{"id":2260,"date":"2021-12-02T13:47:30","date_gmt":"2021-12-02T13:47:30","guid":{"rendered":"https:\/\/www.teamly.com\/blog\/?p=2260"},"modified":"2022-01-04T18:44:15","modified_gmt":"2022-01-04T18:44:15","slug":"best-ways-to-send-money-to-india","status":"publish","type":"post","link":"https:\/\/www.teamly.com\/blog\/best-ways-to-send-money-to-india\/","title":{"rendered":"13 Best Ways to Send Money to India"},"content":{"rendered":"

More and more businesses are turning to India to supplement their workforce. However, once they overcome the challenge of finding remote workers, they\u2019re confronted with a new obstacle–how exactly do you send money to India?<\/p>\n

Fortunately, we\u2019ve got the answer right here! In this blog post, we\u2019ll tell you what you should consider before sending money to India, share with you your best options for transferring money, and discuss the various pros and cons of each of those options.<\/p>\n

<\/span>Things to Consider When Sending Money to India<\/span><\/h2>\n

Before selecting a payment method, you\u2019ll first want to evaluate it based on the following criteria:<\/p>\n

1. Speed<\/h4>\n

Everyone values being paid promptly. While remote workers typically realize there may be some delays sending money overseas, you should aim to make those delays reasonable.<\/p>\n

For instance, although you could send a personal check through the United States Post Office\u2019s First Class Mail International Service, deliveries generally take 7-21 days to arrive–and even that timeframe isn\u2019t guaranteed. Rather than go that route, it\u2019s a better idea to look for a service that offers a faster delivery time.<\/p>\n

2. Ease-of-Use<\/h4>\n

Some money remittance services are more arduous to use than others. After all, there\u2019s a big difference between driving to your local bank to get an international money order and hopping on your phone to send a payment electronically.<\/p>\n

While you might not mind a bank trip for a one-off payment, it\u2019s definitely worth choosing an electronic payment method if you expect to be sending money on a regular basis.<\/p>\n

3. Fees<\/h4>\n

Regardless of how you opt to send money to India, you\u2019ll typically have to pay fees. Be aware that these fees can vary significantly from provider to provider.<\/p>\n

For instance, most banks charge $35-$65 to wire money internationally. However, Bank of America doesn\u2019t charge anything–as long as you send the money in rupees, India\u2019s official currency.<\/p>\n

\"Exchange<\/p>\n

4. Exchange Rate<\/h4>\n

Exchange rates are constantly fluctuating. By way of example, at the time of this writing, one dollar is equal to 74.46 Indian rupees, whereas 5 years ago, it was equal to 65.11 Indian rupees.<\/p>\n

While the exchange rate may not seem like such a big deal to you, it will matter to your recipient–who won\u2019t receive the full amount of the money you send. Take, for instance, the difference between two $1,000 transactions, calculated using different exchange rates:<\/p>\n

USD\/INR 74.089 = US $1,000 becomes 74,089 Indian rupees
\nUSD\/INR 71.012 = US $1,000 becomes 71,012 Indian rupees<\/div>\n

 <\/p>\n

As you can see, even this relatively small difference in exchange rates translates into 3,000 less rupees for the recipient. And of course, the larger the transaction, the more money your recipient will lose out on.<\/p>\n

That\u2019s why it\u2019s a good idea to find out the mid-market rate–the exchange rate banks use when they\u2019re trading with each other. Then, compare different money remittance services to see what their exchange rates are–so you can see how much of a markup they\u2019re charging.<\/p>\n

To simplify this process, we suggest visiting Exchange Rate IQ<\/a>, a website that lets you quickly compare exchange rates among different money transfer providers.<\/p>\n

5. Reliability<\/h4>\n

According to Incomopedia, \u201cMoney transfer companies aren\u2019t subject to the same legal requirements as banks. In fact, they aren\u2019t closely regulated at all, so using them is inherently risky.\u201d<\/p>\n

To avoid those risks, Incomopedia suggests seeking out a money transfer provider that provides bank-grade encryption–that\u2019s important because the provider will have all your bank details and were they to be hacked, you could have your money stolen.<\/p>\n

Furthermore, you\u2019ll want to select a transparent provider, since hidden fees are the most common way money transfer companies cheat you out of your money. To assess whether there are any hidden fees, be sure to read over the Terms and Conditions before using a money transfer provider for the first time.<\/p>\n

\"Best<\/p>\n

<\/span>The Best Ways to Send Money to India<\/span><\/h2>\n

To make it easier for you to choose a money transfer provider, we\u2019ve identified our top picks for each of these categories:<\/p>\n