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Top 5 Best Way to Send Money in India

Top 5 Best Way to Send Money in India

Due to the complications, demands and requirement, it’s not possible to give and take cash every time. For instance, some of the jobs or tasks are to be completed before making payments especially working with remote teams. The payment is done into his/her account by the transfer only after completing the job. It is important for all business as well as individuals to know about the reliable methods of transfer in order to make payments if they have any remote employees or contractors in India. Top 5 best ways to send money in India are covered below with their advantages and disadvantages:

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MoneyGram
It is one of the reliable and preferred ways to transfer funds everyday as it provides very fast service (oftentimes it transfers money same day). It has got a bit high charge in relation to others, but when speed and urgency are your requirements then hardly it is will matter. People generally prefer it for its consistency in speed.

Advantage:It transfers money within 24 hours and most of the transactions are settled within 10-20minutes. There are no restrictions on transfer up to $9,999 daily. The purposeof transfer can be added togift, donation, etc. It provides its service in 200 countries worldwide and has 347000 local MoneyGram Agents.

Disadvantages: Low online daily limit which is $2500. High service charge and fees than others and documentation vary according to the countries.

Ria Money Transfer
Ria Money Transfer is a very good service provider for money transfer to India for USA Residents. It comes to better ranking in terms of its fewer fees charged.

Advantages: No charge for bank account transfers, $3 and $8 for debit card and credit card transfer respectively. It provides its service in 149 countries with over 270000 locations out of which 44000 is in India making it one of the most preferred medium. Referral benefit is provided to the referrer which is $20.

Disadvantages: Low limit per transaction i.e. $2999. Slow service than most of the other service providers in thesame line, it takes 3-4 days to transfer to therecipient.

TransferWise
It is most liked by many persons as it beats bank processing fees. Very quick and easy steps are used for transfer. Just start your transfer, acquire the rate and money are

Advantages:A very reasonable charge which is 0.7% and no additional bank charges. NEFT, RTGS, and IMPS transfers are supported. Fast transfers with amaximum of 2 days sometimes. High customer rating of 9.5/10 and it has developed amobile application for easy access.

Disadvantages: Allowed to the clients from UK, EU only up to adaily limit of 5 lacks INR per day. Need more documentations and credit card not always approved. It has not made any provisions for larger transfer in case needed.

Remitly
Remity claims to provide money transferring services to India in stable and most secure manner.

Advantages: No transfer fees above $1000 and just $3.99 for transfers up to $1000. Very secure in terms of payment as registered with US Department of Treasury. It is available 24*7 to provide service. The instant transfer is done to major Indian banks that includes Axis, HDFC, ICICI, and SBI.

Disadvantages: Service not as fast as MoneyGram and hidden cost of $13 is charged for currency conversion.

Xoom
Worldwide it is known for its best service in terms of money transfer since it is most trusted in last 14 years of its service and providing quick transfers.

Advantages: It has developed amobile application with avery simple interface to provide its service. It makes transfers (to NRE/NRO accounts) within 4 hours in very fewer fees and charges. It provides its service every day of weeks and operates 365 days in a year. It provides access to tracking its transfers.

Disadvantages: Limits on daily and monthly transfer is imposed as per the account balance and charges hidden fees of $6.5 for conversion.

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