When it comes to sending your hard-earned money to your near and dear ones back in India, it is imperative that the service that is used is fast and reliable. Based on my experience from sending money from US to India, below are best two services which I have relied upon as and when I need.
1. Xoom – Online Money Transfer to India
Xoom, a Paypal service lets you send money to India at competitive rates and guarantees a 4 hour deposit in leading banks in India if you send money during the India banking hours. With Paypal being the parent company, Xoom is one of the best and responsive 24* 7 customer service that I have seen.
Charges – Anything above $1000 is free when you send with your bank account.
2. TransferWise – Online Money Transfer to India
When you want to send less than $1000 for a competitive exchange rate and can wait for 2-3 days for the money to arrive in India, TransferWise is the best.
Charges – Although it charges a flat fees for any transaction, it does so over the market exchange rate which is typically always around 60-70 cents more than what Xoom offers. So even with the fees, you will get a exchange rate better than what Xoom offers without any fees.
3. Remitly – Online Money Transfer to India
The third service, Remitly is a combination of the first two services that we covered here. It provides both an express and economy transfer option with amazing exchange rates.
The economy option takes close to 7 days for the money transfer to be credited in the Indian account. But the express option takes it a notch up and provides same day transfer.