Best currency exchange for USD to INR
I know I know, I can search net, but thought picking some experts. I have about 70k USD to send to India. What's the best exchange service to use to send this much amount? Thanks! TC: 360k
Speak to a NRI branch of any bank here. They might give you a sweet deal considering it’s 70k
I am in Seattle region. Don't know for sure NRI branches here. Might check with Chase
This is worth the try
Split it between zoom and remitly
*xoom
Western Union generally has the highest conversion rate
Remitly/Zolve
I transferred 100k+ recently. Here's the best way: 1. Talk to a relationship manager for HNIs in your India Bank. You will have to haggle with them a little to get the best rate. The best I got was 30paise less than what Google says. 2. Send a wire transfer in USD from your US Bank (chase in my case) to your India Bank (Axis Bank). Go to the branch to do it as you'll have a 25k limit online and will have to pay the wire transfer fee multiple times. 3. Work with your relationship adviser to get the USD to INR conversion done in India. In aggregate you will pay $25 in wire transfer fee and 21k inr in conversion charges
Thanks. I think this is good advice which I didn't think of as the Indian bank is a normal INR account (not NRE/NRO) which can't accept USD directly.
+1 to this. I too transferred $100k+ this year and used Chase to do wire transfer to my NRE account in India. Indian bank did give me a decent rate. Yes there is Xoom, XE and other money transfer services, but I didn’t see good reviews about any of them. Also if somehow the transfer doesn’t happen, they don’t return your money for months. I didn’t have issues with wire transfer and took about 2-3 business days for transfer.
XE has better rates as well
Have you used that? Was the experience hassle free?
Used xe. It was very reliable and great rates. Money reached within 4 days of the steps were followed correctly
With all time high rates, you can probably use any exchange unless you want to pinch rupees to the dollar 🤷🏻♂️
Go for Ria Financial . They give the best rate but there is a limit on how much you can send
I like xoom. Reliable and faster
It caps out at 60k limit during 30 day period. It's good though for smaller amounts.
You should not transfer all in one go even if the platform allows