All About Money Transfer
Thanks to rapid strides in technology, money transfer from overseas is now just a click away and you can transfer money internationally in minutes. And now you do not even need access to a computer to transfer funds. If you have Internet access on your phone you can transfer funds with ease.
With the growing popularity of Internet banking, transferring money within or outside India is now a cakewalk. Online money transfer is probably the best option for smooth and fast transfer of funds across countries. For your convenience, we enlist a few commonly sought-after methods of transferring money –
- PayPal
- Google Wallet
- Bank transfer
- Transferring money via agents like MoneyGram, Payoneer etc.
- International money order
- Bank drafts
- Checks
While all these measures ensure a smooth and fast transfer of funds across countries, there are certain factors that you must bear in mind:
Check the Exchange rate
When making International transfers you must cross check the exchange rates as the rates tend to fluctuate very often. This is especially important when you are transferring large sums of money. It is always preferable that you check the present exchange rates with multiple money transfer agents to get hold of the best deals. Some companies will also offer you the convenience of booking an exchange rate in advance.
Security
When making online money transfers, it is important to ensure that the transfer is secure and is made through a secure network and there is a multiple layer authentication to ensure better security.
Time taken to transfer the funds
Before you choose a particular money transfer service, it is important to ensure that besides being secure and safe, the service is quick as there may be times when you need to transfer funds for emergency purposes.
Check the charges and enquire about any hidden costs
Before choosing a particular service for transferring funds you must ask around to learn about the charges associated with the transfer of funds. There are certain services that charge both the sender and the receiver. Also, it is advisable that you run through the company policies to enquire about any hidden charges like late penalties etc. In most cases there is a cancellation charge involved if the transaction has been initiated and then cancelled, so check for such conditions as well.
Check for the documents required
Ensure that the services you opt for have provisions for verification of documents like your passport, address proof, etc. This is only a step further to ensure that your money is in safe hands. This is especially important for the verification of the receiver.
Check for the limits on the transactions
There will be certain limits on the minimum and the maximum number of transactions that you can conduct every week or every month. Before signing up for a particular service you must check the limit to ensure that it will be convenient for your transaction requirements.
Herein, we will highlight some of the popular online money transfer companies in India. So read on to know more:
Transfast
Transfast is an international money transfer company that makes remittances through its direct-to-bank network that is spread over 120 countries. Normal transactions can take between 3-5 days, while fastrack transfers are made within 24 hours. The process is extremely simple and payments can be completed in three simple steps. The first step is to select the country the money is to be sent to and enter the amount, followed by recipient and payout information and entering your debit card and credit card information. Customers have the ease of receiving money either by cash or in their own accounts, as per their convenience. In India Transfast’s network includes major banks like HDFC, ICICI Bank, State Bank of India, Citibank and Canara Bank among others.
Remitly
Founded in USA, Remitly is an international digital money transfer service that offers services from 45 states in the USA to India, Mexico and the Philippines. Remitly has access to most of the major banks in India, including SBI, Axis Bank, ICICI among others. The company offers round-the-clock customer service, quick deposits and uses the latest technologies to hasten the process. Via Remitly you can easily transfer money from the USA and Canada to the recipient’s account in India. The company offers competitive exchange rates, there are no fees charged for transfers of at least $1000, instant deposits to banks included in the network and deposits within four hours during banking hours in India.
ICICI Money2India
Using ICICI Bank’s money transfer facility – ICICI Money2India, you can transfer money from abroad to India with ease. Sending money to an ICICI Bank in India can be done in one hour via Express e-transfer. However, you have to have an existing ICICI bank account to ensure transfer within an hour. For non-ICICI bank accounts, the transaction will be completed within two hours. Also, ICICI Money2India has no extra charges for transactions above Rs 50,000. For any transactions below Rs 50,000, a charge of $2 will be levied. You can enter your transaction details to track the status of your funds’ transfer. Also, you can choose a regular e-transfer facility if you do not have to make an immediate transfer of the funds, as it takes five days for the funds’ transfer.
