Why should you compare exchange rates?
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.
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.