INDIAN REMITTANCE SERVICES
The Indian remittances services are very competitive today and the cost of sending remittances is very economical, especially if you are planning to use an ‘Online Money Transfer’ operators.
Now, almost all of the good banks have also entered this space and provide good services. Though there are inherent benefits of using your own bank for remittance transactions, there are more type of transactions and flexibility in using an independent service provider.
In this article we shall list down some of the services which are available with banks vs. independent service providers.
The list of service providers and their service offerings varies with their technological, operational & servicing capabilities.
Send – Receive Comparison
| Service Provider | Sending Countries | Sending Options | Receiving Options | ||||||
| ACH | Wire Transfer | Bank Transfer | Bank Drafts | Account Credit | Pre-paid Card | Cash Delivery | Cash Pick-up | ||
| Money2India (ICICI Bank) | US, UK, Euro Zone | Y | Y | Y | Y | Y | N | Y | Y |
| Remit2India | US, UK, Euro Zone | Y | Y | Y | Y | Y | Y | N | N |
| Barclays OMT | UK | N | Y | Y | N | Y | N | N | N |
| HSBC | US, UK, UAE, HK | N | N | Y | N | Y | N | N | N |
There are other parameters which are as important as the bouquet of send-receive options which are provided by the players. Some of them are listed below and will be covered in the second part of this series.
- FX margins applied by the service provider.
- Customer Service.
- Fee.
- Instant remittance option.
- Bill payment.
Note: Every effort is made to ensure the accuracy of the information contained within article, however Remittance Advisor cannot accept liability for damage caused by error, omission, or inaccuracies. Any opinions expressed are those of the author, and do not represent advice. Clients are wholly responsible for remittance decisions.
