Which is the cheapest way of money transfer from India to abroad?

Vasanthi Gopalan

Educator/ Work from home Search Engine Evaluator. | Posted on 13-Apr-2019

Today the world has become a universal village. Middle-class Indians are now traveling around the world for the purpose of business, vacation and mainly for education. Indian students are filling the campuses of the world's most prestigious ivy league universities every year. The main problem many Indians abroad are facing is the transfer of money from India to abroad.

Now there are so many ways of money transfer from one country to another. The cheapest charges of money transfer depend upon the amount to be transferred and the time limit needed.

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There are so many ways of transferring money from India like

• Bank to Bank transfer. Through your bank officials, you can transfer money in the recipient's account. Even demand drafts can be drawn and send it to the recipient via mail or courier.

• Online Banking - You can transfer the money using online banking method.

• Third party money transfer service like PayPal, payoneer, Book my Forex, money2world, Transferwise, Western Union are some of the companies which transfer money internationally.

When you transfer money you have to consider some of the main points. If the time limit is less or if you want to transfer the money urgently the rate of transfer will be more. Plan it before, so you can have more time to send money. When you transfer money from India to any country always look for hidden currency conversion rate. That is the money transfer company will advertise that they will charge only 1% or 2% only.

But they will earn money while converting our rupee into dollar or Euro.

They will give you less dollar than the conversion rate prevailed on that particular day. So open your eyes and make your calculation and comparison before choosing any company.

But according to my experience, Transferwise is the cheapest of all money transfers. Their rate is 1% only and no hidden currency conversion rates are added. In recent times it is the best and cheapest way of transferring money from India to abroad or vice versa.