Best Way to Transfer Large Amount to India from the USA

Are you an NRI working in the USA looking to purchase a property in India? Want to send funds for a wedding in your family back home? As you will be sending a large amount of money for these purposes, it is important to select a money transfer service as carefully as possible. Read this post to know some of the best options to remit money to India.

There are several reasons why NRIs working in the USA might want to send a large amount of money to India. It can be for purchasing real estate or other type of investment, medical emergency, or family functions like marriage. While there are a few money transfer services that allow you to send larger amounts of money from the USA to India, the selection requires a higher level of scrutiny.

This is mostly because the smallest difference in the exchange rate could result in significant gains or losses. Similarly, there are other factors such as transfer fee, convenience, and duration that require a close examination. If you are planning to send a large amount of money to India from the USA, here are some of the top options you can consider-

  1. Offline Money Transfer Agents

Offline money transfer agents are very commonly used by Indians in the USA. It requires you to visit the transfer agent office, deposit cash, and the same would be made available at their branch office in India. Your recipient can then visit the closest branch office of the agent for withdrawing funds.

While there are generally no limits on the amount you can send, offline agents offer low exchange rates. Moreover, in most cases, the transfer fee depends on the amount being sent. So, if you are looking to send a large sum, this might prove expensive. Also, the transfers can take 3-5 days.

  1. Online Money Transfer Agents

There are also several popular online remittance services available for the USA to India transfers. As compared to offline agents, online transfers are faster, and the money can be deposited directly into the bank account of the recipient in India. However, not every online agent supports transfers to every bank in India.

So, make sure that you do check the list of Indian banks eligible to receive funds on the website of the service provider. The exchange rates and transfer fee are generally better than offline agents, but there is a maximum transfer limit with most online services. But the limit is generally adequate for most users.

  1. Online Transfer by Banks

Some of the Indian banks also offer online money transfer service. As compared to online transfer agents, such services offered by reputed banks is considered more secure. Also, banks are now known to offer highly competitive interest rates. Most such services, apart from an easy-to-use online platform, also have mobile apps for on-the-go transfers.

Online international money transfer service offered by banks is also known to be most affordable with regards to transfer fee. Some of the banks do not charge any transfer fee on larger transfers of above $1,000. Also, your funds would reach India within 1-2 working days. But note that there are limits on the maximum amount you can send with such services.

  1. Wire Transfer

For transfers of $100,000 and above, wire transfers can be an excellent option. While it used to be an offline mode of transfer, there are now banks that offer online wire transfer services. If you want to remit money to India online with a wire transfer, you will first have to initiate a transaction with the service provider.

You will get a transfer receipt for the same which you can then use to transfer funds from your local bank account to the bank account of the service provider. The service provider will then send funds to your recipient’s bank account in India. Wire transfers are highly secure, and the exchange rates are competitive too. The transfer fee will depend on the service provider you select, and the transfers can take 1-3 working days.

Picking the Best Money Transfer Option

As you can see, there are multiple ways in which you can send large funds from the USA to India. Focus on factors like the amount being sent, exchange rate, transfer fee, convenience, and customer support to make a decision.

Make sure that you compare at least a few service providers to decide so that you get the best value for your money.

Disclaimer: “The contents of this article is meant merely for informational purpose. Any reliance placed on such information is therefore strictly at one’s own risk.”