What are the best ways to send money from India to abroad?
I'm seeking suggestions on what are the best ways to send money from India to abroad. While I'd be sending money to France, I want to have suggestions on most generic service that works in the United States, European countries, Australia and South-East asian countries. I've traditionally used PayPal and it works perfectly fine and fast. I'd also like to know if anyone has experience with Western Union money transfers - are they safe and how are their commission rates?
I'd also welcome any other suggestions. Please share your first hand experience with any of these services.
Update:
The best ways to send money abroad from India are - Paypal, International Bank Transfers, Remittance Service Providers and Western Union. Please check the details below-
PayPal: PayPal is a widely used and convenient option for sending money internationally. It allows you to transfer funds securely to various countries, including the United States, European countries, Australia, and Southeast Asian countries. PayPal offers fast transfers and is generally reliable. However, keep in mind that PayPal charges transaction fees, and the exchange rates they offer might not always be the most favourable.
International Bank Transfers: Most banks in India offer international wire transfer services. This method allows you to send money directly from your bank account to an overseas bank account. However, international bank transfers can be relatively expensive, with high fees and less competitive exchange rates. It is advisable to compare the fees and exchange rates offered by different banks before choosing this option.
Remittance Service Providers: There are various remittance service providers like TransferWise (now called Wise), Remitly, and WorldRemit that specialise in international money transfers. These companies often offer competitive exchange rates and lower fees compared to traditional banks. They provide convenient online platforms or mobile apps to send money abroad. It's worth comparing the fees and rates of different service providers to find the best option for your specific destination country.
Western Union: Western Union is a well-known and widely used service for international money transfers. It has an extensive network of agent locations across the globe, including the countries you mentioned. Western Union allows you to send money online or through their agents. While Western Union is generally safe, it's always important to be cautious and verify the recipient's details before making a transfer. Western Union charges both transfer fees and currency exchange fees, so it's advisable to check their rates before proceeding.
Cryptocurrency Transfers: Cryptocurrencies like Bitcoin and Ethereum have gained popularity as an alternative method for international money transfers. Cryptocurrency transfers can be relatively fast and may offer lower fees compared to traditional methods. However, using cryptocurrencies for international transfers requires both the sender and the recipient to have cryptocurrency wallets and some understanding of how cryptocurrencies work.
Before choosing any particular service, it's essential to consider factors such as fees, exchange rates, transfer speed, convenience, and the reputation of the service provider. It can be helpful to read reviews, compare different options, and consider the specific requirements of your transfer.
Replies
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![[Prototype]](https://www.crazyengineers.com/img/avatar.jpg)
[Prototype]Western Union, Moneygram and similar services don't work for India. You can only receive money in India via those service providers.
I was into a similar situation and went to WU when they notified me about this. A quick Google search revealed that its true. Reserve bank has disallowed these services to move money outside India. The person at WU suggested me to do a wire transfer which was the only way according to him. -
Kaustubh KatdareThat's totally strange! I can send money through PayPal and it does work fine. Wire Transfers are okay, minus the charges bank puts on the transactions in addition to the higher exchange rates. I was told that there's a fee of Rs. 1200 irrespective of the amount you want to send abroad.
I thought Western Union was a popular method to 'send' payments. Looks like Paypals' the only option that I can use without having to pay Banks the money. -
[Prototype]
I guess RBI don't have problem with transfers made digitally but if you don't have any of those accounts or like in the situation I was, the recipients country don't support Paypal, you'll be helpless. WU and other such processors don't support card payments in India.Kaustubh KatdareThat's totally strange! I can send money through PayPal and it does work fine. Wire Transfers are okay, minus the charges bank puts on the transactions in addition to the higher exchange rates. I was told that there's a fee of Rs. 1200 irrespective of the amount you want to send abroad.
I thought Western Union was a popular method to 'send' payments. Looks like Paypals' the only option that I can use without having to pay Banks the money.
It might be because its easy to keep track of the money being transferred digital as opposed to hard cash where the 'unaccountability' comes into picture. -
Skrill iTSending money can be a hassle with most providers as you rarely get to see how much money is actually received at the other end. With Skrill iT, you can send to over 200 countries worldwide and our fee structure is completely transparent, so you can see exactly how much money will arrive. Try it now, bit.ly/1fIjpjl
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Kaustubh KatdareLooks promising. Will explore.
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VasantShenoyWU does offer outward remittances from India but for educational purposes only.
You can try UAE Exchange but then the rates are not real time.
I googled a bit to find #-Link-Snipped-#. I've not gone beyond the first page but this site looks good with real time rate updates and free home service in Delhi. Not sure if the free home service is available in Mumbai where I live or any other place in India. Cons - limited currencies. -
Nitin MotwaniFull disclosure - I work for BookMyForex.com
@#-Link-Snipped-# - You're correct about the fact that WU and most other firms only allow you to transfer money to India. Transferring money out of India is a much more complex process due to stringent RBI regulations and only banks or authorized dealer IIs have the ability to do this. Most sites that you find online would therefore not be able to provide you this service and are only capable of providing inward remittance service to India.
BookMyForex has tied up with ING Vysya bank and Axis Bank to facilitate outward transfers from India and to the best of our knowledge we're the only website that allows you to make an outward remittance from India. You still do need to submit your physical documentation to us or the bank so the process isn't 100% online but we do allow you to freeze the rate online and make the fund transfer using NEFT/ RTGS which can be completed online. Our process is streamlined enough to process transfers within a few hours though.
Also yes, we do provide document pick up service and free home delivery of forex products in Mumbai along with most other major cities in India. -
Sunil SinghMy take -- Xoom Global Money Transfer is one of the fastest and reliable ways of send money abroad. However it has a good customer service support but provides best service at a lower price. The best thing is that its a legitimate company. I would rate it 8 on a 10 pointer scale.
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sookiebitcoins
com -
sauhardWell i prefer paypal too. But usually they charge alot of transaction fees. So i use a rather uncommon method for transaction. Well i don't know if it's illegal or not but it works for me 😀
What i do is ask the receiver to post a deal on Ebay.com and then i buy it using my credit card or whatever option you use. He receives the order and marks it complete. Then you mark it complete. Voila done !! easy
They charge a very small amount so i use this.
Well as far as i know i think it is not illegal. But who knows !! 😛
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