Currency Exchange Rates and Money Transfer Services

Have you thought about exchange rates used by money transfer companies? If a company offers transactions at a very low service charge, then you can be sure that their exchange rate is poor.

Therefore, while comparing the money transfer services, you should also take in to account the exchange rate offered along with the transfer charges to get an accurate cost of such transfers.

Following are the charges and exchange rates provided by several money transfer services to transfer the funds to India. Each section follows links to the corresponding service websites so that you can easily compare the rates.

Instant Money Transfer Services

These transfer methods are instantaneous. The receiver can collect amount in cash on the same day from nearby agent. The receiver does not need to have bank account but the payment can be given by cheque if the receiver desires so.

Western Union Money Transfer: To find out the exchange rate and transfer charges applicable, you have to select the country and amount sent.

Link to: Western Union Money Transfer Fees and Exchange rates

Moneygram Money Transfer: It gives the exchange rates and fees for online transfer through eMoneygram. Once you feed country and transfer amount, you can get the estimate of amount that will be received.

Link to: Moneygram Money Transfer Fees and Exchange rates

Money Transfer through Banking Channels

Remit2India: Following links will give you transfer fees and exchange rate for fast track transfer at Remit2India from Times of India.

Link to: Fees for Remit2India money transfer & Exchange rate for the money transfer.

Money2India from ICICI Bank: Money2India is a money transfer service offered by ICICI Bank. The remittance charges can be determined by feeding information like transfer mode, country, currency, amount and disbursal mode on following link: Remittance charges for money transfer.

On the following link when currency and amount is entered, you will get exchange rate.

Link to: Exchange rate for Money2India money transfer

Xoom/Cash2India: The transaction fees and exchange rates given by Xoom or Cash2India are as follows:

The fees and exchange rate will be calculated once you feed country and amount to be sent.

Links to: Transaction fees for money transfer and Exchange rate for money transfer.

Reserve Bank of India

Here you can find out the official exchange rates for Indian Rupees in four currencies – US Dollar, Euro, British Pound Sterling and Japanese Yen.

Links to: Exchange rates from Reserve Bank of India (RBI), India's central bank.

You can also find the approximate exchange rate by using Google.

So if one uses the available information carefully and cleverly and takes some pain to compare all the options, both sender and receiver will benefit from it.