The unfortunate reality is you’re bound to lose some money to institutions that charge excessive fees when you send money to a foreign country. Of course, the unreasonable exchange rates and lengthy transfer process only add salt to the wound.
Hence, it’s only natural to search for a better solution to protect your hard-earned money and not throw it out the window. The optimal solution is to compare and contrast affordable money transfer services and make a calculated decision. In this article, we shall do just that and review some cheap and quick ways to send money to India.
TransferGo is one of the most trusted names in the remittance industry. Safety, ease of use, and credibility are appealing qualities of TransferGo, which only show why it’s so popular and has a broad customer base. It also allows you to send money to 53 countries worldwide, but it only supports eight countries as the transfer source.
One of TransferGo’s most promoted features is the 30-minutes transfer window, which can be attractive for many customers. However, that option is only available if you choose a particular country, select a specific transfer method, and don’t go above a limit. Another downside is as your transfer amount goes up, the Pound to Indian Rupee rate declines sharply, and you may also have to pay a recipient fee for some destination countries.
The second name on the list is Azimo, a valuable option that can help you transfer money to a bank account, smartphone, or one of the +250,000 cash pick-up locations. Its fee and Pound to Indian Rupee rate depend on the currency pair and the payment method. Using Azimo, the money usually arrives in 48 hours (maximum). No intermediary fee is charged on the sending or receiving side, but you have to pay a 3% fee on credit card payments.
However, when it comes to the exchange rate margin, Azimo’s rates account for a sizable portion of the transfer cost. Azimo doesn’t suitably disclose its exchange rate margin in terms of transparency, making it unnecessarily difficult for the customer to find out the actual transfer fee.
WorldRemit is a smooth and user-friendly service providing you with a comfortable experience online and over the phone. You can send money from +50 countries to over 120 countries around the world. When you do, the money usually arrives at your destination in about two days, an acceptable timeframe for an international transfer.
However, for sending money to India, WorldRemit is hardly the cheapest option. Although it claims to charge zero fees, you should take into account that WorldRemit doesn’t provide you with an explicit/exact exchange rate margin. More than 65% of transfer costs and about 75% of fees are buried within the margin.
CurrencyFair is an international remittance service supporting more than 130 countries and about 15 currencies. CurrencyFair has an account for almost every one of those currencies, which should logically cut down on transfer fees. For a transfer, you have to pay $4, plus a small commission. Due to regulations, it may take you a while to open a CurrencyFair account. Another downside is you can only send money to a few countries, and it doesn’t support cash pick-up.
InstaReM is a relatively new player in the market and supports an average number of countries. Like currencyFair, it doesn’t support cash pick-up, credit cards, or even repetitive transfers. Using InstaReM, the money will arrive in India in about 36 hours (longer than its competitors).
A downside to InstaReM is that customer support service is only available during business hours of weekdays and nothing on weekends or after business hours. Moreover, as the transfer volume increases, the fee goes up exponentially, which is less than optimal for international service.
Last but not least, Lycaremit is another go-to international name for many businesses and individuals. A highly competitive and quick way to send money to India and probably the only service out there that not only offers a sensible Pound to Indian Rupee rate and transfer fees but also provides you with a £5 credit bonus for every transaction above £300. With Lycaremit, you can send money to India, Benin, Pakistan, and many other exotic locations.
Once you make the transfer, the money arrives in 24-48 hours (maximum). In addition, unlike many other competitors, Lycaremit’s customer support team is at your service 24/7, a valuable plus for an international money transfer service.
Lengthy sign-up and transfer processes, obscure exchange rate margins, and lack of proper support are reasons why many remittance companies can’t establish a regular customer base. There’s nothing more insulting to a customer than claiming to charge zero fees but making up for it behind your back by adjusting the exchange rate margin.
Therefore, it’s advisable to choose a service that can do all the heavy lifting and not give you an extra headache. Lycaremit is such a firm providing you with all you need for transferring funds to India, whether it’s for business or pleasure.