Money transfer to India - Best exchange rates and service

TIP0006

I am an Indian and can understand the pain of looking for best exchange rates to transfer money to India.

People usually gets confused with so many options of service providers to transfer money, today I will be comparing the pros and cons of two best money transfer options available from Canada; "ICICI Bank Money 2 India" and "Transfast"

ICICI Bank Money to India:

This is a money transfer service provided by ICICI bank India and is very reliable. Below are the pros and cons of the same

Cons:
1. Longer first time setup
2. Low exchange rates
3. Longer time to transfer money to other banks than ICICI
4. Hidden exchange rates for variable money transfer
5. High fee

Pros:
1. Instant money transfers to ICICI bank
2. Instant pickups at lots of locations in India
3. Considered more reliable as the name attached with ICICI
4. No pre set limits on transferring money

Transfast:

This is a money transfer service provided by UAE bank and is pretty much like any other service provider. I like this most due to below pros but there are obviously some cons:

Cons:
1. Longer first time setup
2. No instant money transfers
3. Does not have all Indian bank branches listed for transfers
4. Sometimes require additional docs for verification which results in delay in receiving money
5. Pre set limit for transfers, which is annoying sometimes

Pros:
1. Very attractive and high exchange rates
2. Very reliable
3. Low transfer fee
4. Lots of offers to transfer without any cost
5. Refund process is lengthy

I will prefer Transfast if you are OK to wait for 1 or 2 days for receiving money as it gives very attractive and high exchange rates.

Decision is all yours.. Happy Savings...