What is the best way to send money to India?
If you're looking for the best way to send money to India, you basically have two main options that you need to consider. You can either send your money using your local bank, or you can use a money transfer company such as Exchange4free.
Trying to find the best option for your specific needs can be a frustration task. We will help to inform you of the specific criteria that you should look at when selecting a service to send your money and also explain why we think we offer one of the best and cheapest services available.
Ask the following questions when making your comparisons:
What exchange rate am I being quoted?
Your local bank or money transfer company will quote you and exchange rate on your money transfer off the interbank rate. This is the rate at which banks trade large volumes of currency. The difference between the interbank rate and the rate you are quoted is called the "exchange rate margin". If this margin is large, your beneficiary will receive less money.
- Our competitors margins can vary in between the range of 3-5% (and over). We offer very competitive rates and our margins are between 1-2% depending on the amount you are sending. Our favourable rates help us to offer our clients one of the cheapest money transfer services in the world.
What transfer fees am I being charged?
Your local bank and many money transfer operators (MTOs) will charge transfer fees to send you money. These can vary from service to service.
- Exchange4free charge no transfer fees on all amounts.
Are there any receiving fees that my beneficiary will need to pay?
A factor that many people forget to take into account when sending money to India are the receiving fee charges that many banks charge for your beneficiary to receive the overseas funds.
- Exchange4free cover these receiving fees for our clients
Is there a limit on how much I can send?
Many companies will have a limit on the amount of money that you can send in one go.
- There is no upper limit that you can send to India when you transfer with us. On large amounts we encourage our clients to call in and get improved rates from one of our FX Dealers.
How long will it take for my money to be received?
This time period for a transfer to be completed can vary from company to company and across different banks. Some services offer same day delivery but at a premium price.
- We pay out your beneficiary straight after your funds are received into our clearing account. Once this payment is made, your beneficiary will receive the money within 2-3 working days.
These are the main areas you need to compare when making a decision on which company to choose when you send money to India. We are confident that we offer the best way to send money to India, where you pay less and your beneficiary receives more.