Effortless Methods for Transferring Funds to India

In today's globalized world, sending money to India has become a common requirement for businesses and individuals alike. With numerous options available, it's essential to choose the most efficient, secure, and affordable method to avoid running up fees. Here's a guide to the top choices for sending money from the U.S. to India.

Top Choices for Sending Money to India

Wise (formerly TransferWise): Known for its transparency, Wise offers low-cost transfers using the real mid-market exchange rate with a small upfront fee. It avoids hidden markups common in banks and is known for fast delivery[1][4].
Skydo: Skydo provides local USD accounts to bypass costly SWIFT/intermediary bank fees, uses mid-market exchange rates without markup, and charges flat, transparent fees[1].
Online remittance services like Aspora: Focused on India transfers, Aspora offers mid-market exchange rates, very low fees, and fast delivery. However, it currently supports only a few countries and transfers directly to bank accounts[2][3].
Bank-led services such as ICICI Bank’s Money to World: They often provide zero fees for transfers above certain amounts (e.g., zero fees on $1000+ transfers), competitive exchange rates, and fast transfer times (sometimes within hours). This is convenient for large transfers with local support in the U.S.[2][5].

Traditional bank wire transfers are usually the most expensive due to SWIFT/intermediary fees, exchange rate markups (2–4%), and additional transfer fees which can add up to a significant cost on large transfers[1][2].

Key Recommendations

| Service | Fees & Exchange Rate | Speed | Additional Notes | |--------------|-------------------------------------|--------------------|------------------------------------------| | Wise | Low fees, real mid-market rate | Fast (same day or next day) | User-friendly, multi-currency accounts | | Skydo | Flat, transparent fees, mid-market rate | Fast | Avoids SWIFT fees with local USD accounts | | Aspora | Very low fees, mid-market rate | Very fast | Limited countries supported | | ICICI Bank | Zero fees on $1000+ transfers | Within 4 hours | Good for large amounts and support |

To maximize savings, use remittance platforms offering mid-market exchange rates with transparent fees and avoid traditional banks with hidden costs and poor rates[1][2][5]. Online platforms that allow transfers directly to Indian bank accounts or UPI wallets further reduce costs and improve convenience[4].

Other Notable Mentions

Transfast and Western Union allow for cheaper money transfer to India.
Xoom, MoneyGram, and PayPal are the fastest methods to send money to India.
The article was originally published in March 2018 and was updated in August 2021.
NRI-NRE account is designed for NRIs who need to transfer foreign earnings back to India and is favored by freelancers in India.
Consulting virtual employees about which payment methods they would prefer is important.
Outsourcing to India can be cost-effective due to reasonable rates.
Transfast's Value+ service and Xoom (when paid via bank transfer) are fee-free solutions for sending money to India.
PayPal charges 2.9% (plus additional $0.30 fees) for business use and 1% fees for instant transfer.
Hubstaff's automatic payments are fast, inexpensive, and reliable.
Setting up an NRI-NRE account can be time-consuming and the payment process takes up to a week.
Hubstaff's blog provides more posts on this topic.
Transfast takes 3-5 business days to receive the money.
PayPal has an advanced search feature to ensure secure money transfer to the correct recipient.
Factors to consider when choosing a payment method include speed, exchange rate, fees, and convenience.
ACH transfer is a convenient option for businesses based in the U.S. and can be free at some banks or money transfer services.
Remitly is another emerging player in the fintech world with low fees and a commitment to aid during the COVID-19 pandemic.

In conclusion, Wise and Skydo are among the best choices for affordability and reliability, followed by bank-based services like ICICI Bank for large transfers. Aspora is a good option if it supports your route. Always remember to consider speed, exchange rate, fees, and convenience when choosing a payment method.

[1] https://www.nerdwallet.com/blog/banking/best-way-send-money-abroad/ [2] https://www.thebalance.com/best-ways-to-send-money-to-india-3195815 [3] https://www.moneytransfers.com/us/reviews/aspira-review [4] https://www.bankbazaar.com/forex/remittance-services/transferwise-review-2021-get-the-best-forex-deal-with-transferwise.html [5] https://www.bankbazaar.com/forex/remittance-services/icici-bank-money-to-world-forex-review-2021-know-the-benefits-of-icici-bank-money-to-world.html