Money Transfer - Send Money Home
Money Transfer options in the past 10 years have exploded as technology and
competition have driven new ways to send money fast. The best options are
for those who send money online, taking advantage of new money transfer
options and competition that have helped drive costs down and make it easier
than ever - especially if you're sending money regularly.
Send Money to India - Icici - Money Tranfer
The money transfer market has seen a number of capable providers enter the market over the past 5 years. Many of the new providers are either competitive offerings from banks who have a strong base in the country you're sending money to or are online niche players who are focused on individual destination countries for money transfer.
One of the strong local banks players providing low cost money transfer to India is icici. With more than 180 icici banks in India, you can send money directly to your receivers bank account for free. Other benefits include :
- Over 14 million customer accounts - your family may already have an account (India's 2nd largest bank) or can open one for free
- No account opening required
- Better exchange rates for your money transfer transactions
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Receivers can set up recurring money transfer options - set up your transfer options and funds will automatically be sent home and direct deposited to the receivers account
Money Transfer Costs
If you transfer money regularly, you're probably aware that high costs from
bank wire transfer services or traditional services like Western Union or
MoneyGram are prohibitive. icici transactions are free (on transfers above
USD $1000) - and rates for amounts less are considerably less than traditional
wire transfer services.
Final Thoughts - Transfer Money Alternatives
Costs have always been high in wire transfer and money transfer services. While convenience from being able to send money online is great, the largest traditional companies like Western Union still charge a large fee for the service. If you rarely send money, then fees may be a less important factor in your decision of who to use for your money transfer needs. Those who transfer money to India on a regular basis will see the most benefit - depending on how much you send your family can receive funds directly into their bank accounts or pick up cash at an icici location for free.
We would like to see icici improve their website and make usability a little easier. There wasn't a lot of information on how the money transfer process works - but with a little work this is a viable alternative to more expensive money transfer options for those who send money to India.