Zenbanx
Zenbanx is the ideal choice for people who are always on the move and need to travel extensively for work and other purposes and have to use multiple currencies on the go. You can create a Zenbanx account and link it to your bank account to send money across nine currencies. Also, you can simply do so from your mobile phone, making the transfer of funds extremely easy. Account holders can exchange funds whenever the rates seem favorable and hold up to five currencies while earning interest on their savings.
TransferWise
Headquartered in London, TransferWise is a money transfer service that aids you in transferring funds from across the globe minus the hassles of any hidden costs. As per TransferWise, it offers transparency with regards to its fees and makes any deductions before conversion so that there are no extra costs to complain about. TransferWise uses the mid-market rate without any markup. Also, there will be no difference in the exchange rates as long as TransferWise receives the money in 24 hours. Customers will receive updates regarding the transfer via emails and can check the status anytime through the mobile app as well.
Axisremit
Via Axisremit, you can transfer funds from countries including USA, UK, Australia, to beneficiaries in India. If you are a non-resident Indian, you can transfer funds from your account to beneficiaries in India and also to your own NRE account. You can transfer funds via Automated Clearing House (ACH), which when done via Axisremit offers you a high transaction limit. Besides offering you the ease of making three transactions a day, you can so make transactions worth $10,000 each. A basic charge will be levied on transactions below $10,000. Transfers can also be made via Smart Wire, through which the transaction will be completed in 2-3 days. Money can also be transferred via Wire Transfer, through which you can make transactions to over 200 banks across the world. The beneficiary can receive the funds directly in their accounts via NEFT or can opt to get it delivered through a demand draft. The status of the transactions can be tracked via the Status Tracker. A few merits of transferring funds via Axisremit include a lower fee, high reliability, and the successful completion of transfers within five working days.
Remit2India
Remit2India is a brand introduced by TimesofMoney, and has helped NRIs transfer funds in a secure manner to India. With Remit2India you can lock a particular exchange rate when you want to make a transaction. There are several benefits offered via Remit2India. You can be assured that the value of your money will not fluctuate even if there are market fluctuations. Also, the company will send you notifications for every transaction that takes place. You can also opt for alerts for whenever payments are made and opt for reminders. Remit2India operates over 24 countries and offers the facility to make transfers over 10 currencies. Other features include transferring funds via ACH and Wire Transfer, 0 transaction fees for transfers over $1000 and easy tracking via the Status Tracker. The beneficiary can opt to receive funds in their own account or through a demand draft, so it is not inconvenient even if the recipient does not possess a bank account with any of the partner banks as a locally payable draft can be delivered to the beneficiary.
State Bank of India Money Transfer
State Bank of India Money Transfer is an online money transfer facility via which you can transfer funds from abroad to India. Through the State Bank of India Money Transfer, you can avail hassle free wire transfers in India from the USA, UK, Canada, Middle East and other parts of the world. SBI’s online money transfer facility offers you competitive interest rates and the ease of tracking each stage of your fund’s transfer with the unique tracking reference. Remittance services offered include Speed Remittance, Draft or Cashier’s Checks, SWIFT/Wire Transfer, Instant Transfer and Foreign Currency Checks. However, to send money to India, you need to have an SBI account. If you choose SBI Express, you can transfer funds within 24 hours.
RIA Money Transfer
RIA Money Transfer is one of the biggest money transfer companies in the world and is known for its easy-to-use online services. Some of the key features of RIA Money Transfer include zero transfer charges when money is remitted through a bank account, bank deposits are cleared within three working days and other facilities including bill payment, mobile top-ups, money orders etc. With RIA Money Transfer you can enjoy great exchange rates coupled with low fees. You can also use the Price Calculator on the company’s webpage so that you are aware of the exact charges you will have to pay for the transaction. RIA Money Transfer is counted among the major money transfer companies, owing to its secure, reliable and fast services that customers vouch for.
