India is the top destination for money transfers worldwide and in 2010 the country recieved 55 billion US Dollars in money transfers. If you need to transfer money to India you may be wondering what is the best way to transfer the money to India? As there are a number of providers that offer money transfer services to India, choosing a way of transferring money to India can be confusing. Considerring the pro’s and cons of these various services is therefore wise. It is likely that you will want to find a service that makes your money go further, so you will need to find a provider that offers a great Rupee exchange rate who charges low transfer fees.
What services are on offer when I need to transfer money to India?
Banks
When you need to transfer money to India, going through your bank may be your first thought. While this is an obvious solution for making a money transfer to India, this will be an expensive way of transferring the money as the transfer fees banks charge are known to be really high and their currency exchange rate for the Indian Rupee is often uncompetitive.
If you transfer the money through a bank, you may also find that it takes a long time to receive the money, anything upto 5 working days.
Money sending bureaux
A money sending bureaux may be the ideal alternative to a bank when you require to make a money transfer to India. Providers such as Western Union or MoneyGram are a fast way of transferring money to India as your money can be received in a matter of minutes.
However, the exchange rates offered by most money sending bureaux are poor, so you will be getting less Indian Rupees for your money. In addition to this you will find that the transfer fees are really high with these services, so all in all, this is an expensive transfer method.
Taking this in to count, you may want to search for another way to transfer money to India, which helps you to make the most of your money.
Xendpay: The ideal alternative to a bank or a money sending bureaux.
You can now transfer money to India at a lower cost, simply and quickly online thanks to Xendpay.com.
Every day Xendpay helps growing numbers of individuals with their money transfer needs, offering our customers a better exchange rate than a bank or a money sending bureaux and charging lower transfer fees. Why not compare our rates, or take a look at our list of transfer fees?
How do we compare to other money transfer providers?
| Transfer £500 from the UK to India | Transfer fee | Total cost of transfer |
|---|---|---|
Xendpay |
£4 | £504 |
Western Union |
£9.90 | £509.90 |
MoneyGram |
£8.99 | £508.99 |
Barclays |
£25 | £525 |
*The fees stated above are correct as of the 27/05/2012 10:15 GMT. Please be aware that these fees are subject to change.
What are the benefits of using Xendpay?
- Transfer money 24/7, online via our payments platform
- Online and telephone assistance
- Great Indian Rupee exchange rate.
- Low transfer fees
- Fast transfer. If we receive your payment instructions and your funds before 12pm on a working day your payment will be sent out that day your funds should be received in 1-2 working days. For more information, please see our delivery times page.
To make a money transfer to India you will be required to provide the following details:
| The Account Holders Name | The recipient’s full name |
| Account Number | The recipient’s bank account number |
| IBAN | The International Bank Account Number. Read More about IBANs here |
| Bank Name | The name of the bank where the recipient’s account is held |
| Bank Address | The address of the recipient’s bank |
| IFSC Code | Indian Financial System Code, which is a unique 11-digit code that identifies the bank branch i.e. ICIC0001245. Read more about IFSC Code here. |
| SWIFT/BIC Code | Providing this is optional. A SWIFT Code consists of 8 or 11 characters, both numbers and letters e.g. RFXLGB2L. Read more about SWIFT/BIC codes here |
