Cheapest way to send Money to India

There is a large population of Indians migrating to all parts of the world. Money transactions from those countries to India have really increased. Therefore, the need to have very secure ways of sending money to India is important. Those living abroad and have businesses in India, most of the times they transfer money there. Perhaps, you might be knowing some money transfer services that offer better conditions than others. You don’t have to pay too much to send money to India, instead, you can choose a service with better conditions such as low fees and attractive exchange rates. You can make most rupees from your dollars with great exchange rates. There are many money transfer options which have unique advantages and disadvantages. Different NRIs have different reasons for transferring money overseas to India. Whatever your reasons may be, there are many options to go smart about it.

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Cheapest way to send Money to India

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What to consider when sending money to India

  • Exchange rates- should you send money to India, you need to pay attention to the exchange rates. Some money transfer companies have very attractive exchange rates. You would make the most rupees from your dollars if you decided to choose these money transfer companies.
  • Fees- most money transfer companies charge very low fees. The fees are generally less than $5.
  • Delivery/transfer time- transactions to India can be very fast. Some transfers can be as fast as 24 hours, but this would require you to pay more than those services that take 3-5 business days.

Paying attention to those factors would be very wise and a smart way to go about money transfer to India.


Note – This post is written by an NRI reader of TFL – I have published it without any edit. Please go through this & share your views in the comment section – what you feel is the cheapest way to send money to India

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Top 10 ways to send money to India

  1. Transfast

This is a global money transfer company that has greatly reduced its fees and increased its exchange rates. If you are new customer and willing to wait for a few days for transfer, Tranfast is offering high promotional exchange rate and a $0 fee. This is one of the money transfer companies that could give you a lot of rupees from your dollars. Due to its $0 fee, Transfast is most certainly the lowest cost way to send money to India.

  1. Western union

This is one of the largest money transfer companies in the world. It is popular for the largest network of cash agents worldwide hence it is regarded as the most trusted method of money transfer. The foreign exchange rates availed by Western Union are way advantageous. Western union is very fast and reliable. Nevertheless, this money transfer company charges higher fees for transfers that are made by an individual at a Western Union agent shop. If the receiver would need to pick up the money in cash, the fees would still be high.

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  1. Ria Money Transfer

This is one great money transfer company is unique in its low fees. Their low prices and high exchange rates is not just for India but across the globe from USA. If you would want your money to arrive fast, Ria allows its customers to use a debit card at a relatively low price. This money can be transferred from the bank account. The company provides a better exchange rate and $0 fee for transfers that would take 3-5 days. It can send money to any bank in India, therefore, it is very reliable and convenient locally in India. Due to its consistently cheap fees and good exchange rates, Ria Money Transfers is one great way to go smart about sending money to India.

  1. Transferwise

This money transfer company has very low fees and is very convenient. It is actually smart and secure way to send money directly to India. It has a ridiculously low fixed rate fee that saves you money and you can always afford it no matter the amount of money you want to send to India. There are no hidden costs and the money gets to the recipient within the promised time or even earlier. TransferWise has a very fast delivery time which is usually 24 hours or 1 working day. During public holidays the transfers can take up to 2 working days. Its services are a smart way to get rid of the bank fees. If you try using this service you will realize you no longer need to send money through the expensive banks. TransferWise is commonly used by those sending money from the UK and the European Union countries.

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  1. Xendpay

Xendpay makes money transfer to India very simple and a lot cheaper. This money transfer company specializes in foreign exchange and international money transfers. Sending money to India through Xendpay is very simple and easy since you’re just required to log in to your Xendpay account and transfer money at your own convenience. This is very popular with those who are sending money from UK to India. Opening an account on Xendpay is very fast and free of charge.

  1. Online Transfer

This is the easiest way to transfer money. To use this method you just need an internet connection and the use of local banking services in order to transfer money to India. You will be required to have the recipient’s information regarding the financial institution and the account the money will be sent to. For those who do regular money transfers this is the best method to adopt. You can do it at the comfort of your home or the office at very low costs.

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  1. PayPal

This one of the largest electronic mode of transferring money from one account to another across the globe. With an account at PayPal, you can instantly transfer money to your family in India. This is the best method that saves you time and money. PayPal is actually available as an app on IOS and Android. You can get the services and great customer support 24/7. However, PayPal may have some restrictions on the amount of money that can be sent.

  1. Xoom

Xoom is among the best money transfer services to India and across the globe. The transfers are fast and very secure. The transfer fees are very affordable. Transfers can either be on the bank account or the debit and credit transfers. Xoom also guarantees fast transfers that can even be processed within 4 hours to banks in India if the transfers are made during the Indian bank processing hours. If you need any assistance there is a 24/7 customer service. Xoom also has an app that can be used on Android phones. Nevertheless, Xoom has some restrictions on the amount of money that can be sent daily or monthly depending on the level of your account. There are also some hidden conversion fees.

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  1. MoneyGram

MoneyGram has proved to be a big market player in offering money transfer services. Many NRIs have adopted the use of MoneyGram to transfer money to India because it is very fast. Its speed is very consistent and but the fees are slightly higher than some other money transfer companies. It also has some hidden currency conversion costs which can amount to $10.The recipients can receive the money within 24 hours and the daily limit of amount to transfer is usually fairly high. MoneyGram has been in the money transfer market for many years and therefore it guarantees secure and reliable services. If you need very fast but affordable money transfer services, MoneyGram is the perfect option.

  1. Remitly

It is used widely in USA to send money to many different countries including India. Remitly is usually a preferred option because it is fast, stable and secure. The fees are also very low. Those who would prefer the express transfers which are instantly processed would be required to pay more fees. For the basic rates, they are usually processed within 3 business days without any fees. The instant transfers are always supported with many major banks in India making the process very simple. Remitly is very secure since it is registered as a money services business with US Department of Treasury. However, there are some hidden currency costs which could be more than $10. It may not be as fast as MoneyGram but it is still a good option for money transfer services to India.

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Conclusion – The cheapest way to send money to India

Sending money to India has now been made easy, simple and very affordable. With those money transfer options, you can select the one that is very suitable to you. Some factors such as the fees, exchange rates and transfer time are very necessary to consider when selecting the best money transfer option. Remember different money transfer companies charge different fees and exchange rates. Their transfer time may also differ greatly. Some companies have very fast transfer time while others can take long to process. There are those who are always cost effective when it comes to money transfer. There are money transfer companies which charge very low fees and are still very efficient in their services. Those that have good exchange rates are great too as you can get most rupees from the dollars. Sending money to India is not difficult and expensive task now.

Please share what’s your experience with transferring money to India – have you found out fastest & cheapest way to send money to India.

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Hemant Beniwal is a CERTIFIED FINANCIAL PLANNER and his Company Ark Primary Advisors Pvt Ltd is registered as an Investment Adviser with SEBI. Hemant is also a member of the Financial Planning Association, U.S.A and registered as a life planner with Kinder Institute of Life Planning, U.S.A. He started his Financial Planning Practice & TFL Guide Blog in 2009. "The Financial Literates" is a dream & mission to make Indians Financial Literate.