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6 Best International Money Transfer Services in India
August 1, 2023 Transfer Money Abroad
8 minutes, 53 seconds Read

6 Best International Money Transfer Services in India – Ranked by Our Experts

6 Best International Money Transfer Services in India

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Summary: Looking for a reliable and cost-effective money transfer service provider in India? Our team of experts has carefully evaluated the different money transfer service providers to help you make an informed decision. Read below to know more about top international money transfer services in India.

Sending money abroad is a common practice for many of us. In case you are a student studying abroad, have friends & families abroad, or own property abroad, you are probably familiar with this drill. Despite the fact that it may seem simple in theory, there are several factors to consider when sending money overseas. Sending money abroad can be a daunting task, especially if you are not sure which service provider to use. 

In this blog, we will discuss the best international money transfer services in India, based on our experts’ ranking criteria. We will also provide a comparative analysis of the different service providers, so you can make an informed decision about which one is right for you.

Factors to Consider When Choosing an International Money Transfer Service Provider

There are a number of factors to consider when choosing an international money transfer service provider. These include:

Exchange rate: There can be significant fluctuations in exchange rates, which can affect the amount of money received by the recipient. Choose a service that offers real-time and competitive exchange rates.

Fees and charges: There are a number of different fees and charges associated with international money transfers. These can include a transfer fee, nostro charge, service charge, GST, etc. 

Transfer speed: The transfer speed is the time it takes for the money to be transferred from your account to the recipient’s account. Some providers offer same-day, while others can take several days. 

Convenience and hassle-free process: The process of sending money abroad should be convenient and hassle-free. You should be able to easily book your remittance order online, and track the progress of your transfer. 

Customer service support: If you have any problems with your transfer, you need to be able to get in touch with customer service for help. Choose a service provider that has great customer support to guide you throughout the process.

Understanding the Fees Associated With Money Transfers Abroad

Money transfers abroad usually incur two main fees, and it is important to double-check each one.

Transfer fees: International Money transfer service providers charge transfer fees for routing money to international accounts. A transfer fee of between Rs 500 and Rs 2,000 is charged by service providers. However, there are several online platforms that offer zero transfer fees for money transfers overseas.

Nostro charges: A Nostro account is an account that Indian banks open with foreign banks in order to hold foreign currencies and route their money transfer transactions. The foreign bank charges Nostro fees for the facilitation of these transactions and this can vary from USD 10 to USD 30 per transaction.

Our Ranking Criteria for Choosing the Best International Money Transfer Services in India

Our experts have ranked different international money transfer services in India based on the following criteria:

  • Exchange rate: The exchange rate is the most important factor in our ranking. We looked at the exchange rates offered by each provider over a period of time.
  • Fees and charges: We looked at the fees charged by each provider, including the transfer fee, service charge, nostro charges, etc.
  • Speed of transfer: For the purpose of our comparison, we took a look at the transfer speeds that each provider offered for sending money abroad.
  • Convenience and hassle-free process: As part of the evaluation, every provider was evaluated based on the ease and convenience of the order booking process.
  • Customer service support: We looked at the customer service support offered by each provider. We looked at things like customer service responsiveness, helpfulness, etc

Top 6 International Money Transfer Service Providers in India

Choosing the right international money transfer service provider is crucial to ensure smooth and cost-effective transactions. Each of the listed service providers is ranked based on specific areas. Depending on your needs and priorities, you can opt for one of these reputable providers to meet your international money transfer requirements. Here are the top 6 International Money Transfer Service Providers in India:

 

S . No.Best International Money Transfer Service ProvidersRating
1BookMyForex4.5/5
2CurrencyFair4.3/5
3Axis Bank3.7/5
4ICICI Bank3.6/5
5Unimoni3.5/5
6HDFC Bank3.4/5

1. BookMyForex Money Transfer

BookMyForex is a leading and trusted online forex platform that provides fast and secure international money transfer services in India. They aim to offer customers a hassle-free and convenient experience for money transfers abroad. They offer highly competitive exchange rates, ensuring that customers get the best value for their money. Whether it’s for personal or educational purposes, customers can easily send money overseas via BookMyForex

What makes BookMyForex on this list?

BookMyForex offers a wide range of features and benefits, including:

1. Best Forex rates

2. 24*7 online booking option

3. Funds transferred in 12-48 hours

4. Zero transfer charges (use promo code: ZEROBANKFEE)

5. On-call and online customer support

6. Safe & secure transfer (funds transferred via reputed banks)

7. 5% savings on standard bank rates

8. Lock-in rate for up to 3 Days

9. No hidden fees & charges 

Our Ranking Criteria & Ratings

Overall Rating: 4.5/5

CriteriaDetailsRating
Exchange Rate:  0.3% markup over Interbank base rates4.5/5
Transfer Fees & Charges:Service Charges: Zero, Bank Charges: Zero5/5
Transfer Speed: Up to 12- 48 business hours4/5
Convenience and Hassle-free Process:24*7 online booking option available4.5/5
Customer service support:Both on-call and online customer support available4.5/5

2. CurrencyFair

CurrencyFair can be a good choice for international money transfers. They offer competitive exchange rates, low fees, as well as a convenient online platform. CurrencyFair does offer same-day transfers for certain currencies and destinations. Customers, however, have reported that transfers have taken longer to process, especially during peak periods. Also, some exotic or less commonly traded currencies may not be available on their platform.

