Whether you are living the life of an Indian expat or want to send money to your loved one living in India, you will be looking for some low-cost ways to do that. As the world becomes more interconnected, there have been many new ways to help Indian expats send money back home and manage international transactions.
Below in this article, we will explain some cost-efficient ways you can employ to do that. These ways will help you make international money transfers to Indian easily and in a low-cost way.
Online Money Transfer Platforms
There are many online money transfer platforms that offer competitive exchange rates and lower fees compared to traditional banks. These services mostly provide their services online and offer a competitive exchange range because of lower overhead costs.
This makes them the most affordable option for international transfers. If you want to choose one of such options, be sure to go with the ones that offer peer-to-peer transactions. This allows you to exchange currencies directly with your family. By using these platforms, you can alleviate the need for intermediaries and reduce overall transaction costs.
If you are looking for how to send money to India quickly by using a low-cost way, you can always rely on online money transfer platforms like Western Union to ensure smooth funds transfers.
Digital Wallets and Mobile Apps
Digital wallets and mobile apps have changed the way people used to manage international transfers. There are several online apps and digital wallets you can utilize to get a simple and cost-effective way to transfer funds from any other country to India. These apps often offer competitive exchange rates that can allow you to save money.
If you want to schedule instant transactions, you can utilize digital wallets that offer a quick and efficient money-transfer solution, especially in urgent situations. These digital wallets and apps will also allow you to budget your expenses and improve your overall financial management.
Bank-to-Bank Transfers
While online money-transfer mediums are one of the most used platforms for international transfers, bank-to-bank transfers can also provide you with lower fees on transactions. This only happens when you are transferring money between accounts within the same banking network.
Before utilizing this method, be sure to explore the options available through your bank, particularly if you have accounts in both India and some other countries. However, there is one drawback you must keep in mind. Bank-to-bank transfers may take longer compared to online platforms.
But the only reason people use them to perform international transactions is because they are reliable and cost-effective solutions, especially for larger transactions.
Prepaid Debit Cards with Global Access
Prepaid debit cards with global access, such as those offered by travel money providers, enable you to load funds onto the card and spend them internationally. These cards often come with lower fees compared to traditional bank transactions, making them the best choice for international transactions at lower costs.
Moreover, prepaid cards can be very helpful for budgeting. They allow you to control and track your spending while avoiding currency conversion fees, which can be a significant burden on your transactions.
