In 2006, India was the biggest recipient of funds being transferred worldwide, with over $23 billion being transferred overseas to India through International Cash Transfer firms alone.  There are several other choices available today that have perks over the large money transfer companies.  The fund transfer business is growing at a rate of over 10% each year, and India is a country where a definite portion of this money is being sent.

Like any country, the cost of transferring funds to India depends on the method you use and how rapidly you necessitate money to arrive.  Generally speaking, you will pay more to get the funds there quicker with most firms.  For example, the cost of sending $500 from the US to India can be as a little as $5  or as much as $14.99 with other companies.  Some companies have options that allow the person sending monies to pay less if they are willing to have the funds available in 3-4 days instead of the same day.

The web has given rise to a variety of wonderful outlets for sending funds, each with their own costs, rules and conditions. Some people have turned to internet money services, for instance, as way to send funds.  Although the cash will be retrieved quite instantaneously by the receiver, it is not necessarily simple to turn this money into cash, as it can take up to 5 days for money to be deposited into a bank account.  This is a great example of how an “instant” money transfer that is not really instant.

One fast fund transfer method that truly does make money available to the receiver is the prepaid debit card.  This process takes a couple days the first time you use it, as the credit card has to be sent to the receiver.  Once the card is in the hands of the person accepting the money and you have revealed the access number with them, the money can be accessed immediately at any network ATM location, of which there are numerous worldwide.  Once the person receiving the funds has the ATM or debit card in their possession, money can be reloaded onto the card via the web and be available very quickly, all for a lower rate than most competing systems.

Online money transfers are a terrific option for transferring money to India because there are several firms competing for their share of this swiftly expanding business.  Customers benefit from this competition as companies try to make their services more user-friendly, more safe, and more affordable than their competitors.