For international students, managing finances across borders is crucial. High transfer fees and unfavourable exchange rates can take a significant toll on budgets. Finding the cheapest way for international money transfers is not just smart, it’s essential. Bank and online money transfer platforms offer the most cost-effective ways to send money abroad.
It typically takes 1 to 5 days to transfer money internationally. Transferring larger sums frequently, monitoring exchange rates, and comparing the cheapest ways to send money overseas help minimise the costs. Let’s explore all the details related to the cheapest way for international money transfers.
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Cheapest Way for International Money Transfer
Indian banks and online money transfer platforms provide some of the most cost-effective options available. These services cater particularly well to individuals, such as international students, who need to transfer funds abroad for tuition, living expenses, or other financial needs within the limits of international money transfer as per RBI guidelines.
Many Indian banks offer competitive rates and lower fees for international money transfers compared to traditional methods. They often provide services like wire transfers or remittances that are tailored for overseas transactions.
Alternatively, online money transfer platforms like Wise, OFX, MoneyGram, Western Union, and Fly Finance have emerged as the cheapest ways to send money abroad. Their user-friendly interfaces and lower fees have made them an ideal choice among students. These platforms typically offer real-time exchange rates and quick transfer times.
| Cheapest Ways to Send Money Internationally | |
| Indian Banks | Online Money Transfer Platforms |
| ICICI Bank | Wise |
| HDFC Bank | Fly Finance |
| Axis Bank | OFX |
| State Bank of India (SBI) | MoneyGram |
| Punjab National Bank (PNB) | Western Union |
| Canara Bank | Remitly |
| IndusInd Bank | PayPal |
| Bank of Baroda | Revolut |
Online Platforms for Cheapest Money Transfers Abroad
Online international money transfer platforms offer the cheapest way to send money internationally. It is important to choose licensed money transfer companies that offer better rates, lower fees, and faster service. Check out the details below-
| Service | Fees | Exchange Rate | Transfer Speed | Best For |
| Wise | Low (<1%) | Real-time rates | 1-3 Days | Affordable regular transfers |
| OFX | None | Competitive | 1-3 Days | Large-value payments |
| MoneyGram | Moderate | 2%+ markups | Same Day | Cash pickup transfers |
| Western Union | Varies | Widely fluctuates | Same-day to 1 Week | Remote cash transfers |
| Fly Finance | Varies | Real-time rates | Within 2 working days | Affordable regular transfers |
Wise
Wise is a leading international money transfer platform known for its transparent fees and real exchange rates, making it a favourite for international students.
- They use mid-market exchange rates with no hidden markups.
- You can send money abroad with same-day delivery for select countries.
- The upfront fee is typically less than 1% of the transfer amount.
- You can simply sign up on the Wise website or app, link your funding source (bank account, debit/credit card, etc.), enter the recipient’s bank details and transfer the funds.
OFX
OFX is a great choice for large international money transfers, offering fee-free transfers and competitive exchange rates.
- There are no transfer fees, regardless of the amount sent.
- The exchange rate markups range from 1.35% to 4.50%.
- You get 24/7 customer support and a highly rated mobile app.
- You need to create an account on OFX’s platform and transfer funds from your bank account to OFX. The recipient receives money in their bank account
MoneyGram
MoneyGram offers a vast network for global money transfers, enabling both digital and cash transactions in over 200 countries.
- Same-day delivery is available for many transfers internationally.
- You get flexible options for cash deposits and pickups.
- The platform supports payments via debit/credit cards or in cash at agent locations.
- You can benefit from moderate fees, with rate markups varying by destination and payment method.
- Simply visit a MoneyGram location or use their website/app. You can pay using your preferred method (cash, card, or bank account) and the recipients can collect cash or receive funds directly in their account.
Western Union
Western Union stands out for its extensive global network, offering both digital and in-person cash transfer services.
- It operates in over 200 countries.
- You can expect same-day delivery available for urgent transfers.
- They offer flexible cash pickup and bank deposit options.
- Money transfer fees vary widely depending on payment method, delivery type, and destination.
- You need to set up a transfer online, via the app, or visit a local Western Union office. Just choose the delivery method, complete the transaction and share the transfer details with the recipient.
Fly Finance
The Fly Finance Forex services offer a modern, secure, and cheapest way for international money transfer. Whether for tuition payments, family remittances, or business transactions, the process is fast, cost-effective, and hassle-free.
- They offer competitive pricing with no hidden costs in currency exchange.
- You can add unlimited beneficiaries in any country, making it easy to send money to multiple recipients.
- You can lock in the rate at the time of transfer to avoid fluctuations.
- Most transfers are processed within two working days.
Also Read: This blog includes the details for Terms Related to International Money Transfers. To know more about it read the blog.
Banks for Cheapest Ways to Send Money Abroad
Certain banks offer the most cost-effective and cheapest way to send money abroad. Banks with international networks or partnerships offer better exchange rates with minimal markups. Check out which banks offer the cheapest way to transfer money abroad.
ICICI Bank
ICICI Bank provides competitive rates and a user-friendly platform for international money transfers, making it easy for customers to send money abroad.
- You can make online remittances through the ICICI Bank website or mobile app.
- You can expect same-day transfer options to be available for certain countries.
- There are zero fees for transfers above a specified amount, however, nominal charges apply for smaller transfers.
- You must register on the ICICI Bank platform, fill out the remittance form, and provide the necessary documents.
Also Read: Explore the features and benefits of ICICI Bank international debit cards for convenient and secure payments worldwide.