Western Union Money Transfer
Founded in the US, Western Union Money Transfer is a globally recognized money transfer company that has its services spread over 200 countries. In India, Western Union Money Transfer is supported by a strong network of banks including Canara Bank, State Bank of India, UCO Bank, Central Bank of India, UCO Bank, Syndicate Bank among several others. Other noteworthy agents of Western Union Money Transfer in India include India Post, BPCL, and HCPL among others. One of the major attractions of Western Union Money Transfer is the “money in minutes” plan, owing to which the recipient can pick up the cash within minutes of transferring from the agents. However, the associated costs for this facility will be higher. However, no transfer fees are charged for funds that are directly transferred to the beneficiaries account or when a debit or credit card is used. Among several other features and varying speed of delivery depending on your needs, the beneficiary can choose to receive the funds directly in their account, direct to their doorstep or opt for cash pick-up from the agents.
WorldRemit
With WorldRemit, you can choose to send money from across 50 countries to over 120 countries. With WorldRemit you can choose to select their online money transfer facilities, cash pick-up or bank deposit services. The transfer is conducted via ACH or wire transfer at competitive interest rates and funds are transferred within two days. The process of transferring funds is extremely simple as well as all you need to do is add the country you are sending the funds to and enter the details of the recipient and transfer funds.
USForex
Based in the US, USForex is one of the most popular online money transfer companies and caters to customers across six continents. With USForex, you can avail the flexibility of making basic transfers or make forward contracts. Also, you can choose to wait for more attractive exchange rates to transfer funds and lock in that amount. With USForex, you can avail attractive facilities like no transaction fees for transfers over $5000, attractive exchange rates and the option to lock in the exchange rates. Also, USForex is a great option for corporate customers as it provides quality services for business transfers.
MoneyGram
MoneyGram is known for its services of completing remittances within the same day or to get the funds transferred to the recipient’s account as part of the Economy service. The most attractive feature of MoneyGram is the ability to transfer funds within 10 minutes via its agents located across the globe. MoneyGram is considered a fast and secure service for catering to the remittance needs of clients. However, the transaction fees for transferring funds in 10 minutes are quite high so make sure you are aware of the exact rates.
Indus Fast Remit
This is offered as a service by IndusInd Bank, to cater to non-resident Indians residing in Dubai, UK, and the US. If you are using Indus Fast Remit, you can send funds via online money transfer which sends funds through ACH. Ideally, this takes 3-4 days for the funds to be transferred. With Indus Fast Remit you can send money to 125 banks across India. Indus Fast Remit offers a fixed locked-in exchange rate. However, you must be extremely careful that you provide the correct beneficiary information as there is no provision for providing refunds in case there is any misinformation provided by the sender. Indus Fast Remit permits a maximum of 10 transactions per day to five beneficiaries. However, there is no associated transaction fee.
Xoom
With Xoom, you have the ease of transferring funds within 1-3 days across countries and currencies. Xoom majorly focuses on quick remittance and stresses on this as its USP. In India, Xoom has partnered with Punjab National Bank to offer its services across the country. Xoom offers the provision to make transfers within four hours to any bank among its network of 80 banks.
Worldfirst
With Worldfirst, you can transfer funds across the world within 1-4 working days. It offers competitive interest rates as it follows the mid-market exchange rate. Also, it is extremely economical, as there are no charges for transactions above $10000, below which you will be charged $10. Another attractive feature of Worldfirst is that you can lock in the exchange rate even three years in advance if you think the rates are favorable and lower.
Moneycorp
With Moneycorp, you can transfer funds in 90 currencies across countries within 0-2 working days and it caters to both private clients and corporates. Also, there is no cap on the maximum limit and you can transfer funds if it is at least $50.
Payoneer
One of the major attractions of Payoneer is that it charges no to low transaction fees for the funds transferred. With a locked-in exchange rate, it offers you the ease to conduct transactions across 150 currencies. It is easy for professionals to send and receive payment into their local accounts from across the world with Payoneer.