Categories: Finance USA

Best Remit Rate to India USD to INR exchange rate

Best remit rate to India is probably one of the primary question that you as an NRI (non-resident Indian) would ask yourself once a month.

If you have loans to pay-off or sending family maintenance, there is no better time to do it.
The current USD to INR exchange rate is at its all time high and you have lower interest rates on loans to top it up.

This article is aimed at simply sharing the remittance company that we have tried and tested for higher and maximum rates over the last couple of years.

To be very frank, when we first started sending money (somewhere in 2012 end), it was ICICI bank’s money2india service.

Then, a better rate search with pre-existing desi money saving minds and high aspirations to get a sign up bonus, were introduced to Xoom.com.
Amazon’s $15 gift card made us fall in love with 4-24 hour money transfers. It was probably faster than depositing money in any Indian bank’s branch by walk-in!!

But, after using both of them, we found a new service named Transfast.com. They undoubtedly have much better rates than others and have become our second most preferred choice.

If you are wondering about the first choice, it is Indus Ind Bank. Yes, it may sound a bit weird but if you believe us, Indus Ind bank’s remittance service offers the maximum rupee for your dollar.

This is the order of our preference (1 being more preferred) that we use to transfer our money to India.

Please note that this is NOT a sponsored article. We have not been paid by any of the services mentioned here.

It is purely based on our own experience of sending money from USA to India through online services and bank.

Best remit rate to India
  1. Indus Ind bank Remit
    Pros
    • Highest remit rate offered for 3-5 day transfer.
    • Safe and secure as it is a recognized Indian bank.
    • Net remit rate even after service tax deduction is higher than transfast.com as per our experience.

    Cons

    • Charges service tax and notifies it on the last step while creating transfer. You can cancel if you do not want. But, charge is pretty small.
    • Maximum transfer limit is $10000 for 60 days.
  2. Transfast.com
    Pros
    • Highest remit rate offered for 3-5 day transfer.
    • Net remit rate has in-built service tax deduction. The rate you see is rate you get. This has always been lesser than Indus Ind remit in our transfers.

    Cons

    • Maximum transfer limit is $10000 for 30 days. You can ask for increased limit but would need to submit your SSN and other identity documents.
  3. Xoom.com
    Pros
    • Super fast 4 hour transfer.
    • Net remit rate has in-built service tax deduction. The rate you see is rate you get. This has always been lesser than transfast.com in our transfers.

    Cons

    • Only one remit rate option is provided with 4 hour transfer. This is pretty less.

You might know more such money transfer service that may offer much better USD to INR exchange rates as shown by compareremit.com.

Hidden fees

Most of the services including Indus Ind Bank have hidden fees in their exchange rates, to stay on top, and to attract the money senders. Off-course, you would be informed about the fees, most probably, at the very last step, of confirmation.

Transferwise.com is MOST expensive service I have ever seen. They claim to give you the mid-market USD to INR money exchange, but do charge a hefty fees of 0.09% on each transfer, except the FIRST one.

So, the most clever way is to use it for only for the first time and then move on to some other.

Each of the service works on pretty much the same logic with earning from the difference between mid-market rates and the rate offered to you. They also need to charge you the legal government service tax (to be deposited with government of India).

The way they compete for best remit rate to India is reducing their profit margin.

If you have tried and found a more reliable and better paying money transfer service, do let us know in the comments.

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Published by
Anil Gupta

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