Sending Money To India

Reviewed: September 30, 2014
By FinanceWeb

India Greets the World

India is one of the most populous countries on Earth; its peoples have immigrated to most other parts of the world in pursuit of business, education, careers, and travel. India is a dynamic culture and a booming center of growth on a global basis, often grouped with Brazil, Russia, and China as the global epicenters of economic growth. The result of its large population, vibrant culture, and the integral role in the global economy is a lively international pattern of personal connections with India. There are many situations in which people send money to persons or businesses in India.

Fees Plus Currency Exchange

There are several leading companies for sending money to India. In the United States the leading companies include Western Union, MoneyGram, and the large international banks, Chase, Citibank, Bank of America, and Wells Fargo. The banks transmit through partner banks in India and accounts are needed at both the receiving and sending banks. When sending money to India from outside of India, one must look at two layers of expense. The first is the transfer fee, and the second is the currency exchange rate and fees.

India-based institutions

Icici Bank offers Money2India; this is a quick, four-hour transfer into India. Available in the U.S., Canada, and nearly all of Western Europe, this mobile application based service is downloadable online. Once registered, it provides an India based solution to transfers into India. The State Bank of India offers Web-assisted wire transfers and debit card transfers. HDFC Bank does convenient online transfers to India through an online and mobile application.

US Based Institutions

MoneyGram International offers transfers into India from any MoneyGram location worldwide. No bank account required, and transfers take a matter of minutes and charges include a transfer fee and a currency exchange fee. Western Union serves India from its U.S. and overseas locations. It uses bank debit and credit cards and can be done conveniently with an online application. The service offers transaction tracking and delivery of funds in minutes. Western Union offers a locked in exchange rate set daily and a zero fee service for transferring funds into a major India Bank.

Western and other Institutions

Xoom has a well-rated service into India using the leading banks. Its mobile application is available Google Play and the App store. MoneyDart is a UAE based banking system widespread throughout Asia and the Middle East. It offers a highly rated service through a mobile application available on Google Play and the App store.

Funds to India Like Next Door

India’s economy is so thoroughly integrated with the Global Economy that banking and fund transfer connections are quick, convenient, and available in the Americas, Europe and Asia. One can find excellent fixed rates of exchange and funds available within minutes at MoneyGram and Western Union locations. Though separated by great distance, when cash must be quickly sent and received, India has very convenient connections.