensive guide, we will take a deep dive into the various ways to send money internationally including India, and explore their pros and cons. We'll also discuss the top reasons for sending money to India, including supporting family members, paying for education or medical expenses, and investing in businesses. 

Additionally, we'll cover essential considerations to keep in mind when selecting a service, such as transfer fees, exchange rates, and transfer speed.  

Whether you're sending money internationally to family, paying for education, or investing in the country's growing economy, you'll have a better understanding of the best ways to send money to your loved ones in India in 2023 and be equipped to make an informed decision that suits your financial needs.

Top Reasons Why People Transfer Money to India

Sending money abroad has become increasingly common in today's interconnected world. Whether it's to support loved ones, invest in a foreign economy, or fund travel or education, people have numerous reasons to send money internationally. 

For those sending money to India, here are some of the top reasons why people transfer money to India:

Supporting Family Members: For many people who live and work abroad, sending money back home is a way of supporting their families. This could include paying for their children's education, helping with medical expenses, or providing financial assistance to start a business.

Investing in India: India's economy is one of the fastest-growing in the world, and many investors are keen to capitalize on this growth. Whether it's through stocks, real estate, or businesses, there are many opportunities for investment in India.

Traveling to India: India is a popular destination for tourists from around the world, and travelers often need to send money internationally to pay for expenses like hotels, transportation, and food.

Read our guide to currency exchange for tourists.

Studying in India: India is home to many world-renowned universities, and students from all over the world come to study in the country. These students often need to send money internationally to pay for tuition fees, accommodations, and living expenses.

Doing Business in India: India is a hub for international trade and commerce, and many businesses have operations in the country. If you are doing business in India, you may need to send money internationally to pay for expenses such as salaries, rent, and supplies.

Whatever the reason for sending money to India, it's important to choose a reliable and trustworthy provider. With so many options available, it can be difficult to know where to start. That's why it's important to do your research and compare different providers to find the one that best meets your needs.

Methods for Transferring Money to India

Bank Transfers

Bank transfers are one of the most common ways to send money. This method is safe, secure, and fast. Most banks offer online banking services including sending money internationally. You can send money to any bank in India. However, the transfer costs and exchange rates can be high, and the processing time can take several days.

Read more on online money transfer services vs bank transfers here.

Remittance Companies

Remittance companies are specialized companies that send money from one country to another. These companies offer a competitive exchange rate and low fees compared to banks. Some of the popular remittance companies in India are Wise, Remitly, and Xe among many others. The transfer time for these companies is fast, and the money can be deposited directly into the bank account of the recipient.

Digital Wallets

Digital wallets like Paytm, Google Pay, and Amazon Pay are becoming increasingly popular for money transfers. They are fast, secure, and convenient, and they offer a competitive exchange rate. These wallets can be used to pay for goods and services online and can also be used to send money to bank accounts. However, there may be limits on the amount that can be transferred, and fees may apply.

Cryptocurrency

Cryptocurrency is a digital currency that can be used for money transfers. It is decentralized, which means that it is not controlled by any government or financial institution. Cryptocurrency transfers are fast and secure, and the fees are generally low. However, the value of cryptocurrencies can be volatile, and they may not be widely accepted in India.

Key Factors to Keep in Mind When Transferring Money to India

When it comes to transferring money to India, there are several key factors that you should keep in mind to ensure that your transaction is smooth, secure, and cost-effective. Here are some of the most important factors to consider:

Transfer Fees - The cost of transferring money can vary greatly depending on the service you choose. Comparing different money transfer providers' fees is crucial to finding the one that offers the lowest charges.

Exchange Rates - The exchange rate determines how many Indian rupees you will get for your money. Different providers may offer different rates, so it's essential to shop around for the best deal.

Transfer Speed - If you need to send money quickly, look for a service that offers fast transfers. Some providers offer same-day or next-day transfers, while others may take longer. Keep in mind that a faster transfer speed will be more expensive. 

Security - Your personal and financial information must be kept secure during the transfer. Look for a service with strong security measures in place to protect your information.

Payment Methods - Not all providers accept the same payment methods. Check to see if the service you're considering accepts the payment method you prefer, whether it's a bank transfer, credit card, or other options.

