India retains the top position in the list of remittances recipient. It is estimated that about 4% of India’s GDP depends on remittances. In 2014 about more than $70 billion were transferred in remittances to India. Around 40% of the international money transfers to India goes to states like Kerala, Tamil Nadu, Punjab and Uttar Pradesh.
India receives about 31% of international money transfers from West Asia with United Arab Emirates(UAE) and Saudi Arabia as leading countries for remittance to India. Secondly, India receives about 29% in remittances from the North America and about 19% from Europe.
Fee Free Transfers to India
Though there are multiple money transfer companies to India from United States, each of them vary a lot with their transfer rates and fee based on their tie-up with the financial organisations in India. India being a top company in remittance it becomes key for all of these companies to provide offers and competitive rates. With that said, it becomes necessary to provide a quick comparison between these remittance providers with their competitive exchange rates. The following Chart and the table can easily help you evaluate the remittance providers who give you fee free transfer rates from United States.
Compare the whole list of remittance companies if you would like to know about other service providers who gives a competitive rate with a little transfer fee.
Remittance Service Providers to India:
Below are some of the remittance service providers for India.
- Ria Money Transfer
- Small World Fs
- Transfer Wise
- Western Union
- World Remit
- Remit 2 India