Send money from the USA to India
Every year billions of dollars are recorded as remittances India from the USA. With the great advent of technology, there are various ways to send money to India, home of many people who lives in the USA for job purposes. With so many available options, this is very much important to choose the right one to avoid paying an exorbitant fee for transferring money. There are few things to consider. You need to find out the best way of How to find best USD market price to get the right exchange price.
There are a couple aspects to consider when choosing the mode of money transfer:
- Location of the receiver and sender
- Levels of awareness of the technology and availability of it
- Availability of time and affordability
Modes of money transfer
Cash Transfer
This is one of the oldest but most convenient methods of sending money to India from the USA. Cash transfer is a simple way of sending cash through the transferors. The receiver can collect the money in his own country or can get it delivered by them.
Bank Transfer
Many of the money transferors has tied up with several leading international bank to empower their customers to send money in India. With the help of this service, one can transfer the money easily to the bank account of the recipient directly.
Online money transfer
This is the most convenient way to today to send money. One can sit in the comfort zone of their workplace or home through the online remittance portal. Most portals give the facility to remit the money to a credit card, bank account, and cash payout.
Mobile money transfer
This process is ideal for the people, who have very limited access to transfer agents and banks. With the process, money sent directly to the mobile wallet and mobile phone of the recipients. This is the widely used process now in America and India.
Transferring cost
The cost of transferring money will depend on the exchange rates of USD to INR, mode of transfer the commission charges levied by a remittance house. These charges will depend on the service provider of the network and other offered value-added services. See the USD to INR forecast previously and calculate how much money the recipient will get. It will give you an idea of the cost of the transaction. While going for a certain type of money transfer process, one should be well-informed about such pointers.
Exchange Rate
This is the rate which the USD is exchanged to INR. This rate of the dollar to INR exchange will vary from time to time and it depends on the global financial scenario and other economic factors of two countries. It is wise always to wait until the currency value of the receiver is lesser than the currency value of the senders. You will be able to send more money by the process. For instance, if you are living in the USA and want to send money in India, you should ideally send the money when the INR value is lesser than a dollar so that for each dollar more rupees will be sent.
Fees
This fee charged usually for transferring the money and it depends usually on the service provider with whom you are dealing and mode of your money transfer. It is a wise option to go the Best transfer rate, providers. You should ask and can compare the rate of various service providers to identify the most convenient rate of money transfer. In your search for the way of, How to send money from the USA to India, it is always better to deal with the known service provider or bank to get the right value of your transferred money.
Moreover information visit: https://en.wikipedia.org/wiki/Remittances_to_India