Top 5 Cheapest Ways to Send Money to India

What is your primary concern when comparing money transfer services? If it is the money transfer charges that is bugging you most, then read on to find the top 5 cheapest methods to transfer money to India.

5. Remit2India Services

Remit2India is the least cheap among the cheapest services described here. But it is quite fast and reliable service.

Remit2Inida provides safe and economical way to send money to India. Different modes transactions are allowed by Remit2India to send money to India. Credit cards, cheque transfers, wire transfer, ACH/Direct are these modes of transfer. And the receiver in India also can accept money by different ways like demand draft, NRE transfers, remittance card, account credits etc

4. Sending a Money Order

Money orders are another inexpensive way of sending money to India. The advantages are ease of sending and the delivery at the door step for the recipient. But surely it takes a long time to reach the beneficiary.

You can send money orders through postal department services or through companies such as Western Union & Money Gram.

3. Sending Money by Cheque

Cheques are the most inexpensive traditional method to send money home. Many people need to make payments frequently to India. So they mail many post dated checks at a time. This will be your most economical way but there are drawbacks.

First, sending checks by mail is very risky option. Then when the check will be cleared, the exchange rate will be settled on that day. So amounts, you want to send and actually received might be different. Moreover, mail will take much longer period to reach its destination.

Private Banks charge only nominal amount to cash foreign currency cheques. Usually, it will be certain percentage of the amount. The drawback is the time required to cash such cheques. It would take 30-45 days to clear a foreign cheque.

2. Foreign Currency Demand Drafts

Foreign currency demand draft is another choice. The charges required for it are very low. And filling a foreign currency draft is very easy process. But since this reliable option is a time consuming process, you should act early.

These types of demand drafts can be sent in USD, CAD, Euro or any other major currencies. Indian banks would debit the funds within 21 days of receipt of such drafts.

1. Wire Transfer

The winner and the cheapest method is wire transfer. If you and your beneficiary have a bank account, then wire transfer is the cheapest way for you. However, it is best suited for large money transfers. Wire transfer sends money electronically and normally it only takes 2-5 business days to complete the transaction.

In short, if fees for transfer are your primary concern, foreign currency demand drafts and wire transfers are your best choice for affordable money transfer.