Everything you need to know when you have to send money to India

According to the UN, India has the largest diaspora population in the world. In 2015, 16 million people were living outside of the country. No doubt that given the figures many of them are confronted to money transfers. Many questions on that matter can arise; like how to find the best way to send money to India, what solution is the cheapest. Here is a guide to help you with this because money transfer does not have to be complicated or expensive.




How to send money to India?

There are actually many options to send money to India. It all depends where your family, or the person you are sending money to, lives. If they are located in rural areas, you’ll probably need them to receive cash as they might not have a bank account. On the other hand if they live in a big city you’ll be able to make a wire or to use online operators.


In both cases there are solutions that you should be avoiding as much as you can.

  1. If you want to receive cash: make sure to avoid high street operators such as Western Union or Moneygram. I know they are the most famous and they have good reputation but they will charge you outrageous fees. The normal price of a transfer with them is around 10% of the amount sent. Imagine you send $50 they’ll charge you $5!
  2. If you intend to send money to someone who has a bank account, make sure you avoid your bank. Same as the solutions just mentioned, the fees are extremely high. Apart from paying fees related to the transaction or amount you are sending, you’ll pay some on the exchange rate as well. Banks typically apply exchange rates that are poorer than the real one and keep the difference for themselves.


What is the best way to send money to India?

So if you followed me you should be avoiding either you bank or Western Union when planning to send money to India. Then you might be wondering what is left? Actually a lot of solutions exist apart from that two: online money transfer operators. According to the World Bank there are more than 500 of them operating around the world. The main advantage of these solutions is that they are cheap and quite easy to use. Make sure to used comparison platform to find the cheapest one.


What is the best way to send money to Switzerland?

I live in Switzerland for years and for the first time of my life one week ago I had to make an international money transfer to Switzerland. It’s obviously more frequent to do money transfers from Switzerland because it’s there where there is the place to work and earn a lot of money. As I just bought a house in Switzerland I had to wire some money back to Switzerland, from Portugal. The interesting part of sending money abroad is the fact that it depends on the country you send money from. The second interesting thing is the fact that there are so many different options that you can spend hours searching for the best one. Anyway when you just bought a house or a property it’s about big amounts and you don’t want to be screwed. That’s why I spent so many hours online. Now that I have found a good method I share it here.


The best way to send money to Switzerland depends on where you send money from

If you send money from the United States to Switzerland of if you send money from UK to Switzerland, the money transfer operator which is going to be the cheapest is going to be different. The fastest money transfer service is also going to be different. That’s why this criteria has to be taken into account. The amount you send from a country to Switzerland are also changing the ranking of the best solutions to transfer your money.



The best ways to send money to Switzerland are numerous and you have to choose only one the day you do the transfer

According to the WorldBank there are more than 550 official money transmitters in the World. According to Angellist there are 2 new money transfer service every week. And according to UK and US regulations there are more than 40’000 licensed organizations that are allowed to do money transfers. At the end the most important is the fact that you choose the best one. Yes but the problem is that the best ones are new ones, you have to make sure they are safe and you need to know if they perform better than others. There is only one solution which is completely secure: it’s to use an online money transfer comparison service to send money to Switzerland. You are going to see all the listed operators, including your bank (even though it’s the most expensive option) and the new alternatives that are licensed and verified by the comparator.


You can now save a lot of money thanks to me. At least I hope so. If you too you are buying a property abroad and you have a big amount to transfer my method has to be respected in order to save thousands of euros. Money transfer comparison tools are easy to find online so that money transfer becomes simple.