Harsha Jain asked on 18/03/2020

What is the best remittance service to India?

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SBNRI Team
answered on 18/03/2020

There are multiple factors to be considered by NRIs while choosing the best remittance service to India such as:

    • The country you are remitting from
    • The transaction time and speed
    • Transaction Charges
    • The available modes of payment

Best remittance service to India: Top 3 services 2020

 

Based on these factors, here is a list of the best remittance service to India based upon the above mentioned factors:

 

1. For remittances from USA to India:

    • Citibank (Bank): No fees when transferring to own or partner bank accounts. The money will be transferred on the same day
    • Transferwise (Money Transfer Operator, Non-Bank): A nominal fee of $4.77 per $200 to transfer money within 24 hours
    • Money Gram(Money Transfer Operator, Non-Bank): A fee of $7.38 per $200. The money is transferred within an hour

2. Based on Transaction Time and Speed:

    • RemitMoney (Bank): Send money to India within an hour with a nominal fee of $1.64 per $200
    • Ria(Money Transfer Operator, Non-Bank): Send money to India within an hour with a nominal fee of $4 per $200
    • Money2India (ICICI Bank/Money Transfer Operator): Send money to India within an hour with a nominal fee of $7.08 per $200

3. Based on Transaction Charges:

    • Citibank (Bank): No fees when transferring to own or partner bank accounts. The money will be transferred on the same day
    • Money Gram(Money Transfer Operator, Non-Bank): A nominal fee of $0.38 per $200. The money is transferred within 3 to 5 working days
    • Transferwise (Money Transfer Operator, Non-Bank): A nominal fee of $4.77 per $200 to transfer money within 24 hours

4. Based on Available Modes of Payment:

 

All of the following remittance mediums support multiple modes of Payment (Cards and Bank Account Transfers):

    • Transferwise
    • Remit Money
    • Kotak Click2Remit

 

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