Send Money to India from USA

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Market Overview

In 2018, Non-Resident Indians (NRIs) sent approximately $80 billion dollars back to India. It was a sharp 15% increase from the $69 billion that India received in 2017. Remittances to India, from USA accounted for about 17% of the total received.

The money transfer industry has had to adapt to accommodate this rapid growth. Some of the benefits of the current economic dynamics are:

– lower remittance costs

– higher daily sending limits

– faster verification processes, and

– better performing websites

From our primary research it emerged that a customer’s intent for a money transfer can be either:

  1. Family maintenance – a monthly constant/variable
  2. Emergencies – dependent on various factors
  3. Loan repayment – a monthly constant
  4. Domestic investment – dependent on exchange rate & tax laws

How to Choose a Service

With many money transfer operators in the market, it is overwhelming for a first-timer to pick one. If you’re new to transferring money to India, use this checklist to decide which service to choose:

Security Policy:
When you’re giving away personal, sensitive information, pay close attention to:

– What the company claims to take responsibility for. Do they say your personal security is up to you or do they guarantee to safeguard your details?

– Does their website provide the green padlock on your browser? Is there a secure SSL (https://) connection between your device and their server?

– What is their security policy? Will they call you to verify your identity? Beware of scammers calling you to verify financial information.

Choose a service whose security policy you understand and are comfortable with.

Exchange Rate:
Compare the exchange rates and fees of different money transfer companies. Choose a service based on which company gives you the best rate for your transfer.

Transaction Fees:
Beware of hidden fees that often don’t appear when you start a transfer. Some companies reveal their fees at checkout. Some have a minimum amount for zero-fee transactions. Both approaches reduce your effective exchange rate. Read the fine-print and make yourself aware of the relevant fees beforehand.

If you’d like to avoid any transaction fees, plan your transfer around the zero-fee minimum.

Benefits Beyond Exchange Rate:
Most companies have perks for new money transfer customers. These include promotional rates, discount codes, complimentary services, a mobile app and more. Look beyond the exchange rate and make the most of what your favorite service has to offer to you.

Customer Reviews & Social Media:
Nothing speaks louder than a customer’s actual experience. But, take reviews with a pinch of salt. Like they say “A happy customer tells a friend; an unhappy customer tells the world.” It is always a good sign when a company responds to both positive and negative reviews about them. You can trust they are good when they take responsibility for any goof-ups and try to make it up to their customers. Remember to check their activity on Social Media as well.

Call Customer Service:
Don’t hesitate to pick your phone and call Customer Service. Do this for two reasons:

– Ask them how they’re different from the other services you’re considering. Find out if there are any benefits you might have missed reading about. A competent company should be able to give you a satisfying reply.

– Gauge how easy or difficult it is for you to reach a Customer Service professional. Consider it a red flag if it is turning out to be a difficult process.

Remember, no money transfer service is “one size fits all”. If you’ve found a service that meets your needs, great! But, be open to new players in the space and see what benefits they have to offer. You might find better value for your money than with your current service.

Use this checklist with every new service you consider to transfer money to India. It’s simple and it works.

Live Comparison of Exchange Rates and Fees

Comparing the rates and fees of all the different services in the market is time consuming. We did that work for you, so you wouldn’t have to. Use this tool to compare exchange rates and fees for different companies:

Please note that the image above reflects rates and fees for March 7, 2019. Click here to view today’s rates.

We Tried All These Money Transfer Services

In this competitive industry. most services have similar exchange rates, speed of transfer and standard verification processes. You could be looking at fees from $0 to $5+ based on the amount of you’re transferring, and the company’s policies.