What makes CurrencyFair on this list?

CurrencyFair offers a wide range of features and benefits, including:

1. Competitive exchange rates

2. Convenient online platform

3. Fast and reliable transfer speeds

4. Low Fees & Charges

5. Safe & Secure Transfers to 150+ countries

Our Ranking Criteria & Ratings

Overall Rating 4.3/5

CriteriaDetailsRating
Exchange Rate: 0.53% markup over base rates4.5/5
Transfer Fees & Charges:Rs 120+Tax4/5
Transfer Speed: Same-day delivery4.5/5
Convenience and Hassle-free Process:A user-friendly online platform available4/5
Customer service support:Online & On-call customer support available4.5/5

3. Axis Bank

Axis Bank, a renowned bank in India, offers a comprehensive suite of banking services, including international money transfer services. As a leading player in the banking sector, Axis Bank offers multiple channels to initiate international money transfers, including Internet banking, mobile banking applications, and branch visits. There is, however, a substantial markup in the exchange rate charged by them.

What makes Axis Bank on this list?

Axis Bank offers a wide range of features and benefits, including:

1. Remit 100+ Currencies

2. Competitive Rates

3. Safe & Secure Transfers

4. In-branch and online payments

Our Ranking Criteria & Ratings

Overall Rating: 3.7/5

CriteriaDetailsRating
Exchange Rate: 3–3.5% markup over base rates3/5
Transfer Fees & Charges:Rs 1000+GST and Rs 500 Swift Charges3/5
Transfer Speed: 24-72 business hours3.5/5
Convenience and Hassle-free Process:Both in-branch and online booking options available4.5/5
Customer service support:Both on-call and online customer support available4.5/5

4. ICICI Bank

Money2World, ICICI Bank’s online outward remittance facility, makes transferring money overseas from India easy and convenient. You can transfer money abroad either through this online channel or via ICICI Bank’s branch network. The good thing about ICICI Bank’s platform is that those without an account with them can also use it to send money abroad. Prior to registering on the bank’s platform, however, a KYC process will be conducted online, so the overall process can be time-consuming. In addition, only a limited number of currencies are available with them for outward remittances.

What makes ICICI Bank on this list?

ICICI Bank offers a wide range of features and benefits, including:

1. Safe & Secure Transfers

2. Competitive & Transparent rates

3. Remit 21+ Currencies

4. Quick & Easy Transfer

Our Ranking Criteria & Ratings

Overall Rating: 3.6/5

CriteriaDetailsRating
Exchange Rate: 3% markup over base rates 3/5
Transfer Fees & Charges:Rs 1000+GST + intermediary banks processing fee3/5
Transfer Speed: 24-72 business hours3.5/5
Convenience and Hassle-free Process:Both in-branch & online booking options available4.5/5
Customer service support:On-call customer support available4/5

5. Unimoni

Unimoni is another option for international money transfers to send money abroad for education, or any other purpose. However, Unimoni’s website is not user-friendly, and placing an order is not convenient. You can only share your contact details and other personal details to check the exchange rates and documents required. After that, they will call you back to complete the order. This can be a bit inconvenient for some users, as they may have to wait for a call back before they can complete their transfer. 

What makes Unimoni on this list?

Unimoni offers a wide range of features and benefits, including:

1. Remittance to over 180 countries

2. Competitive exchange rates

3. Personalized service to each individual

4. 24/7 customer support

5. Simple documentation process

Our Ranking Criteria & Ratings

Overall Rating: 3.5/5

CriteriaDetailsRating
Exchange Rate: 0.7% markup over base rates4/5
Transfer Fees & Charges:Rs 250 Transfer fee, Rs 200-350 Cash pickup fee3/5
Transfer Speed: 24-48 business hours 4/5
Convenience and Hassle-free Process:Inconvenient as Online booking is not available2.5/5
Customer service support:On-call customer support available4/5

6. HDFC Bank 

HDFC Bank is one of India’s trusted private sector banks, offering a range of financial services. RemitNow, an online platform offered by HDFC Bank, ensures a secure method for transferring money overseas. It does, however, have some limitations. The facility is only available to those who have an HDFC Bank account and who are registered for Third Party Funds Transfer (TPT) through NetBanking. The online remittance facility is available only for a limited number of purposes. In case the applicant wishes to make a remittance for any other purpose, they have to visit the nearest branch.

What makes HDFC Bank on this list?

HDFC Bank offers a wide range of features and benefits, including:

1. Competitive exchange rates

2. Convenient online platform

3. Wide range of supported currencies

4. Fast and reliable transfer speeds

Our Ranking Criteria & Ratings

Overall Rating: 3.4/5

CriteriaDetailsRating
Exchange Rate: 2-3% markup over base rates 3.5/5
Transfer Fees & Charges:Up to USD 500 or equivalent – Rs. 500+GST, Above USD 500 or equivalent – Rs. 1000+GST 3/5
Transfer Speed: Upto 72 business hours3.5/5
Convenience and Hassle-free Process:Online booking is available, but not for all remittance purposes3/5
Customer service support:On-call customer support available4/5

Wrapping Up

Overall, the best international money transfer service for you will depend on your specific needs and preferences. However, based on the criteria mentioned above, BookMyForex is the best international money transfer service provider in India. They offer highly competitive exchange rates, zero transfer charges, excellent customer support, and a convenient online booking option. 

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