Often people stuck in not knowing the best way to send money internationally. Even if you rush to a bank, you might be paused because of high international money transfer fee which is around $43. Also, their delivery speeds and foreign exchange may not be very impressive.
But here is a list of options to send money internationally, they are;
Instarem: Instant Money Remittance
Instarem offers inter-bank rates on all transactions whether it is a big one or small. As a part of the transaction, Instarem charges its customer only 1% fees or less (which includes inter-day FX fluctuation). So if you are planning to transfer money to the Philippines from Australia via Instarem, say $1000 then Instarem deducts only 1% and the rest $990 is received by the end user, whereas other operators and banks charge anywhere between 3%-5%. Instarem is also known as the quick remittance service.
The Western Union is best money Transfer option
Being one of the biggest leading money transfer providers worldwide, the Western Union gives you a bunch of options to send money internationally by phone, through a website or mobile app or you can also transfer in person. You can pay the money you want to transfer by using any of these debit cards, Pay by bank account, credit card or, for in-person transfers only. Money delivered to a bank account overseas can be picked in more than 500,000 agent locations in rural and urban areas.
The Western Union enables to send money internationally in more than 200 countries and territories. Remember not all transfers are fast, cheap but sometimes depending on the type of transmission it could be little expensive. With the Western Union, you can choose which speed you want to send whether the same day or next day with the available options. It is not necessary for the recipient to create an email account or a PayPal account. For transfer up to $1000, fees range from $0 to $81 also the exchange rates have markups from 0% to 10%.
One of the best money transfer provider with best exchange rates is TransferWise. Many banks and other providers gain profit by marking up the exchange rate when they offer customers, but TransferWise avoids this. There is a charge, such as 1% of the total amount send money internationally, and it can be a problem when sending amount more than $10,000.
MoneyGram is another option that beats every other provider in the race send money internationally. Through MoneyGram, it is very easy and affordable to send money internationally. Benefits are like bounty that comes ahead are great international exchange rates and low fees, which will make your life easier to send money internationally to your dear ones. Web transferring through banks can be cheaper, but it takes a long time for delivery.
The main thing which you do is to select your receiver, what country they are in and the amount to send money to India. And then next comes how will you pay either by credit card or debit card or even you can send directly from your bank account too. Also, you will be needed to give some information about your identity. Even you can send money internationally in person, through the bank and also you can send money to their mobile wallet too. There are many service providers many which you can reliably send money internationally.
The factors you need to consider before choosing an option is listed below.
Delivery speed: Ensure that your money is sent as quickly as possible, the type delivery, speed also varies from one to another. Money gram transfer method is done very quickly and even in minutes.
Fees, Exchange rates, and affordability: Another major thing you need to cross check what are their fees to send money, how good and great are their exchange rates. If not you will be losing money needlessly.
Convenient: Make sure that the location that you want to send money internationally has branches, agents and a popular way choose by many. What if they give all the above requirements but lack convenience to get there than it is a daunting task? Before you send money internationally check the location the money has to reach, is it in reach to the receiver or do they need to travel extra, then think is it good to neglect the small fees and little difference in exchange rates.