HDFC Bank
HDFC Bank offers a robust international money transfer service with competitive exchange rates and minimal fees, catering to various remittance needs.
- Online transfers are possible to over 200 countries.
- You can quickly transfer funds with real-time tracking.
- Charges vary based on the amount transferred; often include zero fees for specific amounts.
- You must access the HDFC Bank online banking portal, complete the application, and submit the required documents for HDFC international money transfer.
Axis Bank
Axis Bank provides secure and convenient international fund transfer services through its extensive branch network and online banking platform.
- International transfers are available in multiple currencies.
- You can choose to send money via branch or online banking.
- Axis Bank offers competitive fees based on transaction amounts. Discounts may apply for larger transfers.
- Visit an Axis Bank branch or use their online platform to initiate the transfer process.
Also Read: Check out the major differences between HDFC international money transfer vs Axis Bank international transfer.
DBS Bank
DBS Bank allows hassle-free international money transfers with zero fees for many transactions, ensuring that customers get maximum value.
- You can expect aame-day transfers are available if initiated before cut-off times.
- There are no fees for sending money abroad, however, charges may apply for specific currency conversions.
- Download the DBS Digibank app, register, and follow the prompts to send money internationally.
HSBC India
HSBC India offers free international money transfers to other HSBC accounts and competitive rates for non-HSBC accounts, making it an attractive option.
- You can make the fastest and cheapest international money transfers to over 200 countries in multiple currencies.
- You can benefit from free transfers between HSBC accounts worldwide.
- There are no fees for transfers to HSBC accounts, but nominal charges apply to other banks.
- Use the HSBC India app or online banking to set up and complete your transfer quickly and use HSBC global money transfer services wisely.
Cheapest App to Send Money Internationally
Now that we know that sending money doesn’t have to break the bank with the cheapest options discussed. Let’s explore some of the cheapest apps to send money internationally. These apps leverage technology to offer low fees, competitive exchange rates, and fast delivery. Below are some of the most affordable apps to send money internationally-
| App | Features | How to Use |
| Wise | – Mid-market exchange rates – Fees <1% of transfer amount – Fast transfers, sometimes same-day | Fund via bank account, debit/credit card, or digital wallet. The recipient needs a bank account. |
| PaySend | – Flat fees starting at USD 1.99 – Competitive exchange rates – Supports global bank account/card transfers | Send money directly to bank accounts or cards globally. |
| Revolut | – Free transfers up to a monthly limit – Low fees beyond a limit – Multi-currency accounts for easy exchange | Open an account, fund it, and send it directly to the recipient’s bank. |
| Remitly | – Economy & Express delivery – Fees as low as USD 3.99 – Cash pickup and mobile wallet options | Fund via bank account, card, or wallet. Choose cash pickup or bank deposit for the recipient. |
| WorldRemit | – Fees starting at USD 1.99 – Cash pickups, bank transfers, mobile wallets, airtime top-ups – Fast delivery | Send to bank accounts, mobile wallets, or pickup locations. |
| Xoom | – Low fees via PayPal/bank – Cash pickup options – Transfers often arrive within minutes | Fund via PayPal, card, or bank account. Recipients can pick up cash or get funds in their bank. |
Tips for Cheapest Money Transfers Abroad
Sending money abroad can be expensive due to transaction fees and fluctuating exchange rates. However, with a few smart strategies, you can save on costs while ensuring secure and timely transfers. Here are some essential tips for the cheapest international money transfers to keep in mind:
- Compare Providers: Check rates and fees among banks, unions, and online platforms to find the most cost-effective option.
- Understand Exchange Rates: Always compare the offered rate to the mid-market rate to avoid unfavourable deals.
- Send in Local Currency: Avoid conversion fees by sending money in the recipient’s local currency.
- Check Hidden Fees: Look out for transfer, receiving, and intermediary bank fees before proceeding.
- Balance Speed and Cost: Opt for slower, cheaper transfers when time allows.
- Verify Security: Ensure the transfer service uses encryption and follows strict security measures.
- Plan Large Transfers Wisely: Consider breaking large amounts into smaller transactions if it reduces costs.
- Monitor Rates: Track exchange rate trends to transfer money when rates are favourable.
- Seek Recommendations: Ask friends or relatives for trusted services and insights.
- Read Reviews: Research user feedback and ratings to choose a reliable transfer provider.
This was all about the cheapest ways to send money abroad. Make sure to choose the one after comparing the fees and exchange rates offered by different providers and banks.
To learn more about forex, education loans, the best bank accounts for students, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
FAQs
Banks like ICICI, HDFC, and Axis Bank offer competitive rates and lower fees for international transfers, making them cost-effective options.
Yes, platforms like PayPal, Xoom, and Remitly often have lower fees and better exchange rates than traditional banks for sending money abroad.
Western Union charges a flat fee based on the amount and destination, but its exchange rates may include hidden costs that can affect overall expenses.
Many Indian banks offer special remittance services with reduced fees for international transfers, especially for specific countries or amounts.
Use online calculators provided by banks and money transfer platforms to compare fees and exchange rates before making a decision.
MoneyGram offers competitive rates and various payment options, including cash pickup, making it convenient for recipients in different countries.
Yes, most banks and online platforms have limits on transfer amounts; check their terms for specific thresholds based on destination and service type.
Transfer times vary. Some services like PayPal and Western Union can process transactions within minutes, while bank transfers may take several days.
Always check for hidden charges such as conversion fees or service fees that may apply after the initial transaction cost is disclosed.
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