If you have a business in India and you regularly transfer money there, you already know that some money transfer services offer better conditions than others.
However, finding secure, reliable and affordable methods to send money to India can cost you a lot of time and money.
We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:
The Time Doctor team has created a special series of articles dedicated to providing information about money transfer charges and hidden conversion costs for international monetary transfers.
The following tables provide information about the best options for sending money to India from across the world. Pay attention to the upfront fees and exchange rates that popular services charge you for transferring money.
Table 1 – Sending $1000 from the US to India | ||||||
---|---|---|---|---|---|---|
Transfer Method | Stated fees to send $1000 USD | Hidden currency conversion cost | Total cost | Time for the transfer to arrive | ||
OFX (previously USForex)* | $0 | $7.5 | $7.5 | 1-2 days | ||
Wise, formerly TransferWise (recommended partner) | $9 | $0 | $9 | 1-2 days | ||
Currencyfair | $4 | $5 | $9 | 1-2 days | ||
Xoom | $5 | $6.5 | $11.5 | 3-5 days | ||
Remitly (slow) | $0 | $13 | $13 | 3-5 days | ||
MoneyGram (slow) | $5 | $10 | $15 | 3-5 days | ||
Ria Money Transfer (slow) | $5 | $10 | $15 | 3-5 days | ||
Western Union (slow) | $6 | $11 | $17 | 3-5 days | ||
Xpress Money | $10 | $7 | $17 | 3-5 days | ||
Lucky Money | $0 | $19 | $19 | 3-5 days | ||
MoneyGram (fast) | $10 | $10 | $20 | Minutes | ||
Ria Money Transfer (fast) | $10 | $10 | $20 | Minutes | ||
WorldRemit* | $4 | $16 | $20 | 3-5 days | ||
Remitly (fast) | $4 | $17 | $21 | Minutes | ||
Western Union (fast) | $10 | $11 | $21 | Minutes | ||
Transfast (slow) | $5 | $16 | $21 | 3-5 days | ||
Remit2India | $6 | $19 | $25 | 3-5 days | ||
XE Trade | $0 | $27 | $27 | 3-5 days | ||
Zenbanx | $5 | $25 | $30 | 2-3 days | ||
Payoneer | $3 | $28 | $31 | 3-5 days | ||
Transfast (fast) | $30 | $16 | $46 | Minutes | ||
Wire transfer | $25-55 | $10-30 | $35-85 | 3-5 days | ||
Travelex | $0 | $151 | $151 | 3-5 days |
Table 2: Sending Money to India from Different Countries. The TOTAL Cost in Percentages including the HIDDEN currency exchange fees. | ||||||
---|---|---|---|---|---|---|
Transfer Method | From the US | From the UK | From Canada | From Western Europe | From Australia | |
Wise, formerly TransferWise (recommended partner) | 0.9% | 0.7% | 1.2% | 0.7% | 0.7% | |
OFX (previously USForex) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | |
Currencyfair | 0.9% | 0.9% | 1% | 1% | 0.9% | |
Xoom | 1.2% | Not available | Not available | Not available | Not available | |
FastRemit | Not available | Not available | Not available | Not available | 1.2% | |
Remitly | 1.3% | Not available | Not available | Not available | Not available | |
Azimo | Not available | 1.4% | Not available | 1.2% | Not available | |
Ria Money Transfer | 1.5% | Not available | Not available | Not available | Not available | |
Small World FS | Not available | 1% | Not available | 1.7% | Not available | |
Lucky Money | 1.9% | Not available | Not available | Not available | Not available | |
WorldRemit | 2% | 1.2% | 1.1% | 1.8% | 1.1% | |
Western Union | 1.7% | 1.2% | 2.1% | 1.9% | 1% | |
Xendpay | Not available | 0.2% | 2.3% | 0.2% | 2.3% | |
Transfast | 2.1% | Not available | 0.9% | Not available | Not available | |
Remit2India | 2.5% | 2.1% | 2% | 1.9% | 2.4% | |
XE Trade | 2.7% | 2.7% | 2.9% | 2.7% | 2.9% | |
Zenbanx | 3.1% | Not available | 1.9% | Not available | Not available | |
Payoneer | 3.1% | Not available | Not available | Not available | Not available | |
MoneyGram | 1.5% | 1.1% | 1.5% | 5.8% | 3.1% | |
Xpress Money | 1.7% | 2.2% | 1.6% | 3.7% | 3.9% | |
Exchange4free | Not available | 2.4% | 2.1% | 2.5% | 2.4% | |
Wire transfer | 2.5-5.5% | 2-4.5% | 2.5-5.5% | 2-4.5% | 3-6.5% | |
Travelex | 15.1% | Not available | 14.3% | 15.7% | 10% |
Transferring Money with Wise (formerly TransferWise)
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