The first thing I have to say is that for small amounts of money, a bank wire transfer is the worst method, since the fees charged by the banks (from both the issuing bank and the receiving bank in India) are usually very high. The results are very similar if you send Australian dollars, euros or pounds. P2P money transfer services: TransferWise.įor comparative purposes, all calculations were made on Feb 13, 2021.Online payment services: PayPal (Xoom service).Traditional methods: RiaMoneyTransfer or MoneyGram. Let’s analyze what it costs today to send $500 to India, with the recipient receiving the money in Indian rupees, by comparing 3 methods: On several occasions I have had to send small amounts of money to relatives to India using traditional methods, online payment services and P2P money transfer methods. The different ways of sending money to India P2P Money Transfer Services: TransferWiseĠ.
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