Dollar to Rupee Exchange Rates From Money Transfer Services.
Xoom, the stylized Xoom, and the stylized "X" are trademarks and/or registered trademarks and trade dress owned by PayPal, Inc., its affiliates or its licensors in the United States and elsewhere. Xoom's money transfer services offers fixed locked-in exchange rate. Xoom provides one of the fastest money transfer service to India in less than 4 hours if the transfer is made during the processing hours of Indian Banks. Coming to the various modes of sending money Xoom operates on a simple process. The basic requirement to send money through Xoom is that the recipient needs to have a bank account in .
Sample date Remit2India exchange rate margins and fees were checked and updated on 26 July Sample date MoneyGram exchange rate margins and fees were checked and updated on 26 July Sample date Ofx exchange rate margins and fees were checked and updated from ofx. Speed 1 to 2 day. Sample date Kantox exchange rate margins and fees were checked and updated from kantox. Sample date Remitly exchange rate margins and fees were checked and updated from remitly.
Speed 3 to 4 days. Below this amount, the service will not accept money transfer requests. There are several ways to send money to India and there are several money transfer companies too, but making the best of it, requires some homework.
That is, you need to first get an idea of all the fees involved by various services and companies. Then you need to ensure you are ready to transfer at any time by either creating accounts with them and moving enough funds to it.
Then you got to wait and see how the Rupee fares with Dollar in the international market and how the different services change their daily exchange rates. Most companies update their exchange rates every day in the morning. So, the big question everyone is asking is which is the most recommended money transfer service to India?
Well, here is what I think. There is no one single best service. It depends on what you want. Some people want best exchange rates and value for money, while some people want ease of use and just want to send money fast without bothering about exchange rates.
They have a flat fee for each transaction and the exchange rates are lower than some of the other competitive money transfer services. Western Union has two ways by which money is delivered to the recipient. Either by bank account or pick up by cash. If you have the bank account number and details of the recipient, you can submit it to Western Union and the money will be submitted to their bank account. This will take up to 24 hours. In this case, you just submit the ID details of the person, like Passport number and full name with contact number and the same person can pick up the money in cash from any Western Union centers near them.
There are many western union centers in India, like post offices and other franchises, where the recipient can go show their ID and get the cash. This is a fast and easy way to transfer money to almost anyone you know.
Xoom is yet another money transfer service that offers fast and easy service. And they are one of the reliable money transfer services to India. With tie ups with banks like Punjab National Bank, they have good service. But Xoom too have fees associated with every transaction. That is, there have been couple of instances where, after people have sent the money and received notification about money successfully transferred, get the shock of their life saying the transaction has been cancelled.
And the most common reason they cite for canceling already successful transactions is exceeding monthly transaction limits. Xoom has a monthly transaction limit for every person and they only allow you to send money within those limits. When you want to get the best exchange rate and is not in a rush to send money. Most banks offer remittance service to India from their banks. Most of them require you to have an account with them and when approached for money transfer services, will start pitching you to start an account.
Following are some of the banks offering good USA to India remittance services. They need you to open an account with them in order to start money transfer services. It could be your own NRE account from India or other people friends and family. Now, you can add funds to your account and transfer money online to recipients already added. The negative point is that you cannot send money to anyone you like. They have to be added as a recipient already and have to be approved with the process above to be sent any money.
Also, their online website is not very friendly to use. For example, it will only work on IE and not Chrome. I had trouble logging online successfully and had to reset password a few times before figuring out that it was the browser issue.
But their staff is super friendly and will give you an amazing service if you contact them directly rather than trying stuff on your own. And their offices are never busy unlike other banks. Have you encountered this? Could this be a new restriction that prevents ACH pushes to external accounts not owned by the Capital One account holder?
Or is it a virtual account individualized to only you? Also, it never hurts to always transfer in odd amounts. It was hard to get a hold of anyone. But once you are set up, it is ok.
At USForex, I had to wire my money to them. That was a little tedious. Other than that though, I am pretty happy.
They absolutely had the best rates. Even compared with CurrencyFair. Sometimes one will have a better rate than the other so I always compare both. Currencyfair warning Currencyfair are not currently regulated in any US state or in Canada for that matter. If anyone uses a service of an unregulated entity they risk having their funds frozen while that state fines the entity trading in that state. We have regulation in the us for a reason, to protect the public.
Always beware of any company trading without such regulation. While you may be quoted better rates than your bank you have none of the protection. They want to become regulated before they start doing business in the US again. As a US citizen who has lived and worked overseas, I have had it absolutely rubbed that the IRS and the congress view all foreign accounts with suspicion, so much so that they make life hell for US citizens overseas and the banks that do business with them.
Clearly the IRS wants to stop people hiding money overseas, but they go so far in their extremes that it is sometimes impossible for a US citizen to get certain banking services abroad. For example, when I left Canada in Sept no bank was willing to open a self-direct retirement account to hold my Canadian pension unless I moved back to Canada, and US citizens living in Britain are ill-advised to get any sort of mutual fund.
If that were the case they would have stopped handling Canada too. I have used USForex 3 times now in the past six months. Like Harry mentions, they tend to be pretty competitive. Unless I see some crazy discounts in the spread from another company, I am probably staying with them. Have had a great experience so far! I was recently burned when funds were transferred to Colombia from the States. The transaction was locked in at a pretty reasonable rate, when the funds hit Colombia, the Colombian bank said there were insufficient funds to allow the transfer to proceed.
Is speed of delivery the only distinguishing factor?
How to avoid that? Buy all your favourite coins in one place.