We tried out all the services mentioned in the exchange rate comparison tool and here’s our verdict:

Oxigen: High exchange rate, reward points, value-added services
Remitly: Great promotional offer, high exchange rate
Transfast: No fees for bank account transfers, no minimum
Transferwise: Flexible fees based on amount sending
Western Union: Number of outlets for cash pick-up in India
Xoom: High exchange rate, best speed with low fees

OxigenTransferwiseTransfastWestern UnionRemitlyXoom
New Customer OffersFree Amazon gift cardNoneNoneNoneHigher FX rate for new customersNone
Registration RequirementEmail/FB accountEmailEmailIdentity verification detailsEmail, Recipient's countryEmail/ Paypal account
Verification RequirementsDate of Birth (DoB), Phone, AddressDoB, Phone, Address, Location of bank account openingDoB, Phone, Address, Recipient countryDoB, Email, Address, Security questionDoB, Phone, AddressDoB, Phone, Address
Time to Complete Verification1 minute1 minute1 minute1 minute1 minute1 minute
Exchange Rate69.9069.9769.6869.2369.1168.81
Interbank Rate70.2970.2970.2970.2970.2970.29
Transfer OptionsACHACH/Credit/Debit Card/WireACH/Credit CardACH/Credit/Debit CardChecking/Savings/Credit/Debit CardACH/Credit/Debit Card
Transfer Fees$5.00 for below $500$4.74 for $500
Varies by amount sent
$0 for ACH
$4.99 for Credit Card
$0 for ACH
$2.99 for Credit Card
$3.99 for below $1,000$2.99 for below $500
$4.99 for $500-$1,000
$0 for $1,000+
+$2 for Credit Card
Transfer Time
(Business Days)
1-3 daysInstant for below $100
3 days with weekend included for above $100
3-5 days0-1 days for credit card
4-5 days for ACH
Instant with lower FX
3 days with higher FX
1 day
Mobile AppNoYesYesYesYesYes
Complimentary ServicesYes (Bill Payments, Recharges and Gifts)NoNoNoNoYes (Mobile Recharges)

Data as of November 1, 2018

Why Consider for your money transfers to India?

As we mentioned above, there is no ‘one size fits all’ money transfer service. Here are some benefits of transferring money on to help you determine if it is a good fit for you:

Competitive Exchange Rate:
Use this tool to see how we’re doing compared to Remitly, TransFast, Xoom and Western Union. The True Exchange Rate for each company shows you their current exchange rate, minus any fees.

More than Money Transfers:
Send payments, gifts AND money to India in a single check-out, with the best rates. It’s a great way to keep Sending Happiness to your loved ones in India.

Reward Points on all Transactions:
Earn Reward Points on all transactions, including money transfers. So, every time you send money to India, you’re earning discounts to send payments and gifts as well! It’s a sweet deal!

Infinite Reward Points Program:
Earn 10,000 Reward Points ($10 value) for every friend that you refer to Oxigen. Continue to earn reward points every time they refer somebody who uses Oxigen. The rewards are never ending and so are your discounts.

Game of Happiness:
Complete simple quests, level up and earn extra easy Reward Points. The Game of Happiness takes after the famous Game of Thrones!

24/6 Customer Service with Live Chat:
Have a question? Call us or hit that live chat button.

Norton Shopping Guarantee:
Receive free ID Theft Protection up to $10,000, Purchase Guarantee up to $1,000 and Lowest Price Guarantee up to $100 for free, with all your purchases including money transfers to India.

Exclusive Offers:
Some of our customers got to meet Sachin Tendulkar in the USA in 2015. YES…those are the kind of exclusive offers we’re talking about! Stay tuned!

Company Culture:
Oxigen’s culture revolves around Happiness – of the customers, the team as well as individual employees. We like to listen closely and come up with solutions to challenges.

How to send money to India using

With real-time identity and bank account verification on, you can send money to India from USA in less than 3 minutes!

The Future of Money Transfers to India

What do you think the future of money transfer to India is? Get inside the head of our CEO, Amir Alexander Hasson, to learn about FX commoditization, value-added services, cloud-based transfers, and Blockchain:

Warm regards,
Team Oxigen

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