The process of sending money from one country to another is called international money transfer. Sending money from India to the USA can be expensive due to the government restrictions and foreign exchange regulations.
The Reserve Bank of India’s Liberalized Remittance Scheme (LRS) allows Indians to remit foreign exchange up to USD 250,000 per financial year. However, there is a condition – it has to meet at least one of the following purposes:
- Overseas education expenses/fees
- Medical treatment
- Maintenance for a close relative
- Emigration fees
- Visa fees
Is it possible to make the funds available in cash?
Western Union, World Remit, and MoneyGram are three international money transfer companies which make funds available in cash. However, as of today, none of the three offer international money transfer services from India due government restrictions. That makes Wire Transfer the best option to send money from India to the USA. Having said that, there are two types of wire transfer – bank wire transfer and dedicated Forex company wire transfer.
Wire Transfer through a bank –
Using Wire Transfer is the most convenient way to send money from India to the USA. Several banks in India provide this service to people. But there’s a catch – Wire Transfer service provided by the banks is not at all cost-effective. Banks may charge you anything between Rs. 1500 to Rs. 2500 per transfer. If you think that that’s all, then hang on. Most of the US banks charge a commission fee which can range from $10 to $40. Hence, transferring money from India to the USA using the wire transfer service offered by banks can cost you anything between Rs. 1200 to Rs. 4300. In addition to the charges, banks are not really convenient when it comes to Wire Transfer from India to the USA. The fact that one will have to physically visit a bank with all the necessary documents can be tiresome. Not just that, there are very few branches which provide the service. The only saving grace is that there are few NBFCs which provide this service online.
Wire Transfer through a dedicated Forex company (NBFC) –
Sending money from an Indian bank account to a bank account in the USA is expensive and the process is slow. To get a better deal on money transfer from India to the USA, using a dedicated foreign exchange company such as Buy Forex Online is the best option.
Why BuyForexOnline.com is a better money transfer option than a bank?
The most convenient and cost-effective way to send money from India to the USA is opting for Money Transfer provided by Buy Forex Online. Following are the reasons why you should opt for Money Transfer using Buy Forex Online:
- Lowest Wire Transfer Rate –
The Wire transfer rate is just one percent above IBR. Banks, on the other hand, charge anything between 2.5 to 6%.
- Zero Sending Fee –
As mentioned above, Indian banks charge a fee in between Rs. 1500 to Rs. 2500 per transaction. Buy Forex Online, currently offers zero sending fees for amounts over $2000.
- Simple Procedure –
Be it for studies, travel, or medical, the procedure for money transfer using Buy Forex Online is simple & easy.
- No hidden charges –
Buy Forex Online assures transparent beneficiary charges and guarantees that there are no hidden charges.
- Lightning fast –
The entire procedure takes just 2-4 hours to be completed, and the funds will reach in 24 to 48 hrs
- Completely online –
Buy Forex Online is India’s first and only completely online Forex vendor. That means one can transfer money from the comfort of your home.
What are the key differences between international money transfer via banks and international money transfer via Buy Forex Online?
- Overall charges:
The main difference between bank-to-bank wire transfer and Buy Forex Online wire transfer is the cost. International bank-to-bank wire transfer is much more expensive. Banks in India keep a high margin on their foreign exchange rates and charge more for the service as compared to Buy Forex Online.
- Transfer Time:
Transfer time is another key difference between bank-to-bank wire transfer and Buy Forex Online wire transfer. A bank-to-bank wire transfer takes more time than a wire transfer using Buy Forex Online (through SWIFT ).
- Competitive exchange rate:
Getting a competitive exchange rate is is fairly easy, but is only half the task. The other half is to get competitive fees for the money transfer. Most people focus on the first half, but neglect the other half. Buy Forex Online ensures the best exchange rate and does not have any extra hidden fees.
Summing it up, International wire transfer providers, especially banks, make money by applying a margin to the foreign exchange rate and charging a sending fee. This may cost you an extra 4 to 7% of the total amount you transfer.
Transferring money from India to the USA through a bank is the most popular, yet one of the more expensive options. Money Transfer provided by Buy Forex Online is the easiest and the most inexpensive way of sending money from India to the USA.