We live in a global economy, making sending money between countries increasingly necessary. While some people use international checks or banks, both of those options can be cumbersome and expensive. Fortunately, money transfer services make it easy to transfer money from one country to another online, using a mobile app, or at agent locations.
In addition to being an easier way to send and receive money, money transfer services are often more affordable and flexible. There are many money transfer services available, so we’ve rounded up some of the top options for Indians — Wise, Instarem, Remitly, Xe, and Western Union are a few of the services to keep in mind.
What Is a Money Transfer Service?
A money transfer service is a company that helps people send or receive money internationally and domestically. There are several ways to access money transfer services. For instance, you can use an online platform, mobile app, or agent location.
Jorg Greuel/GettySince there are many money transfer services available in India, you’ll want to do your research before choosing one. That way, you can compare your options and pick the service that’s right for your needs. Let’s take a look at the general benefits next.
Benefits of Using Money Transfer Services
When it comes to transferring money between countries, there are a few options available. You could use an international check or a bank, but both can be slow and costly. Alternatively, you could use a money transfer service.
Money transfer services are often a great option. That’s because they offer several benefits, including convenience, fast speed, low cost, security, and flexibility.
- Convenience: Money transfer services are convenient because they allow you to send or receive money online, using a mobile app, or at agent locations around the world.
- Fast Speed: Money transfer services offer fast speeds, so you can get your money where it needs to go as quickly as possible.
- Low Cost: According to Toptal, “Pressure from the G20 and UN to lower costs for senders has resulted in fees for transfers declining year-on-year since 2008.”
- Security: Reputable money transfer services offer a high level of security, so you can rest assured that your money is safe and protected.
- Flexibility: Money transfer services offer a variety of options, allowing you to choose the service that best meets your needs and budget.
Top Money Transfer Services in India
Before selecting a money transfer service, take some time to explore your options. Quite a few companies exist, so it’s worth seeing what’s out there. That’s because the industry is always growing. In 2018, Renolon says there were 5,850 million money transfer users, and that number is projected to reach 13 million by 2023. Growing demand makes it an attractive industry for new companies to enter.
Some money transfer companies may be more affordable than others, while some may offer faster transfer times or greater convenience. By thoroughly researching your options, you can find the service that suits your needs the most. Here are some of the top money transfer services for Indians to help start your search.
- Wise is a popular international option with fast transfer speeds, including same-day and even instant money transfers. It’s a secure choice with a large network.
- Instarem has a global network of more than 55 countries. It’s a low-cost option with no hidden fees, and recipients usually get the money in one to two business days.
- Remitly is a convenient option with several ways recipients can get the money transfer, including bank deposit, cash pickup, mobile money accounts, and home delivery.
- Xe is another cost-effective option, and it supports payment by debit card, credit card, bank transfer, and direct debit. Transfers can take up to three business days.
- Western Union has over 170 years of experience, so it’s been in the money transfer business for a long time. It also has a network of more than 200 countries and territories.
Choosing a Money Transfer Service
Both the inward and outward remittance markets in India are significant. According to CNBC, 2019 data shows personal remittances received in India topped $83 billion, and outward remittances exceeded $18 billion. So, money transfer services could be a great option for a lot of Indians. They’re often faster and cheaper than alternatives like international checks and bank transfers.
When it comes to transferring money between countries, several money transfer services are available. So, how do you know which service is right for you? It all depends on your needs and budget. That’s why you’ll want to do some comparison shopping in order to find the service that makes the most sense for you. With so many choices available, you can find one that suits your situation.