The Cheapest Way to Send Money to India: Comparing Options and Choosing the Best Service
When it comes to sending money to India, understanding which method is the most cost-effective can significantly reduce expenses. Traditional banks and large money transfer companies may not always provide the most competitive rates. In this article, we will explore various options and highlight some of the most economical ways to transfer funds to India.
Introduction to Common Money Transfer Services
Many of my yoga teacher friends have used popular services like TransferWise, Western Union, Remitly, and bank wire transfers. However, my Indian friends have shared their insights on much cheaper methods to send money, leading me to explore alternatives such as TransferWise.
Comparing the Cost and Methods
The cost of sending money to India depends on the service fees charged by various money transfer companies and the amount being sent. Here, we will compare some of the simplest and most economical ways to transfer money to and from India.
International Money Transfer Services
Som of the popular international money transfer services include:
Remit Choice: An online service that offers competitive rates and is known for affordability. Western Union: A well-known name with a global presence, but often not the cheapest option. Remitly: Another online platform that provides relatively affordable rates and fast transfers. TransferWise: Offers competitive rates and fixed fees, making it a popular choice for international transfers.Bank Transfers
While bank transfers can be a reliable option, they often come with higher fees and slower processing times compared to other services. Banks typically charge between Rs. 500 to Rs. 2500 for an international wire transfer. However, some banks offer competitive rates and lower fees for frequent users.
Mobile Wallets and Online Payment Systems
Mobile wallets and online payment systems like National Electronic Fund Transfer (NEFT), BHIM UPI, and Immediate Payment Service (IMPS) also offer convenient and sometimes cheaper ways to send and receive money within India. These methods can be particularly useful for smaller transactions or regular transfers.
BookMyForex: The Ultimate Choice for Sent Transfers from India
BookMyForex is the most economical and reliable way to send money from India to abroad. Here’s why you should consider BookMyForex:
Live Market Rates: Receive transfers at live and transparent transfer rates 24/7. Option to lock-in your rate for up to 3 days. Best Processing Times: All transfers are processed within 24 working hours after receiving the funds and documents. Beneficiary receives funds within 24 hours for no additional cost. Doorstep Document Pickup: Schedule a document pickup by booking online or visiting a bank branch. Sav using this service is completely free. Zero Transfer Charges: BookMyForex waives off all sending charges associated with processing wire transfers. Unlike banks, your fees are fixed and transparent with BookMyForex.Conclusion
When considering the cheapest way to send money to India, it’s crucial to compare various services and understand the associated fees. While international money transfer services, bank transfers, and mobile wallets offer convenient options, they may not always be the most economical. BookMyForex stands out as a highly competitive choice, providing both live market rates and no hidden fees.
For those looking to send money from India to abroad, BookMyForex is the ultimate solution, ensuring your transfers are processed quickly and cost-effectively.