Best way to send money to South Asia | finder.com

How to send money to South Asia

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Sending an affordable money transfer to South Asia is easy — you just need to find the right company to handle the transaction.

Sending money to one of the countries in South Asia doesn’t have to be a complicated process, and it certainly doesn’t have to be expensive. When you need to send money to a recipient in India, Bangladesh or one of the other countries in South Asia, take the time to compare the fees and the exchange rate offered to you so you can make a solid decision that doesn’t break the bank.
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WorldRemit International Money Transfers

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  • Low upfront fees and exchange rates.
  • Easy to use with round-the-clock help.
  • Get cash to family and friends in minutes.

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    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    USD 1 1 - 2 days USD 7.00 71.388 INR
    356,442
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
    USD 1 Within an hour USD 3.99 71.244 INR 355,938 Use promo code FINDER to send your first transfer with no fee.
    Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.
    Go to site Show details
    1 - 2 days USD 0.00 71.964 INR 359,820 RemitMoney specializes in transfers to India, offering 24/7 customer support and easy tracking. Show details

    Compare up to 4 providers

    Banks vs. money transfer services

    Banks may be your first thought when it comes to sending money transfers, but you may be left with high fees and subpar exchange rates on top of slower processing speeds. Instead, consider money transfer services. These often offer better exchange rates, lower fees and could have your transaction processed quickly so your recipient doesn’t have to wait a long time to get the cash they need.

    Raghav Sends Money to India

    Raghav is working in the banking industry in the United States and has plans to become a full-fledged American citizen. In the meantime, he’s working as hard as he can to save money not only for his own future but also to provide for his parents back home in Mumbai. Raghav wants to send $1,000 to his parents to provide financial support, but rather than accept the ordinary exchange rate offered by his bank, he compares two money transfer companies to see if they can offer him a better value for his money.

    Money transfer company 1Money transfer company 2
    Exchange rate1 USD = 72.45 INR1 USD = 71.93 INR
    Transfer fee$5$4
    Transfer methodBank account depositBank account deposit
    Processing time3 to 4 business days1 to 2 business days
    Amount received₹72,450₹71,930

    While the second transfer company has a slightly lower fee and a better processing time, Raghav is able to send ₹520 more to his parents. Because the speed of the transfer doesn’t matter, he chooses this option so his parents can get a little extra to cover their living expenses.

    How do I send money to South Asia?

    1. Compare your rates in the table above. Confirm that the provider offers funds in your specific currency by selecting the currency code in the drop-down menu.
    2. Click Go to site to create an account. You’ll need to provide information about yourself and your recipient in order to start a transfer.
    3. Select how much you want to send and in what currency, then pay for your transfer. Save your tracking number to check up on the progress of your transfer and make sure nothing goes wrong.

    Foreign exchange rates explained

    Exchange rate is used by banks and international companies to determine how much one currency is worth when converted to the currency of another country. A strong currency like the US dollar will yield more when exchanged for a weak currency like the Indian rupee. As of September 2018, the amount was about 72.55 INR per 1 USD — giving your recipient plenty of money for even small exchanges. This amount is flexible and can become smaller or larger depending on market factors, so keep an eye on rates if you intend on sending money to South Asia frequently.


    Emergency cash transfers in South Asia

    When you need to send money to South Asia urgently, there are multiple companies that allow you to send instant transfers around the world. However, it’s worth noting that you’ll usually have to pay more for emergency transfers than you would for a regular transfer. Lower exchange rates and high fees should be expected with these types of transactions, so make sure you know exactly how much a transfer will cost before you part with your money.

    Tips for picking up cash in South Asia

    When your recipient picks up cash anywhere in South Asia, be sure to pass along these tips to help keep them safe from theft.

    • Only visit cash pickup locations in areas you know are safe.
    • Don’t pick up cash alone – take a friend along.
    • Keep your cash hidden and avoid taking it out in public.
    • Deposit your cash in a safe or bank account as soon as possible.

    Bottom line

    Sending money to one of the countries in South Asia doesn’t have to be a difficult or expensive process. In fact, you’ll likely be able to find a provider that offers good exchange rates and low fees when you’re looking to make a money transfer, especially if you’re using a highly-traded currency like the Indian rupee. And don’t hesitate to read up on money transfers so you know how to spot a good deal.

    Cash pickup locations in South Asia — Western Union / MoneyGram / Ria

    Western Union, MoneyGram, and Ria offer fast transfers and allow your recipient to collect the cash you send from pickup locations throughout South Asia. Just be sure to pass the transaction reference number on to your recipient and tell them to bring a photo ID when they go to collect the funds. Some popular cash pickup locations are listed below.

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    US International Money Transfers Offers

    Important Information*
    XE Money Transfer

    Transfer up to $500,000 with no minimums and no fees.

    WorldRemit International Money Transfers

    Use promo code FINDER to send your first transfer with no fee.
    Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

    World First

    No maximum limit, no fees and competitive exchange rates for 100+ currencies.

    TransferWise

    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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