Sending Money to India

Many of us are willing to pay extra for faster speed and better customer service. However, if the cost of sending money is your primary criteria, there are 2 components to consider
- FX Markup: Transferwise doesn't apply markup plus there are two providers that USUALLY have the FX markup less than 0.5% if you are sending cash - WalMart and MoneyGram; other providers like Ria, MoneyGram (online), and Western Union tend to be in 0.5-1% FX markup range; other provider tend to apply a higher FX markup. The really confusing part is that all providers, except Transferwise, tend to apply vastly different markup on a daily basis and some change it even during the day, so you want to compare FX rates right before you are sending money
- Transfer fees: in comparison to the FX markup, providers usually keep their fees much more stable, sometimes not changing those for months. Each provider has a different fee structure that could be vastly different based on a method of sending money. For example, today, providers like Western Union, Ria or IndusInd are not charging any fees but only if you send money using a certain method (from bank account for WU and IndusInd and from a debit card for Ria). Transferwise, which doesn't make money on the FX markup, charges relatively high fees which makes its overall costs not the best.