India Blog

There are many reasons that a person might want to transfer money into India.

Perhaps you are a business person who needs to put some cash into the hands of a partner who is located in India. Maybe you run a charity that helps poor people in India, and you need to set up a way to transfer donor funds into the country. Or maybe — and this is the most common situation — you are an Indian living abroad who wants to send money to family back home.

Fortunately, we live in an age when money flies around the world, and usually does so electronically at the click of a key. The problem now is not lack of options, but an abundance of them. How do you choose? This quick guide by guest author Stephen Ryan will give you a start.  Just remember that things change quickly in the world of electronic money transfer, so be sure and do your online research to determine the current best choice for your particular situation.

Money Transfer Services To India Reviewed
By Stephen Ryan

In late 2007 It was confirmed by the World Bank that Indians were the largest recipients of money transfers via money transfer services. Indeed India received $23.4 billion via the main money transfer service WUnion. In fact they recently brought their total number of agents in India to 36,000. This of course is mainly due to working migrants transferring money back to family and friends.

However with the money transfer industry growing all the time, currently at over 10% per year, there are many ways to transfer money to India and many companies to choose from. Here is a quick comparison of some of the main ways to transfer money to India, the fee shown relates to a money transfer being sent from New York, America over to India:

MoneyGram: $10, the only downside to this company is that you can only use their online service if you are based in America, it is therefore not available for anyone living elsewhere.

WUnion: The biggest money transfer service provider of sending money to India: $10, their money in minutes service is undoubtedly fast and efficient. The money is certainly available very rapidly providing the collector gives appropriate identification.

Xoom Money Transfer: $9.99 is their usual fee but you can significantly reduce this figure if you request a delayed transaction, this simply mean instead of them sending the money immediately they take a few days to do so. This service is only $2.00 so it certainly pays to plan ahead with your finances. A further added bonus to users of Xoom are that if the amount you send is in excess of $700 they will not charge you a fee at all! Additionally they can have it deposited direct into a bank account for you or even arrange a home delivery for you if required. Whilst not having as many agents as WUnion 4,350 is still a good start.

Ikobo: $5 will see your money transferred to India, however the procedure isn’t completely straight forward as there is an application process to go through and you have to first send an ATM card to the recipient whop can then use the card at over 1,000,000 ATM’s worldwide.

Paypal: It is virtually free save for a few cents here and there. Money can be transferred to any email address instantly but don’t let that fool you, the money has to be first uploaded to your paypal account and then downloaded to the recipients bank account (provided both accounts are verified, which can take a week to do) in total this can be a couple of weeks.

ICICI bank: They offer zero charge providing the recipient has an NRE/NRI account. They also give you an excellent exchange rate. The service is known as Money2India. They can have money sent for you to any branch nationwide across India. CitiNRI and Citibank also offer excellent services and run very competitive promotions from time to time.

The above are just a few options outlined, of course there are many other methods. The main point is to shop around, consider how frequently you send money, the exchange rate and how urgently you need to send the money. Always check exactly what exchange rate you are getting and you should be able to find a safe and efficient money transfer service without too much difficulty.

Money Transfer Review provides free money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer or Transfer Money Overseas to discover more.

Article Source: http://EzineArticles.com/?expert=Stephen_Ryan
http://EzineArticles.com/?Money-Transfer-Services-To-India-Reviewed&id=1149250

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