There are tens of millions of Indians living and working in different parts of the world. In the United States, for instance, there are over 2 million Indians living and working in the country. However, the real number could be much higher. In the United Arab Emirates, the number of Indians living and working in the country stands at around 3 million. Indians in Saudi Arabia are around 1.7 million. In total, there are around 15 million Indians working in different parts of the world. As they work, earn and invest, these Indian expatriates usually remit billions of dollars back home every single year. They do this in a number of ways. After all, there are many ways to send money to India. Below are just some of them:
1. Western Union
This is one of the oldest, most reliable and most cost effective option for sending money to India. Most banks around the world are Western Union agents, so you can easily walk into your local bank and go to the Western Union counter to send money to someone in India. Nowadays, you do not even need to go to a Western Union office as the company has made it possible for users to send money online, over the phone or using their app. Transfers are usually instant and affordable. The exchange rates are also competitive.
2. Xoom
This is a worldwide money transfer service that is powered by PayPal. You can transfer money from your credit card, debit card or bank account to anyone in India. There are thousands of pick up locations in India where the recipient can go and collect the money. Most of them are bank branches and postal offices. When you send over $1,000 with Xoom, you will not pay any transfer fees. After completing your first transfer, you will get a $10 cashback reward. The beauty of using zoom is that transactions are completed quickly while the exchange rates are competitive.
3. Ria Money Transfer Service
This service allows users to send money from a bank account in their country of residence to an Indian bank account. The bank transfers are fast while the exchange rates are competitive. After executing the first transfer, you can expect to get a 20 dollar Amazon gift card.
There are over a dozen other money transfer options to India, so you will have many options to choose from. When comparing your options for sending money to India, be sure to check the exchange rates, time it takes for the recipient to get the money, convenience, transfer fees and reliability of the service.