Choosing the right service to transfer money from the US to India: A Comprehensive Guide

In 2021, global remittances stood at USD 781 billion and in 2022 the amount increased to USD 794 billion. According to a World Bank Report, India’s remittance flows soared to USD 100 billion in 2022 from USD 89.4 billion in 2021.

NRIs send money to India for several reasons – to support their families, cover expenses like healthcare and education, invest in property or other assets and pay employees and so on. Depending on their requirements, they usually send money via bank transfers or money transfer services.

Sending money from the United States to India

It isn’t a complex process to send money from USA to India with the right money transfer service. The difference in speed, cost and convenience among different service providers can significantly impact which money transfer service you choose. 

If you are an NRI residing in the US and need to send money to India, take some time to do your research on the options available to you. Compare different money transfer services and choose one that is most suitable for your requirements. Before selecting a money transfer service, consider the following factors: 

Exchange rates 

Knowing the exchange rate is crucial. Look for a service offering a better exchange rate to ensure your recipient receives the maximum amount. Even a small difference in the exchange rate can affect the amount the receiver gets, especially if you are transferring a large sum.

For instance, if you want to transfer USD 10,000, and service A is offering ₹ 0.10 more than Service B, it will make a difference of ₹ 1,000 in the final amount the receiver gets in their account.

One of the leading money transfer services in the US, known for offering one of the best exchange rates is the Money2India service provided by ICICI Bank. Money2India offers slab-wise exchange rates wherein the sender gets a better exchange rate when he/she sends bigger amounts. Visit the Money2India website to check slabs and the corresponding exchange rates offered.

Transfer fee

As the term suggests, a transfer fee is the charge levied by a money transfer service for remitting the amount. Some companies charge a fixed amount, whereas others charge a variable fee based on the amount you transfer. Additionally, some services may have hidden fees, such as conversion or receiving fees that can add up and impact the final amount received. It's important to carefully review the fee structure of the service to ensure that you are getting a good deal.

The Money2India service by ICICI Bank has the lowest transfer fee compared to other services. You pay only USD 4 for sending up to USD 1,000; if you send more than USD 1,000 in a single transaction, there is no transfer fee!

Transfer speed 

When you transfer funds from the US to India, you want the transaction completed as soon as possible, especially in case of an emergency. Some services offer same-day or next-day delivery, while others may take up to a week. Look for a service that transfers funds quickly, like the ICICI Bank Money2India. Approximately 90% of Money2India transactions get funds delivered to the beneficiary’s account within 3-4 hours.

Security

When transferring funds, whether it is USD 100 or USD 1,000, security is of utmost importance. Look for a company that is regulated and licensed by financial authorities. The ICICI Bank Money2India remittance service employs world-class security features, guaranteeing the safety of all your transactions. While most electronic fund transfers are processed through ACH and are entirely online, ICICI Bank offers added security features like 128-bit SSL data encryption, secure login, security questions, identity confirmation and a restricted number of login attempts. 

Reliability 

Make sure the company has a good reputation and a track record of promptly delivering funds. ICICI Bank is India’s largest Private Sector Bank and one of the most trusted ones. Its Money2India service has conducted over 3 billion successful transactions and is trusted by over a million users.

Transfer limit

Choose a remittance service that offers a high transfer limit. With the ICICI Bank Money2India service, you can transfer up to USD 300,000 in a single transaction and up to USD 2 million monthly. You can trust Money2India, as it helps save time in carrying out multiple transactions and is cost-efficient.

Customer support

Finally, choose a service that offers excellent customer support. In case of any issues, you should be able to get in touch with the customer support team quickly and easily. With ICICI Money2India, you get round-the-clock customer support.

Furthermore, you get access to customer support on ground via their New York branch and representative offices in California and Texas. 

Now that you are aware about what to look for in a money transfer service, you can make an informed decision and choose what best suits your requirements. Each service is unique in its offerings however, ICICI Money2India is an excellent option overall.