These days, more people than ever are doing a wide array of tasks online. International banking is certainly no exception. As there is an app for everything, it’s easier than ever to do your banking online, even if you need to send money overseas to a friend, family member or associate. Here are the best ways to send money for overseas investments.
Standard International Bank Transfer
One of the best ways to send money overseas to someone in India is to send an international bank transfer. However, if you go through your own bank, you must know the criteria for doing the transfer. There may be limits on the amount of money you can send, fees associated with the wire transfer and a set length of time the money can reach your recipient.
Western Union is available for sending money to as many as 200 or more countries, including India. It’s the oldest service for transferring funds and is highly reliable and reasonable. If you need to send money to India, there is a lower fee for transfers up to $1,000. For this amount, you can expect to pay less than $5, but if you need to send your recipient more than that, fees may range higher. Generally, the limit on funds to India is $50,000. You can send money directly to the person’s bank account or to a Western Union location for them to pick it up.
If you and your recipient prefer to do an in-person pickup, you can send funds through MoneyGram. While there are fees for your transfers, they are relatively low but can reach over 3 percent. There is a limit on how much you can send at $10,000 per transfer per month. You can send money via your bank account, credit or debit card and have your recipient pick up the cash at a location. In some cases, they can get the funds on that same day depending on certain factors.
PayPal is one of the best, most reliable services for transferring money to someone in India. It’s easy and can be done in minutes if your recipient has their own PayPal account. There are fees associated with transfers, but if you’re paying a business associate, those are usually around 2 percent or lower. Funds can get to the other person in as little as two to three days but can take longer depending on the circumstances.
OFX is a good service for sending money overseas to more than 80 countries, including India. It doesn’t charge fees for transfers and is fast. There is no minimum amount of money you’re allowed to send and the money can be delivered to your recipient within one or two business days. However, the only way the individual can receive their money is through their bank account as the service doesn’t have pickup locations like many of its competitors.
XE allows you to transfer funds to India as well as more than 100 countries. It also has a very open limit for your transfers as you can send as much as $500,000. Many transfers are fast and can be completed within only 24 hours. In most cases, however, it can take up to four business days for the funds to get to your recipient. Perhaps the best aspect of all is that XE doesn’t charge fees for transfers.
When you have to send money abroad to someone in India, these are the best services around.