Best money transfer options

I have to send a part of my salary to India every month. The reason being, I have an apartment for which i have to pay EMIs and then there are other obligations as well in terms of premiums of policies i took when i worked there.

So, i have tried various money transfer options from U.S. to India over the years – to be precise, Western Union, Xoom, MoneyGram, IndusInd Remit, and Oxigen Wallet. I am no expert, but my experience can help you with choosing the best option, in case you are in my situation or be in one ever.

I never tried TransFast, as their reviews are pathetic, to say the least. Though they have often come out with promotions to pay sign-up bonus, and right now they are even paying more than the market exchange rate to new customers, people (including me) have normally neglected them. I would strong suggest avoiding TransFast!

My priority has been to use a Service which is Secure, provides Locked-in competitive Rates, No Transfer Fees, Transfers money within a Day, and with no Hassle!

Here’s what my experience has been and why i would recommend Western Union or MoneyGram! The best way is to use your Debit card for transaction while transferring to a bank account in India.

  1. Xoom – Though their rates are locked-in and normally transfer money within minutes or hours, their rates are often lower than those of Money Gram or Western Union, which you can use with the similar timelines, using your Debit card. There is no Transfer Fees in any of these options.
  2. Oxigen Wallet – I have found them to be highly inefficient. They would take all sorts of information from you…i had to provide US Driving Licence Details, and Phone bill as address proof. They took more than a week to check my details, and i was so frustrated that i cancelled my transaction. It took me more than 2 additional weeks to get my money back in the U.S., that too after taking the issue public on social media and getting it escalated.
  3. IndusInd Fast Remit – Their rates are not locked in (called indicative) and they also take about 4-5 days to credit money in your account in the destination country. I often found them to provide less rate when they actually transferred than the indicated rate that i transferred at. Seems cheating to me just to have you initiate the transfer using high indicative rate!
  4. MoneyGram – I moved to them seeing their advertisements during the 2015 Cricket World Cup. Their rates are locked-in and if you use your Debit card to transfer, you will normally see the money in your account very next day. I enjoyed with them, till one day they suddenly wiped-off my details from their system and asked me to re-enter. And, a couple of times their application did not work. So, i looked for alternatives and that’s when i moved over to Western Union.
  5. Western Union – I have found their locked-in rates to be pretty competitive and much better than many other agencies. I already have my Debit card details saved in their system and just have to click ‘send again’ option (it by default takes details from last transfer) and do a couple of clicks to finalize the transfer. I have not run into any issues so far (since last 1.5 yrs) and would strongly recommend them!

*This is not a sponsored post, and all views are of my own!

62 thoughts on “Best money transfer options

  1. Useful post for anyone thinking of money transfers. We always went with Western Union during our stay abroad as we found it very convenient, so unhesitatingly, I would say they are the best!

    Liked by 1 person

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