Delivery Methods - Consider how you want the recipient to receive the money. Different services offer various delivery methods, including direct deposit, digital wallets, cash pickup, and home delivery. Choose the most convenient option for your recipient.

Customer Support - Reliable customer support is essential if you have any issues or questions about your transfer. Look for a provider that offers excellent customer service, whether it's through phone, email, or chat support.

By considering these factors when choosing an international money transfer service, you can ensure that your money is transferred to India quickly, securely, and cost-effectively.

Best Ways to Send Money to India in 2023

To help you make an informed decision, we have compiled a list of the top remittance companies for sending money to India in 2023. 

Money Transfer Services to India

Remitly

Remitly is an excellent choice for anyone who wants to remit money to India quickly, securely, and cost-effectively. With a competitive exchange rate, low fees, and flexible payment options, many people choose Remitly for their international money transfers.

One of the standout features of Remitly is its fast transfer speeds. With two different transfer options (Economy and Express), you can choose the speed that works best for you. If you need the money delivered quickly, the Express Transfer option can deliver funds within minutes.

Another great feature of Remitly is its user-friendly mobile app. The app is available for download on the App Store and Google Play. With the app, you can make transfers on the go and track the status of your transfer in real-time. And if you need more money with Remitly, you can increase your sending limits by providing additional information.

Remitly offer multiple payment options including debit/credit cards and bank account transfers, while delivery options include a direct deposit to a bank account, cash pickup, home delivery, and mobile wallet. 

The transfer limits for sending money to India from the US are $2,999 in 24 hours, $10,000 in 30 days, and $18,000 in 180 days. The transfer costs for sending money to India from the US are based on the transfer amount, with zero fees for transfers of $1,000 and above and a fee of $3.99 for transfers less than $1,000.

Wise

Wise, formerly known as TransferWise, is an online money transfer company headquartered in the UK. For people without borders, Wise is one of the best alternatives to the traditional wire transfer system used by normal banks.

Wise provides a real-time exchange rate, low and upfront fees based on the transfer amount, and fast transfer times. Usually, it takes 1 working day to receive a wire transfer, and 1-3 working days to receive money sent via ACH transfer.

With multiple payment options, including bank account transfers, debit cards, and credit cards, and delivery options such as sending INR to the recipient's bank account in India, Wise is a versatile platform for transferring money globally. Additionally, the Wise mobile app is one of the most popular international money transfer apps. 

The platform offers a multi-currency bank account, allowing users to hold and send money in multiple currencies. Wise also provides high transfer limits, with users able to send up to 1 million GBP per transfer to a private individual or up to 1.5 million INR per working day to businesses. 

Furthermore, Wise offers excellent customer support, with a dedicated team available to answer questions and resolve issues that users may encounter.

PassTo

PassTo is a digital money transfer company based in the UK that specializes in providing quick and secure money transfers abroad.

The company's key features include a user-friendly mobile app, a competitive exchange rate, transparent pricing, and low fees, making it a cost-effective option for transferring money. The company's mobile app makes the process of transferring money quick and easy. 

PassTo also boasts fast transfer times, with most transfers completed within minutes. Multiple payment options such as bank account transfers and debit/credit card payments are available. It offers different ways to receive money, such as bank deposits, mobile wallet credits, airtime top-ups, and cash pickups. 

PassTo is licensed and regulated by the Financial Conduct Authority (FCA) in the UK, and it uses advanced security measures to safeguard transactions and personal information. Transfer limits vary depending on the country, with most instances having a maximum of GBP 3,000 per day, GBP 8,000 per month, and GBP 50,000 per year

Xe

Xe Money Transfer is an online currency exchange company based in Canada that provides low-cost international money transfers and a highly competitive exchange rate. 

The company has a user-friendly website and a mobile app and offers various transfer options, including bank transfers and mobile transfers. 

Xe offers a range of features that include live exchange rate tracking through the XE Currency Converter, free of charge. Additionally, customers can set alerts for any currency pair to stay informed of rate fluctuations. Transfer fees depend on the destination country and the transfer amount.

With Xe, most transfers are completed within 1 to 4 business days. The company offers a variety of payment methods, including bank account transfers, debit cards, and credit cards, and supports international wire transfers and ACH transfers

Customers can transfer up to $500,000 per transaction, making Xe an excellent option for large transfers.

