You are here as you may be part of the 6 million households in the U.S who send billions of dollar as remittances to their friends, relatives and families in their native countries. Between you also wanted to know that today there are as many remittance companies in the United States that can make a lot of difference with the amount received by the recipient based on the daily exchange rates that they offer. Keeping this is mind the amount received at the recipient does not just change with the exchange rate. You also have to consider other factors like fee and the transfer time that the companies quote. The recipient amount mostly depends on how much you send today.

An example)

When 1 USD = 66.60 INR

Company X can give you 66 INR with $0 fee

Company Y can give you real time exchange rate with $3.25 fee per 1000$

So how much do you receive when you send with company X and company Y ?

with company X –> (66 * 1000) – 0 = Rs 66,000

with company Y –> (66.60 * (1000 – 3.25)) = 66.60 * 996.75 = Rs 66,383.55

You see, you got Rs 383 in excess though it appears there is a fee associated with. Come visit us and get the calculated rates per $1000. Happy sending money.

Do you need a government ID to send your money?

Yes. When you do your first money transfer with any remittance service provider like Remitly or Xoom, they are going to ask you for a government ID to verify your identity. This is compulsory due to the federal and state regulations and hence it is important that you must verify your identity on your first transaction.

1. Money that have not delivered on time may become less useful later. So it is important that you plan it well in advance and be prepared.
2. Get the most out of the available favorable exchange rates.
3. Decide the timing at which you needed your money at the recipient, so that you can decide yourselves based on various remittance factors like Transfer Fee, Transfer Time and Transfer Rate.
4. If you feel you got enough time always wait and watch out for best offers from various remittance service providers.
5. Usually, the zero transfer fees are available with best exchange rates from service providers like Xoom, RIA Money Transfer and Remitly. But it also depends on the amount of money that you transfer. Usually transfers of more than 1000$ are free from these service providers.

The olden days of money order and postal checks are really gone. In today’s world money transfers within a financial system has become much faster than the transfers that are between two different financial system.

The general term used here is transferring money electronically.

Electronic transfers are fast and worry free. Each country follows a routine money transfer system when it happens between two financial systems. Some countries does it twice a day and some does it just once based on their locale and timing. Some terms like EFT (Electronic Funds Transfer) also refers to online money Transfer.

NEFT or National Electronic Funds Transfer have different timings followed within a financial institution and a centralised timing nationally and is mostly managed by centralised banks within a country.