Money transfer services are a great way to send money between countries. They offer a variety of benefits, such as low fees, accessibility, and quick transfer times. That’s why they’re worth exploring as an alternative to international checks and traditional bank transfers.
Some of the top money transfer services for sending money between India and the United States include Western Union and Instarem. Let’s take a look at those and other choices — plus, let’s explore the benefits of using a money transfer service and more.
What Are Money Transfer Services?
A money transfer service is a company that facilitates the movement of money between two people or entities. Money can be sent domestically or internationally. And there are a variety of ways to access money transfer services, including through a website, mobile app, or agent location.
Whether you want to send money to or from the United States, Indians have a lot of money transfer options to consider. Before we get into those options, let’s look at what makes money transfer services an attractive alternative to other methods of sending money and the common terms to know.
zhuweiyi49/GettyAdvantages of Using Money Transfer Services
When it comes to transferring money between countries, money transfer services offer a host of advantages over traditional methods like bank transfers or international checks. Perhaps the most obvious benefits are convenience and accessibility. You can send money directly to a recipient through a website, mobile app, or agent location worldwide.
Another big advantage of using a money transfer service is the low fees they charge. Many charge lower fees than banks, making them a more affordable option. Plus, money transfer fees have been going down even more. As Toptal explains, “Fees for transfers are at an all-time low, thanks to pressure from bodies such as the UN.”
Additionally, many services offer quick transfer times. That means your money will likely be available to the recipient sooner than if you used an international check or bank. Last but not least, reputable money transfer services take security measures to protect your funds and give you peace of mind that your money will be delivered to your recipient.
Common Money Transfer Terms To Know
If you’ve never used a money transfer service, then there are a few terms you may not know. For example, it’s a good idea to understand the exchange rate, midmarket rate, and exchange rate markup. That’s because NerdWallet says those rates “determine how much your money transfer will cost and how much money your recipient will receive.”
Firstly, the exchange rate is the rate at which one currency is exchanged for another. Secondly, the midmarket rate is the exchange rate large banks use to trade currencies with each other. Thirdly, exchange rate markups are a fee that a money transfer service might charge. So, it’s important to compare the rates and fees when choosing a company to use.
Top Services for Sending Money To and From the U.S.
When transferring money between the United States and India, there are a number of different money transfer services to consider. Each service has its own benefits, so it’s important to do your research. Here’s a look at some of the top services to keep in mind.
- Western Union is one of the most well-known and widely used options. The company has been in business since the 1850s, so it has a large network of countries and experience in the industry.
- Wise is another great option because it offers same-day and instant transfers. In addition, it’s known for its low costs, making it a more affordable option than some money transfer services.
- Xe is known for its quick transfers, which often take only minutes. It also supports payment by debit/credit card and bank transfer, so you have options. Additionally, it’s known for low fees.
- CurrencyFair is another option for sending money from the United States back to India. Notably, it makes it easy to compare its rates against bank rates. So, you can be sure you get a competitive rate.
- Instarem is a cost-effective option that’s fast and easy to use. Plus, it offers rewards that can be used for discounts on future money transfers, making it an interesting choice if you’ll make multiple money transfers.
The Bottom Line
According to CompareRemit, “a total of $12.7 billion was remitted from the U.S. to India” in 2019. So, many Indians could use money transfer services to help make the process easier. Since money transfer services are typically more convenient, less expensive, and faster than alternatives, they’re worth exploring as an option.
Whether you want to transfer money from India to the United States or vice versa, there are several top money transfer companies to consider. For instance, Western Union, Wise, Xe, CurrencyFair, and Instarem are a few to keep in mind. Those are just some of the options, so you’ll want to do your research to find the right fit.