Inexpensive Ways To Send Money Abroad From India

Are you looking for an affordable way to send money internationally from India? It can be quite challenging to find an option due to the increasing demand for cross-border money transfers. Sending money abroad from India can often be expensive and time-consuming, which can make the process staggering for individuals. There are known methods that minimize expenses when transferring money overseas from India. It’s important to note that traditional banks often impose exchange rate fees along with transfer charges, resulting in inflated overall costs. On the other hand, modern money transfer solutions offer a budget-friendly way to send funds to foreign destinations without facing excessively high exchange rates. This brief guide will walk you through the three best alternatives to transferring money abroad at relatively lower exchange rates than a bank.

1. moneyHOP

moneyHOP is a full-stack cross-border neobanking solution that enables individuals and businesses to Send and Spend money conveniently and economically across the globe at any given time. The company provides a unified interface through which users can seamlessly transfer money between multiple accounts at a near-IBR rate. moneyHOP aims to simplify international banking procedures and help India go global. However, this isn’t the only reason that will make moneyHOP a reliable banking solution in 2023. You can also use it to lock in lower exchange rates in advance and avoid a hefty fee while sending money abroad. In fact, you can lock in these exchange rates as early as a month before you have to make the transfer.

Why should you choose moneyHOP for sending money abroad?

• Near-Zero Markup
• Best-in-class exchange rates
• Real-time currency exchange
• Complete transparency
• No hidden costs
• 360 Degree customer service

Also, moneyHOP lets you wire money internationally at Zero Convenience Charges.

Rates & Fees

The charges and fees will vary based on the following factors:

• The specific amount of money being sent
• The chosen method of sending
• The bank or money transfer service being utilized

Who All Do We Serve?

2. Direct Wire Transfer

In the year 2023, international wire transfers will serve as a banking service for transferring money across borders. Typically, these transfers take around 1-2 business days, though there might be delays during weekends or holidays. It’s essential to note that costs associated with transfers can vary based on factors like the involved banks, transfer amounts and exchange rates. International wire transfers tend to be more expensive compared to alternatives. To initiate these transfers successfully, one must ensure their affiliation with the SWIFT network. Provide recipient information while also adhering to relevant regulations aimed at preventing financial crimes. When considering a wire transfer as an option, it is advisable to compare fees, rates and regulations in order to make an informed decision.

3. Internet Banking

If you have availed of e-banking services for your bank account, you don’t have to visit the bank or any third party to make the transfer. Simply log into the online portal, and you’ll find a dedicated “foreign exchange” tab right on your screen. Internet banking is among the most convenient ways to transfer money worldwide. The only downside of this method is that you cannot lock in exchange rates in advance, and you’ll have to pay according to the current currency exchange rates while sending the money.

Final Thoughts:

So, that concludes our guide on the best ways to send money abroad while staying away from hefty exchange rates. It doesn’t matter to which country you want to send the money; HOPRemit by moneyHOP stands out as one of the best solutions that will allow you to find the best exchange rates and save a decent amount during international money transfers.