TransferWise - the best way to send money to India

Compare 1000 GBP to INR Exchange Rate (Information as of 21 April 2017, 9 AM IST).

Transfer Method	Rate	Transfer Fee	Amount Received
TransferWise	82.69	6.95 GBP	82,113 INR
Remit Money (Axis Bank)	81.99	0.00 GBP	81,867 INR
Money2India (ICICI Bank)	82.15	1.99 GBP	81,863 INR
Xendpay	82.14	2.99 GBP	82,154 INR
Azimo	82.10	1.00 GBP	82,020 INR
Remit2India	81.68	5.00 GBP	81,272 INR
Worldremit	82.24	1.99 GBP	82,076 INR

This is static price comparison table created by manually visiting the websites. In the near future, this table will be dynamically generated with real time data.

From the table, you would observe that TransferWise delivers the maximum amount of money into your account although it appears to charge the maximum transfer fee. How can it happen? Does it mean that the other money transferors are hiding something from you? Does it mean that you are being ripped off without your knowledge?

A traditional analogy would be buying gold from local jeweler. When you buy gold from any jeweler in your hometown, he carefully estimates the weight of gold purchased, then multiplies it with that day’s gold rate and adds making charges. Some crooked jewelers advertise and lure you telling that there are no making charges in their shop. When you buy an ornament from them, return home and check the receipt, you will realize that they have ripped you off using a section known as wastage. More often than not, that ornament would have been cheaper with another jeweler who did not invest in misleading advertisements.

Similarly, in international money transfer business, most of the agents and banks advertise that they do not charge any transfer fee and give you the best rates. But the truth is most of remittance providers have hidden charges blended into their rates. They make you believe that you get a better deal. In reality, you do not. Sign the petition here to stop hidden fees. It is a proven fact that the customers of TransferWise save more than one million pound every day compared to other providers.

As Lord Buddha said, “Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense.” Live the words of the Supreme Being and test it for yourself. Compare the final amount of money that you would receive from your usual transfer agent with that of TransferWise in the widget on the side. Then decide whom should you choose.

Why is TransferWise the best way to send money overseas?

TransferWise is a peer-to-peer money transfer unicorn founded on the principle of fairness. The vision is to make the world a bit better by helping to make the financial system fair. Kristo Käärmann and Taavet Hinrikus became tired of hidden money transfer charges and launched the billion-dollar startup in January 2011. TransferWise is completely transparent about the total charge and gives the mid-market rate for the customers. Unlike the banks and other money transfer agencies, there are no hidden charges, which makes it the wise way to transfer money internationally.

The exchange rate between two currencies is determined by the currency exchange market. In the world before TransferWise, no retail customer was given the mid market rate – the rate set by the exchange market. Banks and brokers habitually spread the market rate and generated their own buy rate and a sell rate. Some customers who desired to perform cheap money transfers reluctantly accepted mechanisms such as Hawala. TransferWise is better not only because it is cheaper but also because of customer service and its strict anti-money laundering procedures. Privilege that was available only to financial institutions is now given to the common man who wants to send money abroad. This makes TransferWise the best way to remit money into India. 

TransferWise platform matches your payment at the mid-market rate with one or several other people who are making an opposite exchange. A fair service fee is deducted and the remaining money is converted and paid to the recipient. With this robust business model, TransferWise delivers an exchange rate that is eight times cheaper than the conventional transfer methods. From a customer’s point of view, transferring money through TransferWise is the same as transferring through other conventional agencies.

Is it safe to send money Via TransferWise?

TransferWise is fully authorised by the UK’s Financial Conduct Authority (FCA). Also, TransferWise complies with the local norms of countries such as Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, UK, Eurpean Union and USA.  You may see the information in the link below. 
https://transferwise.com/help/article/1870573/security/security-and-regulatory-information

From the institutional side, IA Ventures in New York, Index Ventures in Europe, Kima Ventures of France, Seedcamp and The Accelerator Group back TransferWise. In addition to the great institutional investors, private individuals who founded or are building Virgin, PayPal, Skype, Betfair, Simple.com also support TransferWise. Transferring money through TransferWise is certainly safe and secure.

And Customers love TransferWise

Today, TransferWise has more than one million happy customers who transfer more than one billion pounds every month through six hundred and fifty currency routes across the world. Passionate customers have rated 9.5/10 on independent customer review site Trustpilot based on over 30,000 reviews.

Use TransferWise to send money abroad and save your hard-earned income. Click the link below and save on your transfer fees right away.

Click Here To Send Money Now