With the never-ending need of sending and receiving money worldwide, there is one question that has baffled every individual before going through with the transactions. “What is the best medium for sending money abroad online?”
So, to answer that, we bring to you the Top 5 Mediums for sending money abroad online in 2023. Glance through them and choose the best one that suits your needs.
You can easily send money to your loved ones in or from India through SBNRI platform. SBNRI has a partnership with Nium: Global Payment Services to facilitate quick and easy online fund transfer to India at a low cost.
Top 5 mediums for sending money abroad online: 2023
In this section we will take you through an overview of the top 5 mediums for sending money abroad from India and try to grasp the essential pros and cons for these mediums to help you make an informed decision.
You can also visit SBNRI to check out the following details:
- What are the various mediums to send money from abroad to India
- Can NRI repatriate their income in India
Here are the top 5 mediums for sending money abroad in 2023
1. Transferwise
| Type | Online |
| Fees | $2 up to $400/ 0.5% over $400 |
| Speed | Same Day |
| Mobile App | Yes |
| Minimum Transfer | $1/£1 |
| Pros | Cons |
| -Simple Sign-up and easy to use interface -Safe and Secure -Time Saver -Cost efficient Transfers -Easy business setup -Transparent Exchange Rates | -Fees charged on percentage making large transfers expensive -Inconvenient for small businesses and emerging economies irrespective of a global reach |
2. World Remit
| Type | Online |
| Fees | $3 to $4 |
| Speed | Same Day |
| Mobile App | Yes |
| Minimum Transfer | No Minimum |
| Pros | Cons |
| -Easy to use interface -Safe and Secure -Multiple Payout Options (Cash pick up, mobile transfer) -No minimum transfer amount | -Limited Maximum Transfer Amount ($10,000) -Variable transfer fee for different countries -Limited Reach (In some countries it isn’t licensed) -No business transfers |
3. XE Money Transfer
| Type | Online |
| Fees | No Fees |
| Speed | Same Day |
| Mobile App | Yes |
| Minimum Transfer | €/£/$1 |
| Pros | Cons |
| -No Fee -No Limit -Highly Competitive Exchange Rates -Seamless Customer Service | -No card payment (only online banking and phone-guided bank transfers) -No cash pickup -Limited Customer Service |
4. MoneyGram
| Type | Online & In-Branch |
| Fees | Up to 10% |
| Speed | Same Day |
| Mobile App | Yes |
| Minimum Transfer | No minimum |
| Pros | Cons |
| -Global Reach -Instant Transfers -Multiple Payment Options -Multiple Delivery options (Bank Account, Wallets, Cash etc.) | -High Fees -Limit of Maximum Transfer ($10,000) -Additional costs from Currency Exchange |
5. Remitly
| Type | Online & Phone |
| Fees | $3.99 |
| Speed | Same Day |
| Mobile App | Yes |
| Minimum Transfer | €/£/$10 |
| Pros | Cons |
| -Great Value -Wide Network and multiple delivery options (Bank Account, Wallets, Cash etc.) -Easily Trackable Processing -Offers 100% satisfaction guarantee. (they will refund fees in case you are not satisfied) | -Fees and the exchange rates are higher than competitors -Daily and monthly transaction limits -Limited Services as per location -Small transfers amounts can cost more |
Conclusion
The above were the top 5 mediums in our opinion. Each route has its pros and cons. Hence, it is important that you chose the route that suits your needs the best. Additionally, it is crucial to plan your remittances in advance to be able to take advantage of the rates / offers provided by the various mediums.
To help you get the best rates available, SBNRI tracks exchange rates offered by all the key mediums on an ongoing basis. Please visit our blog to stay updated.
