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What is the Best Way to Send Money to India?
Sending money transfer to India? This article provides tips, advice, and recommendations on how and where to send money from USA (USD) to India (INR).
December 16, 2022 — 8 min read
In the modern day of mobile banking, virtually everyone has sent money to another person online or on their phone. However, those attempting to send money to someone outside the United States often face challenges finding a trustworthy service to transfer money from one place to another.
For instance, many people need help searching for ways to send money to India when they are located in the United States. Sending money to India is possible through a few methods you can consider as you initiate a transfer from across the world. This article will describe the most successful ways to send money to India and the benefits of each method.
Bank Deposits
Bank deposits are widespread for sending money internationally from the US to India for various reasons, including lower fees. Sending money through a bank deposit is a practical solution to securely get funds to your recipient without involving physical money. Information about you and the recipient is securely shared between your banks during a bank deposit transaction. The money will arrive in the recipient’s bank account, and the bank will charge your account the specified amount.
The numerous wire transfer services available for international bank deposits make it an attractive option to many people trying to send money to India. Depending on the provider, bank deposits can occur quickly, often within the next business day. However, speeds vary for bank deposits, meaning a recipient might receive funds slower than other methods.
Additionally, the lower fees are a significant benefit of bank deposits. Depositing money into a recipient’s account is simple if you can access your bank account quickly and if your recipient has a bank account.
Bank Deposit Rates
Exchange rates for bank deposits will differ depending on your financial institution. However, bank deposit exchange rates and fees are generally lower than other options. Though you pay a small fee during an international bank deposit transaction, the cost is minimal compared to many other options. A bank deposit might be ideal if you’re concerned about hefty fees when sending funds from the US to India.
Are Bank Deposits Safe and Secure?
International bank deposits and transfers are safe and secure. Provided you and the recipient have individual bank accounts, the bank deposit process is a safe and convenient way to deliver funds worldwide.
Mobile Wallets
Mobile wallets are one of the most accessible and fastest ways to send money to India from the United States. Mobile wallets are applications on your phone where you can connect, store, and send funds to various locations. Some mobile wallets allow transfers from the US to multiple countries, including India.
Mobile wallets often allow you to connect different funding sources to your accounts, such as different debit and credit cards or bank accounts. Mobile wallets are also applicable for in-store payments and can be used with various merchants, making them a convenient way to use your funds without having to search for one of your physical cards.
Some individuals use mobile wallets as alternatives to bank accounts, making this a viable option if you send funds to a recipient without an established bank account.
Mobile Wallet Rates
Mobile wallets often charge additional fees and a higher rate if you transfer funds internationally, such as from the US to India. The rate to expect from a mobile wallet transfer varies depending on the destination country, wallet application, and card fees. Currency conversion rates might incur additional fees with mobile wallet transfers.
While you will likely encounter fees and additional charges, mobile wallets typically charge fewer fees than traditional bank transfers. Because of this, mobile wallets are a top choice for many people sending money internationally.
Are Mobile Wallets Safe and Secure?
Mobile wallets are safe and secure options for sending money from the US to India. Mobile wallets don’t require a bank account and store your funds securely in your mobile device by using layers of encryption and advanced security features to keep your money safe and unbreachable. Many people are concerned about safety and security when sending money internationally, meaning it’s essential to trust your mobile wallet solution. With a rise in digitization, mobile wallets are more secure than ever before and are often safer than traditional payment methods.
Additionally, your mobile wallet might allow you to disconnect your funds if your phone is lost or stolen. This added layer of security makes mobile wallets a viable option for sending money to India.
Cash Pick-Up
Many people consider cash pick-up options the best way to send money to India. While you will discover numerous options throughout this article, cash pick-up is viable for transferring money to India.
When sending money abroad, the recipient can collect funds at a cash pick-up location. Cash pick-up is helpful because it does not require a digital deposit into the recipient’s bank account, making it safe and accessible. Cash pick-up locations are typically close to the recipient and are available quickly after you make the transfer. When you send money through this method, your recipient in India can instantly access the funds as soon as they collect it from the pick-up location.
Recipients will present their identification and a provided reference number for your transfer to guarantee that your funds land in the recipient’s hands and are not taken fraudulently. Cash pick-up typically doesn’t require the recipient to pay additional fees or charges, making it an excellent option to avoid troublesome costs.
Cash Pick-Up Rates
Before sending money from the US to India via cash pick-up, it’s essential to educate yourself on different components of the exchange process with this method. For instance, exchange rates can vary depending on the cash pick-up service you select for your transaction. As you compare cash pick-up services, measure exchange rates against the rates of different transfer services to determine how much a transfer will cost.
If you transfer money in large sums, exchange rates can incur a hefty additional cost. Cash pick-up services typically set their exchange rates and fees, meaning you might encounter various exchange costs if you consider transferring money to India via cash pick-up services. While the recipient won’t have to worry about additional withdrawal costs and fees, cash pick-up is typically costlier on your end. This method involves higher fees and exchange rates than other transfer options.
Are Cash Pick-Ups Safe and Secure?
Cash pick-ups are highly secure and safe to send money from India to US pick-up spots and vice versa. Because recipients must show their ID and reference number when picking up the cash, there is minimal risk of another individual accessing your funds.
However, always double-check the area surrounding a cash pick-up location. No matter how safe the pick-up location is, there is always a risk when carrying large sums of money on your person. Ensure that your recipient watches their surroundings and picks up the funds at a safe time.
Money Transfer Services From Xe
One of the most straightforward options to send funds to India from the United States is using money-transferring platforms and services like Xe. While bank transfers have some benefits, you will likely have a more positive and secure experience using Xe than traditional banking methods. Xe is one of the best services for transferring money internationally and safely.
Xe differs from traditional bank transfers for numerous reasons and improves upon outdated money transfer solutions. For instance, Xe charges rates that are significantly lower than your average bank exchange rates.
Additionally, transferring money to India with Xe will typically incur lower fees than transfers conducted through your bank. Before initiating a transfer, Xe explains all the fees you must pay before the transfer is complete. Xe eliminates worries about hidden fees and excessive charges, so you know what to expect before the final charge reaches your account.
Xe is a valuable solution because of its flexibility. Though bank transfers are typically efficient, you might need help to transfer funds at the right time because of short banking hours and off days. With Xe, you can transfer money to India at any time without having to wait.
How to Send Money to India With Xe
With Xe, you can complete your international money transfer in a few simple steps. Below is a guideline of what you can expect when you transfer funds to India through Xe.
Sign up for a Xe account or log in to your existing account.
Select the country you want to transfer funds to and the total amount you want to transfer to receive a quote.
Provide the banking details for your recipient’s account or information on its final destination.
Choose from Xe’s payment methods, including a wire transfer, ACH transfer, direct debit, debit cards, credit cards, or bank transfers.
Review exchange rates and fees and double-check your payment method.
Send money to the recipient with the click of a button and stay informed about your transfer’s progress.
Start Your Transfer Today With Xe
Xe is the best way to send money to India, no matter where you are. Xe can save you time and money during the transfer process and guarantee that your transfer is secure, affordable, and successful. Get started today and complete your first transfer by signing up for Xe.