If you’re searching for the most efficient way to transfer money online, you’ve probably heard of TransferWise. TransferWise is one of the many money transfer companies that work to provide you with honest, fair, and efficient wire transfer services.
Even though Transferwise boast of having one of the most affordable fees and the exchange rate for online money transfer, there are situations and circumstances whereby Transferwise fees and rate are not just affordable when compared to other online money transfer services.
To help you make the best choice when seeking for an alternative for Transferwise in India, we have compiled a list of the top 10 alternatives for sending money online to India from anywhere in the world (US, UK, Canada etc.).
1. Western Union.
Western Union has a low minimum transfer amount of just $1 and allows for multiple payment options including paying with your debit card, credit card or bank account. However, TransferWise only allows for bank-to-bank transfers in different currencies, whereas Western Union allows you to pay with cash or have your recipient pickup cash, and transfers can be in the same currency. If you’re looking to transfer larger amounts of money, you might be better off going with TransferWise, as Western Union has a low maximum transfer limit of $5,000 — compared to TransferWise’s $49,999 daily limit.
The second-largest international money transfer service in the world, MoneyGram transfers funds in over 200 countries and territories to more than 350,000 agent locations worldwide. Both MoneyGram and TransferWise have low minimum transfer amounts of just $1 and have transfer fees. MoneyGram offers the option of paying with cash and having your recipient pickup cash or have the funds delivery to their home, something TransferWise doesn’t offer. And if you’re looking to make same-currency transfers, you’ll have to go with MoneyGram or another provider, as TransferWise doesn’t allow for this.
Ria is a global money transfer network with more than 316,000 agent locations in 144 countries. It is the third-largest international money transfer provider in the world. Like TransferWise, it has a low minimum transfer amount of just $1 and offers a wide variety of payment options including paying with debit card, credit card, and your bank account. However, Ria also allows you to pay with cash and offers the option of cash pickup and home delivery in select countries. It has a lower maximum daily transfer cap of $2,999.99 — compared to TransferWise’s $49,999 daily cap — so if you’re looking to transfer larger amounts of money, you’re better off going with TransferWise. But don’t forget that TransferWise doesn’t allow for same-currency transfers the way that Ria does.
You likely know PalPal’s digital service for online purchases, but you may not know that it supports wireless overseas transfers. Its popularity around the world makes it possible to transfer up to 20 currencies across more than 200 countries — not quite as many currencies as the 50 TransferWise allows for trades in. Both PayPal and TransferWise have low minimum transfer amounts of $1 and have transfer fees. But PayPal outshines TransferWise with its ability to send money inside the US for free and its option to send same-currency transfers, something that TransferWise doesn’t allow.
WorldRemit has a low minimum transfer amount of just $1; allows for payment with a debit card, credit card or bank account; and has transfer fees. WorldRemit allows for more pick-up options than TransferWise, letting you transfer funds to a mobile wallet account, have your recipient pickup cash or have cash delivered to their home. However, TransferWise has a greater maximum transfer limit of $49,999 compared to WorldRemit’s $5,000, so if you’re looking to transfer large amounts of money, TransferWise may be ideal for you.
6. XE Money Transfer.
Like TransferWise, XE Money Transfer is a service designed to help you transfer your funds to a bank in a foreign currency and doesn’t allow for same-currency transfers. If you’re working far from home, XE is ideal for getting cash to your family and friends. Unlike TransferWise, XE has no transfer fees and trades in over 120 currencies — far surpassing the 50 currencies TransferWise allows for transfers in. XE also has no maximum transfer limit compared to TransferWise’s $49,999 daily cap.
Xoom is a leading provider in the digital money transfer market, offering transfers to 57 countries around the world. Both Xoom and TransferWise have low minimum transfer amounts of $10 and $1 respectively and have transfer fees, but only Xoom allows for cash pickup and home delivery options. Moreover, if you’re looking to send funds in the same currency, you’ll have to go with Xoom or another provider, as TransferWise doesn’t allow for this. Xoom also offers a unique money-back guarantee if your transfer doesn’t arrive on time — a perk few transfer services offer.
Travelex is an international money transfer service in 177 countries and territories and 45 different currencies. Unlike TransferWise, which has a complex transfer fee system and doesn’t allow for same-currency transfers, Travelex offers a flat fee of $5 for transfers under $5,000, no fees for transfers over that amount and lets you transfer funds in the same currency. Moreover, Travelex has multiple transfer options including spot contracts, forward contracts, limit orders, and recurring payments, as well as a price promise, in which they’ll beat any price you find within 30 minutes of using their company. But if you’re looking to spend less than $500, TransferWise might be a better option, with its low minimum transfer amount of just $1.
Operated out of Mumbai, RemitMoney is an online money transfer service that specializes solely in transfers to India. RemitMoney’s exchange rates already include fees and taxes so you won’t come across any hidden charges. And if you become a regular customer, you’ll earn loyalty points every time you send money, plus whenever someone you’ve referred makes a transaction on the platform. RemitMoney’s exchange rates are a bit below the mid-market rate and include fees and taxes.
Specializing in sending funds from the US to India, Remit2India is an international money transfer company that offers simple, secure transfers and relatively low transaction fees. Enjoy competitive exchange rates and an even better rate when you send larger amounts. Remit2India concentrates on helping its customers send money solely to India. If you need a service that lets you send money to India quickly, you might be disappointed with Remit2India’s slow two to six days transfer time. This delivery speed makes Remit2India a better candidate for planned transfers or regular transfers than emergency transfers or overseas payments.