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As an NRI we are always looking out for the best Remit service so that we can get the most out of our hard earned money. This article will help you decide which is the best remit service.
Today I will talk about which is the best Remit service and will compare it with other services.
There are a lot of options available to send money to India . A few of the popular Remit services are :
1) Remitly
2) Xoom
3) Indus Fast Remit
4) TransferWise
5) Western Union
6) TransFast
7) Ria , and there are many more.
Out of the all the Remit services , the service which has impressed me the most is Remitly. Remitly has a neat and user friendly website. There is hassle free registration and you don't have to submit a any documentation if you decide to stay in Tier 1. ( They have three Tiers and if you want to upgrade to Tier 2 you just simply have to provide them a government issued ID) .
Currently Remitly has a promotion going on where you can earn $40 in Amazon gift cards. Any transaction above $1000 is free of charge and below $1000 is just a nominal $1.99 charge which is pretty less as compared to other Remit services.
They have a basic rate and express rate. The basic rate is higher than the express rate and usually it takes 3 business days to reach your bank account in India. The express rate is usually just a few paisas less than basic rate but the money deposit is instant. Your money usually reaches in less than 4 hours. They have tie up with all big Indian Bank accounts like Yes Bank, State Bank of India, Punjab National Bank , ICICI, HDFC, Bank of Baroda etc.
Also they provide 24/7 customer support ( which a few of the other Remit Services don't provide). They have a user friendly mobile app both for android and iOS. ( https://www.remitly.com/home/mobile) .
They also have a rewards program where if you refer a friend and he or she signs up and make their first transaction then you get $10 discount , and this discount is automatically applied to your next transaction. For Example : If you are sending $1000 and you have a $10 discount then you just end up paying $990 which is a pretty good deal. There is no limit on how much you can earn. Also not to forget when your friends join Remitly they get a chance to earn $40 in Amazon Gift cards.
They provide a good exchange rate and there speed and service is awesome. They have a lot of satisfied customers who have written great reviews about them on their website.
Now let us talk about a few other Remit Service Providers
Indus Fast Remit
Indus Fast Remit provides good exchange rates but to register for this service and make your first transfer you will have to go through series of steps and this will consume a lot of your time. You will have to submit your EAD ( Employment Authorization Document ) , then register your bank account with them and they will make two small transfers and then you will have to confirm the transfer amount and finally they will call you to confirm that you are a real person and not a Bot. Their service is really slow . It usually takes a week time for the money to be deposited in your Indian bank account. If you have patience and can wait that long than you can opt for this service. Also they will deduct a small amount of money from your final amount for the NEFT transfer.
XOOM
Xoom is really popular but it does not provide a very good exchange rate. It also has tie ups with Big banks in India and usually the deposit is instant but again if you want more for your money and a better exchange rate try Remitly. Below $1000 transaction are not free but above $1000 transaction are free .
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RIA
RIA provides good exchange rates but there is a transfer fees associated with each transaction. The transfer time is usually 4 days
TransferWise
TransferWise provides you with the best exchange rate but it charges you a transfer fee of 1.5% of the amount sent ( For transfers up to $4999.99) and 1% if the transfer amount is above $5000. If we do simple maths than 1% of 5000 is $50 which can be a lot of money . ( $50 = INR 3200 approx considering today's exchange rate)
TransFast
TransFast provides good exchange rates but it also has a transaction fees associated with each transfer if you pay using your debit or credit card.
Out of all the Remit Services the service which has impressed me the most is Remitly . You can Signup for Remitly here : http://remit.ly/@1xss6rm
I hope the above information helps. If you have something to add to it , do leave a comment below. Don't forget to like our facebook page for latest updates. Also follow us on Twitter.
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