Send Money to India - Compare Money Transfer Remittance Services
Sending money abroad can be overwhelming - you have to figure out rates, which company to use, when to send and how to send. Every provider is promising the best rates for you to remit money to India, the best service, the most trusted service etc. But when you’re looking to send money to India - how do you compare money transfer remittance services?
Well, luckily for you - we’ve compiled a method to compare the most popular ones, as well as a comparison.
Compare remit rates to India
The most common way is to compare remit rates to India - how much will it cost to send money to India? This is further broken up into 1) how much is the fee and 2) what are the FX markups? To start off with, what are the fees that will the company charge - there is no such thing as a completely free transfer! Some companies have difficult to understand fee structures so you never truly understand how much you need to pay until you actually pay the fee. When money transfer companies advertise an exchange rate, such as USD to INR - how high is the FX markup? You can check this by Googling the rate - the rate Google provides is called the mid-market rate
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Compare Remit to India
Here are some of the most popular providers, compared to each other so you can compare remit to India for your needs:
| Winner: Best Rates | 2nd Best Rates | 3rd Best Rates | 4th Best Rates |
|---|
| Money Transfer Service | North Loop | Transferwise | Remitly | Xoom |
| Upfront Fees | None ($0) | Varies depending on
payment method
| $3.99 for less than $1,000 transfer | Varies depending on payment
method, can go beyond $30! |
| FX Rate | Mid-market Rate | Mid-market Rate | FX Markup | FX Markup |
| Payment Methods | Straight from Account | Debit Card, Bank Transfer | Debit Card, Bank Transfer, Cash Branches | Debit Card, Bank Transfer,
Cash Branches |
| Payout Options | To any bank account in India | Bank Accounts | Bank Accounts | Bank Accounts, Local Agents |
| Example of sending $500 to India |
USD to INR rate
(as of April 15th, 2020) | 76.56 | 76.56 |
75.32
| 75.27 |
| Fees | $0 | $5.83 | $3.99 | $14.99 |
How much INR
you get for $500 | 38,280.00 | 37,835.38 | 37,660 | 36,508 |
So what’s the best remit to India?
Well, as we’ve shown above, North Loop provides the best remittance rates to India. Your preferences may mean you choose another provider , based on your comfort or other factors. However, remember that North Loop also provides NRI accounts, US bank accounts and a variety of other products such as credit cards.
What impacts remittance rates to india?
The impact on the Indian exchange rate is largely out of the hands of money providers -global economic factors impact how both the dollar and the Indian rupee are performing. That’s why North Loop offers CurrencyProtect - an effective way for you to be insured by getting the best rate for one week so you can get refunded whatever you could have gotten on a day with better remittance rates to India.
Instant Rupee Accounts
You may also want to consider Instant Rupee Accounts - these are multi currency accounts that let you get rupees into your wallet or linked to your debit card immediately. You can buy rupees before a trip to India, and load your debit card with it - so you can spend money easily when you’re in India.
Be Smart - Use North Loop
The most transparent, and lowest FX rates. Fast transfers to India. NRI Banking Services. North Loop is banking for the global Indian. Sign up
here.
+1 (614) 335-7856
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