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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.
- 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.
- 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.
- 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!
- 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.
- 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!
Good Post
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Thank you
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welcome
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I prefer xoom.. their notifications are great. Now they have become a paypal comp too..
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I used xoom for a year, but moved to Western Union and MoneyGram long back. With them i get much better exchange rate and same 1 day transfer, when I use debit card for transaction.
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Personally, I have also felt Western Union to be the better of the lot and indeed worth their salt!
Very informative post Alok!
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Very true, I have been with them for about 2 yrs now and no complaints…I just use their app and it is good too!
Thank you.
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I wonder if these companies make considerable money by playing with the exchange rates to their convenience. That’s what companies do when I try to pay for a product/service in USD.
Destination Infinity
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I guess they play on volume. They make enough money, just that we don’t know about it 🙂
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That’s right. They make plenty of money on the conversion rate. It’s a small amount for each transaction that adds up when you consider the large volumes of users.
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I was looking for opinions on the various money transfer options! Your post helped. 🙂
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Happy that this post helped you 🙂
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Informative post, Alok. Many would find this post helpful:)
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Thank you, Maliny 😊
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My brother recommends Western Union just as you do.
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Great, they are awesome 😊
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Oh yes i have had good experience with western union..
I also now use the icici bank transfer it’s quiet easy . And safe too bank to bank..
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I never tried Icici one, though I have an account with them.
Maybe because I am happy with WU 😊
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Thanks for the info and comparisons. Will share this with friends and relatives who live abroad.
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Thank you very much, dear. I am sure this can come in handy!
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Wow must be so convenient for you ! Fantastic 🙂
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Yes, it is…WU is great!
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If only you had written this some months back! Great useful information here, Alok
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Hahaha, I hope this comes in handy soon for you 😊
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Useful info for all living abroad. The only one I have tried is Western Union.
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And, they are the best 🙂
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A very informative post, Alok. Thanks for sharing 🙂
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Welcome Purba 🙂
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Nice piece of information 🙂
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Thank you, ji 🙂
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It’s indeed a useful post, Alok. 🙂
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Great to know 🙂
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Alok this is a very nice information, thanks for sharing with us…
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You’re very welcome, would be happy if this helps anybody 🙂
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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!
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Yes, absolutely…the best for me too 🙂
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Great analysis of the options.
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Thanks, Rajesh.
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Helpful info buddy!
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Thanks, Leena!
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Very informative and well reserached
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Thank you, Chaitali
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I like the different directions your posts take. 🙂
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😊 thank you very much…delighted!
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So, Western Union it is – if I ever land on so much money as to transfer it to other country. 😀
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Even if you have a bit to transfer, go with WU or MoneyGram.
They provide other services too, which you might need.
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Very Informative Alok
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Thanks, Ila 😀
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Congratulations! Your blog post was selected for Tangy Tuesday Picks edition on December 22, 2015 at BlogAdda.
Please find it here:
http://blog.blogadda.com/2015/12/22/tangy-tuesday-picks-december-blogs-indian-bloggers
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Thank you so much, BA…delighted 😊
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Very informative post, Alok.
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Thank you !
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Interesting, thanks for sharing this 🙂 Any suggestions on transferring money vice versa?
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Thank you.
Sorry, no idea for the other way…but I would suggest check Banks.
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Informative post. Thank you for sharing. 🙂
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You’re welcome 😊
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Great post and very useful, you have one more follower 😉
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Thank you so much. Welcome here 😊
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Great post Alok…quite informative. I learnt new thing…yehh ! Lovely!!
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Thank you, Tina. Glad it was of help to you 🙂
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Great piece of information Alok. Thanks for sharing! 🙂
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You’re always welcome, Maitreni 🙂
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