DETROIT – Money transfer across borders can be a hassle if you do not get a suitable medium. Taking your time to look into the different transfer methods will give you a rough idea of which service works best and which ones should be avoided. Here are some of the top money transfer methods you can use and why many people find them popular.
Be wary of ACH money transfers, a target for cyber criminals. Another potential threat is cryptocurrency hacking through SIM swapping.
Remitly
If you are looking for an affordable and quick way to transfer money to India and other countries, Remitly is the best option. They have the best rates and offer swift money transfers for those days when you need to move money from one place to another. They also have no limit on the minimum amount you can send, although the maximum limit depends on the area you are sending the money. They also have round-the-clock services if there is an issue with your transfers. Here are the best features of Remitly:
- It is easy to set up.
- They allow for same-day cancellation.
- There is a money-back guarantee if money does not get to the recipient on time.
- Money can be sent to banks, mobile money as well as direct cash
TransferWise
Moving money from one place to another is very costly, especially if the exchange rates keep changing. The TransferWise platform gives you a fair exchange rate almost similar to Google’s rates. That way, whoever receives the money will get the actual value you sent. The maximum limit you can send using this platform is $30,000 so keep that in mind. The best thing about TransferWise is they are licensed and regulated. You do not have to worry about having issues with money. These are some of the reasons why so many people love TransferWise.
- Offer simple sign-up processes.
- They have a simple cell phone app
- They have transparent fees
- Fast transfers to bank accounts
WorldRemit
When you want to send smaller amounts of money to India, most banks might not have friendly rates. In this case, WorldRemit would work for you. The good thing with this transfer service is the recipient will get the money as soon as you send it. They will need to come with their identification number to withdraw the money, ensuring that the recipient is genuine. Here are some of the features that make this a good money transfer service from the USA to India:
- It allows for cash pickup and bank deposits.
- They have an online platform with excellent customer support
- The cost is transparent with a calculator tool
XE money transfers
If you are in no rush to transfer your money, this is the best platform. They are best for any transaction amount since they do not charge a fixed transaction fee. The only thing you need to look out for is the fees the bank you are using since that will affect how much you spend on transferring the money. These are some of the features many people appreciate with this transfer:
- No minimum amount is set for transfers.
- Better exchange rates, especially with more significant amounts
- It is a trusted brand
- Has impeccable customer service
Conclusion
When choosing a service for money transfer, ensure it meets all your needs. The list of services above serves different needs to determine which one is the best for you. Do not just pick a service because everyone is talking about it. In ensuring that it can serve your needs, you can be sure you will have no issues with the money transfer. It is also good to pick a service that is already regulated or has been around for a while. They have garnered enough experience to ensure everything runs smoothly.
This article was provided by Hannah Madison
