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Stop paying so much to Send Money to India

Need to send money to India? It should be noted that sending money to India involves a high amount of government related restrictions. Financial Institutions in India are divided in two categories, of which the first type involves regulatory institutions and the second type refers to the intermediaries. The regulators are responsible for governing all the divisions of the Indian financial system. These regulatory institutions are responsible for maintaining the transparency and the national interest in the operations of the institutions under their supervision. Apart from the Regulatory bodies, there are the Intermediaries that include the banking and non-banking financial institutions. Taken from this tight economic situation, that all transactions are regulated, you are more likely to pay extra fees when sending money to and from India. This is exactly why you need to know the best way to get the best worth for your rupee, at all times. The good news is that it can well be accomplished once you know the ins and outs of the Indian Government.

If you need to send money to India you can do so by using a bank wire transfer which is considered the most practical way of sending money to the State Bank of India or any other bank in India. As for Wire Transfer as one of the most common ways to make international money transfer, upon sending your wire transfer to the State bank of India via your bank, it is likely that you will be charged an expensive transfer fee and offered poor rates of currency exchange. Online Transfer is similarly considered a most practical way to send money to India. All you need is an internet connection and use of local banking services to transfer money to an account in India. This method is especially recommended if you do regular transfer of funds, as it enable one to avoid steep banking charges. So we must know that some Banks and money transfer firms charge more than what meets the eye. We thus need to find the most cost-efficient of money transfer services in the light of India’s economic situation.

For example, Xendpay can make sending money to India more cost-efficient. Highly experienced at sending money to the State bank of India, Xendpay claims to offer the lowest rate to India, given that all transactions are still authorized by the Financial Conduct Authority (FCA). There are numerous other institutions to choose from, such as Western Union, Xoom, Remit2India, Axisbank, and Moneygram. Now, as a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services and MoneyGram International, a state of the art International Money transfer Service is available through the Post Offices in India. This service enables instantaneous remittance of money from around 195 countries and territories to India, wherewith recipients can collect the money almost instantaneously. Another option is Transfer Wise, which offers no hidden fees, so you get more rupees every time. If you reside in Europe and need to send money to India then Money2India Europe is highly recommended. Money2India Europe simplifies money transfers from 17 Eurozone countries to India with minimal costs.