Sending money to India can be painful. Like really painful! Most banks charge high fees, offer poor rates and take days to send the money. Over the years, I’ve done thousands of transactions to and from India. I can honestly say that most companies are terrible. There are a few companies that stand out, however. In this article, I’ll explain how to send money to India online. Using Wise, MoneyGram and Remitly. I’ll explain how to avoid paying commission, and how to send money instantly.
My personal favourite is Wise. This is because their transfers arrive in seconds. If you use this link, then you won’t pay any commission on your 1st transfer. In addition, their fees for using credit cards are pretty low.
Please note that I am not a financial advisor or an accountant. You should always take your own professional advice, before making financial decisions.
Use Wise for a great deal
Wise is my favourite way to send money to India. Their transfers are instant, which is really powerful. I send money by credit card to my Indian account, and can use it straight away.
To send $1,000 to India, they charge $9.56 in fees. To send £1,000 to India, they charge £6.54 in fees.
If you use the above link, then you won’t pay any fees on your 1st transfer. In my experience, Wise offer the best rate for sending money to India.
MoneyGram. The big beast for money transfer
MoneyGram is a popular way to transfer money to India. Like Wise, they’ll process your transfer in minutes. On their website, they claim that they don’t charge fees. However, this isn’t really true. Their fees are hidden, as they won’t transfer your money at the market rate. They will take a commission.
Once you account for MoneyGram's hidden fees, their fees are higher than Wise. For a $1,000 transfer to India, they charge $18.06 in fees. To send £1,000 to India, they will charge £13.04 in fees.
Overall, their fees aren’t too bad. Definitely better than a bank.
Remitly have a great offer
Remitly also send money to India online. They have a pretty good offer right now. If you sign up with this link, then you get $10 off your 1st transfer to India. If you’re from the UK, this incentive is £10. In addition, you won’t pay any fees on your 1st transfer. In general, the fees that Remitly charge are similar to MoneyGram.
Remitly is a good way to transfer money to India for free.
Sending money to India can be a real minefield. Frankly, most banks charge ridiculous fees. I remember being charged 10% for one transaction I did! In this article, I’ve provided 3 companies that can save you money (and time), to send money to India. I’ve also explained, how you can avoid paying commissions.
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