Remittance Services Versus International Bank Transfers

Remittance Services Versus International Bank Transfers Every day, there are millions of Indians, who are living abroad, who are sending money back home to their loved ones, relatives, friends etc. These NRIS remit billions of dollars to India every year. If you’re considering sending money back to India, you may be considering a remittance service vs. your bank.

You may think that a remittance service company is the best option, or you may think that you may as well send it from your bank account. After all, shouldn’t your bank be the best way to remit money to India? It very rarely is! Keep reading to find out why.

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Compare Remit To India When you’re trying to compare ​remit to India​, and seeing if you should use a remittance service versus an international bank transfer, check the following things:

1: ​Delivery of Funds Schedule how long will your money take to reach the recipient. International bank transfers to India can take up to 8 business days (2 weeks), which is incredibly slow. Many other remittance services can take up to 5 business days, depending on different factors. Some remittance services can send money to India within 24 hours.

2:Reliability is the bank reliable in sending money? Does it deliver the funds by the time it promised, and did it even deliver the funds? Many banks end up returning your transfer a few days later as they couldn’t complete the transfer for some reason or the other.

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3:Payment Methods how can you pay for your transfer? Remittance companies let you pay via bank transfer or debit card, while banks will withdraw the funds from your account. While the payment method is technically free in abank (the bank charges incredibly high international wire fees), remittance companies will charge more for a debit card.

4:Compare Remit Rates To India When you are looking to ​compare remit rates to India​, you will want to check two components of the remittance rate that will give you a true picture of the remittance rates to India:

5:Exchange Rate This is the core of most remittance rates to India. It is the price at which you are buying rupees. Banks usually charge an astronomical makeup on this , and will fleece for a lot of money by not being transparent about how much they're charging you. Make sure to use a provider who is transparent about rates and shows you exactly the exchange rate. Remittance companies may also charge you a FX markup, and there are only a few that will charge the

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mid-market rate. The best way to understand your true cost of sending money to India is to check how much you’re sending vs. how much is being received.

6:Upfront fees if you’re sending an international bank transfer, you can up up to $65 per transfer! That's ridiculous. Remittance services vary in their fees, but none are as expensive as banks. Make sure to check the fee - it changes according to payment method with some remittance services.

Best Remit To India

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So now you know how to compare remittance services to India, what is the best remit to India? You can try ​North Loop​, which combines the security of a bank with the transparency and costs of a remittance service: ● ● ● ● ● ●

Mid-market rate (no FX markups) No upfront fee (no service fee) Free US Bank Account Free debit card Delivery of funds to India within 24 hours All money in the account is insured by FDIC (US-government)

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