Best Ways to Transfer Money from India to the USA

Indians are one of the biggest immigrant groups with a strong and influential economic base in the USA. With so many Indians already in USA and a lot of students and individuals aspiring to move, there is a great need of individuals to do back and forth of money from India to USA. In this article we will discuss some of the most reliable ways to send money from India to the USA. 

Whenever you send money abroad, there are a few things to consider in order to get your money’s worth- 

• Exchange Rate: The exchange rate is the rate at which one currency is traded for another. It is important to take into account the exchange rate when sending money abroad, as it can have a significant impact on the amount of money you end up sending.

If the exchange rate is favorable, you will get more bang for your buck and your money will go further. However, if the exchange rate is not so favorable, you may end up sending less money than you originally intended.

There are a number of factors that can affect the exchange rate, such as economic indicators, political stability and central bank policy. It is essential to keep an eye on the exchange rate so that you can time your transfer appropriately and get the most out of your money.

• Transfer Speed: When you need to send money internationally, you want to be sure that it will arrive quickly and safely. There are a few factors to consider when choosing a money transfer service, including the speed of the transfer. For example, if you are sending money to a family member in another country who needs access to the funds immediately, you’ll want to choose a service that offers fast international money transfer speeds. Some services can send the funds within a few minutes, while others may take a few days.

Mediums to Send Money Abroad 

• Wire Transfer: A wire transfer is a type of electronic funds transfer (EFT) that is used to send money from one bank or credit union to another. Wire transfers can be used to send large amounts of money quickly and securely, and are a convenient alternative to other types of EFTs, such as ACH transfers and check deposits. There are a few things to keep in mind when sending a wire transfer from India to the USA. First, you will need to have the recipient’s bank account information, including the bank’s routing number and the account number. You will also need to know the amount of money you want to send and the currency you want to use. Lastly, you will need to pay a fee for the transfer, which will vary depending on the bank or credit union you use. Once you have all of the necessary information, you can typically initiate a wire transfer by logging into your online banking account and providing the required information.
• Foreign Currency Demand Draft: A foreign currency demand draft is a document that orders a bank to pay a specific amount of money to a recipient in a foreign currency. The draft is typically used when making payments to businesses or individuals in another country. To obtain a foreign currency demand draft, the payer typically goes to their bank and requests the draft be made in the desired currency. The bank will then convert the payer’s home currency into the foreign currency and send the draft to the payer for approval. Once the draft is approved, the bank will send it to the recipient’s bank. The recipient’s bank will then convert the foreign currency into their home currency and credit the recipient’s account.
• International Money Transfer Service providers: There are a number of companies that provide international money transfer services. These companies allow you to send money to almost anywhere in the world, and they offer a variety of features and benefits. Some of the most popular international money transfer service providers in India are Western Union, moneyHOP, Transferwise etc. These companies all have a wide network of locations, and they offer a variety of ways to send money.

Top Digital International Money Transfer Services 

Comparative rates for GBP (£ 5000)

moneyHOP

moneyHOP is India’s first full-stack cross-border Neobank. Its international remittance platform ‘HOPRemit’ provides a fast, secure, paperless and cost-effective option to send money abroad. They provide one of the market’s most competitive rates, which means you can transfer money abroad at near-live exchange rates.  Also unlike other international money transfer players, moneyHOP doesn’t levy high exchange fees. This significantly reduces the transaction costs of sending money abroad. After receiving the funds, the wire transfer instructions get processed immediately and money gets credited to the recipient’s bank account in 48 hours. 

There’s one more way you can do international money transfers via moneyHOP. It’s via their app HOPApp through which you get a multicurrency wallet and money transfers can be done anywhere in the world in just a few clicks. 

Read more:  How to send living expenses and gift money to the USA?

While a typical remittance process involves making multiple visits to banks, a long documentation process, and high fees, HOPRemit can simply send money abroad with a few clicks at the best exchange rates. Your money will most likely reach the USA within 2 days of initiating the transaction. 

Western Union

Western Union has been one of the oldest ways to transfer money abroad after banks. They are popular as they have been in the market the longest. You can either use the website, or their app or visit their brick-and-mortar locations for sending money abroad. They have branches in most parts of India and offer a local withdrawal option. 

If you have to send more than USD 5000 you need to make your transfer through their OnlineFX website. Western Union may sound convenient, but one should keep in mind that the transfers take varying amounts of time, even a week in a few cases. Also paying online instead of their physical location changes the transfer limits and timings. Also, Western Union isn’t recommended if you have to transfer small amounts of money as their fee is dependent on both destination and amount. 

TransferWise 

TransferWise is a fintech company that enables international money transfers to several countries. It promises transfers at real-time exchange rates with no markups. You’ll need to pay a certain fee for the transfer and the money is remitted to the recipient’s bank account within a couple of days. TransferWise is a better option than banks. 

TransferWise is a better option than banks as their system is based on local bank account transfers. But they charge a fee between 1.99% and 4.42% for every transaction, depending on where and how much money you are sending. Their minimum remittance amount from India is Rs. 20,000. They charge some markups on the final amount and also do not guarantee to be the cheapest way to transfer money abroad. 

Conclusion

Ultimately the best way to send money from India to USA depends on the convenience of the bank and how it suits your needs. We would recommend you go ahead with a digital money transfer platform like moneyHOP. You can check out our international money transfer exchange rates here.