Indians staying abroad will be looking to transfer money to their families residing in India. Individuals doing such transactions will be aware that it involves cost, and fees for sending the same.
Check the currency rates against all the world currencies here.
While, cost and fees depends on the amount and country and mode of transfer. However, one should careful go through terms and conditions and exchange rate policies before deciding. Let us consider an amount of $1000 sending from US to India.
Here are some of the most preferred and cheapest ways to send money to India
|Transfer||Fees for sending $1000||Hidden currency conversion cost||Duration|
|Transfer wise||$10||$0||3-5 days|
|Money Gram||$5||$10||3-5 days|
|Western Union||$6||$11||3-5 days|
|Here is a list when money should be transferred instantly|
|Transfer||Fees for sending $1000||Currency conversion cost||Duration|
Why there is a hidden currency conversion charge?
Many of the transfer service companies will not let you know the charge for exchanging money. Many a times charges would be very high depending on the country, charges varies from 2 per cent to 4 per cent.
However, one needs to check with the service company for fees and other charges involved as it may vary.
One can also use other Cheap ways to send money from USA to India. This will include the RTGS and NEFT mechanisms. There are many branches of Indian banks or money exchange companies operated by banks, who would help facilitate the transfer.
For example, one can use the SBI Express remittance service in the US. These offer a very competitive rates when transferring money.
In fact, if you are transferring money to India, you can negotiate the rates with your bank. If the sum is rather larger, the rate can be bettered by the banks and exchange houses.
These days you can track your remittance online. An SMS advice is also sent to beneficiaries, which is another big advantage.
Some companies also allow you to use various debit card and credit cards to fund your money transfer.
The recipient can choose from a variety of transfer options, including collecting cash from various locations in India or a direct credit to the bank account.
Most important thing is to make sure of the charges and the currency conversion. There is a scope to negotiate currency rates in select means of remittance from the US to India.