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How to send money to South Asia
Sending an affordable money transfer to South Asia is easy — you just need to find the right company to handle the transaction.
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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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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 IndiaRaghav 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 1||Money transfer company 2|
|Exchange rate||1 USD = 72.45 INR||1 USD = 71.93 INR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3 to 4 business days||1 to 2 business days|
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?
- 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.
- 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.
- 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. 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.
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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