You may want to wire money for a business transaction, a special occasion, or a family member in India. Many people tend to use banks as the traditional option, but hurdles like high fees, low exchange rates, and longer timeframes have left people no choice but to look for other ways to transfer money. That’s where money transfer agencies and companies come in.
In exchange for money wiring services worldwide, many companies offer higher exchange rates and charge lower fees than banks. They also can deliver funds to their destination in a much shorter time frame. Below, we’ll review some of the most affordable and reliable companies that transfer money to India.
InstaReM is a relatively new player in the remittance market and is somewhat focused on Asian countries. It offers satisfactory, flexible exchange rates and supports different currency pairs and destinations. You can wire money from the UK to India in about 2-4 days.
However, a downside to InstaReM is it doesn’t support payments with digital wallets and credit cards, and customer support is absent during weekends and even after business hours. Also, since the fees increase depending on the amount of transfer, it’s not optimal for large transfers.
Wise (Former TransferWise)
Wise is one of the most renowned companies that offer remittance services to millions of people. It charges reasonable transfer fees and provides mid-market exchange rates. It supports various platforms and a wide range of countries and currency pairs.
However, Wise charges additional fees and rates for exotic countries like India. For example, it can charge about $15 for every $1000 transfer to India. Another drawback is it might take 3-5 business days for the money to reach India.
Lycaremit offers reasonable mid-market exchange rates and charges reasonable fees. Moreover, it provides a £5 credit bonus for every transaction above £300. The most significant advantage of Lycaremit over its counterparts is its primary focus on exotic countries like India, enabling it to wire money to India in two days or less.
You can also rest assured that your sensitive financial information is secure and well-protected because Lycaremit uses the RSA 256-bit encryption for every transfer. Besides, it provides 24/7 customer support, even during weekends and holidays.
Unreasonable transfer fees, lower exchange rates, and long transfer time frames have caused people to walk away from traditional remittance services. Besides, while some companies charge lower fees and provide better exchange rates, they often make up for it by adding hidden fees. Some of them even focus primarily on European countries and take many days for transfers to India.
Therefore, it’s advisable to select a company like Lycaremit that provides transparent, sensible fees/rates and supports exotic destinations and currency pairs while providing customer support 24/7.