Panda Remit

Panda Remit is a digital money transfer company based in Hong Kong that specializes in providing fast and secure international money transfers at a competitive exchange rate.

It is an excellent option for those seeking fast, secure, and cost-effective international money transfers.

Its key features include zero fees for the first transfer, low fees with no hidden fees, and fast transfer times, with most transfers completed within 1 to 2 business days. 

Panda Remit also provides real-time transfer notifications via SMS, WeChat, or email, ensuring customers are kept informed throughout the process. Payment methods include bank transfers, debit cards, and ATM transfers, with multiple delivery options such as a direct deposit to digital wallets, bank cards, or cash pickup. 

The company guarantees 100% satisfaction, and its user-friendly PandaRemit mobile app makes it easy for customers to transfer money internationally conveniently.

State Bank of India California

The State Bank of India California, a subsidiary of India's largest bank, the State Bank of India, provides a range of money transfer services, including international wire transfers, ACH transfers, and online transfers.

The bank is known for its fast and cost-effective option of sending USD to INR, offering a competitive exchange rate. Customers can send money online for free within a few hours to any bank in India, making it a convenient option. 

The bank also provides three different ways to send money: online, via the SBIC mobile app, and in-branch. Online transfers and transfers above $50,000 have zero fees, and the in-branch fee for transfers below $50,000 is $15.

The transfer limit varies depending on the method and account type; for example, for bank accounts opened online, the limit is $25,000 per day and $50,000 per month. For bank accounts opened in-branch, the limit is $50,000 per day, and there is no monthly limit, while the mobile transfer limit is $25,000 per day and $50,000 per month. 

Instarem

Instarem is a Singapore-based online remittance service provider that offers fast, affordable, and secure transfers to multiple countries, including India. 

The company stands out with its real exchange rates (inter-bank rate), low fees, and transparent pricing, making it an attractive option for customers looking to send money abroad. 

Most transfers are completed almost instantly or within 1 to 2 business days. Instarem supports multiple payment options, including bank account transfers, wire transfers, and debit or credit cards, offering flexibility to its customers. 

In addition, the company has a referral program that allows customers to earn rewards for referring friends to the service, making it even more attractive. 

Instarem also offers a loyalty program where customers can earn InstaPoints with each transaction, with bigger transactions earning higher points. Importantly, Instarem does not have a maximum transfer limit, offering a great deal of flexibility to its customers.

Frequently Asked Questions

What is the best online money transfer to India in 2023?

The best way to send money will depend on your individual needs, such as transfer speed, fees, and exchange rate. Some of the popular options in 2023 include Remitly, Wise, PassTo, Xe, Panda Remit, State Bank of India California, and Instarem.

Are online money transfer companies safe for transferring money to India?

Online money transfer companies are generally safe for transferring money to India. However, it is important to do your research and choose a reputable company that is licensed and regulated.

What is the cost of transferring money to India?

The cost of transferring money to India will vary depending on the company you use and the amount you are transferring. Some companies charge a flat fee, while others charge a percentage of the transfer amount. It is important to compare the fees and the exchange rate to find the best deal.

How long does it take to transfer money to India?

Transfer times will depend on the company you use and the transfer method. Some companies offer instant transfers, while others may take several business days. It is important to check the transfer time before making a transfer.

Do I need to provide identification for international money transfers to India?

Yes, most companies will require you to provide identification before transferring money to India. This is to comply with anti-money laundering regulations and to ensure the safety and security of your transfer.

Are money transfer apps safe to use?

Most money transfer apps provide strong security measures to safeguard your money. Nevertheless, it is crucial to understand that in the event you mistakenly transfer funds to the wrong recipient, there is a possibility that you may not retrieve your money. Service providers may decline to assist you in retrieving misplaced funds. Make sure that the money transfer app has high user ratings in the app store and that you send money to people you know and trust.

Conclusion

The choice of the best money transfer service to India may depend on various factors such as exchange rates, fees, transfer speed, convenience, payment method, and other features that suit your specific needs. It is recommended to do some research and compare the different options available to find the one that best suits your requirements.

You can consider reading reviews and ratings, checking the features and benefits offered by each service, and comparing the exchange rate and fees to make an informed decision.

To remit money to India online with ease, start on CompareRemit to find the best provider for your needs!

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