Most people look for convenient, quick, and inexpensive options when sending money home to their loved ones. Even if you don’t want to walk to a bank or exchange house, you will be spoilt for choice in innovative mobile apps that can easily transfer money across borders.  

Contrary to perception, sending money home doesn’t have to be stressful or expensive. In most countries, players like PayPal or MoneyGram have set the standards for cross-border remittance, but newer platforms are quickly gaining popularity. 

Here are 5 best-loved apps for sending money to India: 

1. Xare – the Gamechanger 

Xare is the smartest way to send money home, even to friends and family members who do not have a bank account.  With this revolutionary app, you can share access to your debit or credit card with anyone you trust, instantly and at no cost. The person who receives access via a Xare card can use the money to shop online or offline, pay medical or utility bills and do much more

• Xare charges no transfer fee because it does not move money; only gives access 
• Instant transfer to anywhere in the world via mobile app
• Secure because the sender’s bank or card details are not visible to the recipient nor stored on the Xare platform.   
• You can share multiple Xare cards with any number of recipients 
• You can set spending limits, authorize payments, and track transactions  

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2. InstaReM

InstaReM is a modern money transfer service that uses the real mid-market exchange rate for transactions. They then charge a percentage of your transfer amount as a fee, instead of a flat fee.

• You can send money from the US. Australia, Singapore, Hong Kong, Malaysia, Euro Zone Countries, UK.
• Zero-margin exchange rates
• Most transactions arrive within 1-2 days
• You can transfer money to InstaReM through Electronic Funds Transfer (EFT) / Bank Transfers / Wire Transfers in all countries
• Differing minimums and maximums you can send depending on the originating country.

3. Wise

This is one of the most popular apps to send money to friends, family, or small businesses in India from more than 60 countries. Known for its upfront fees and real exchange rate, Wise lets you send money directly to local bank accounts. 

• You can send or receive money from Australia, Singapore, Hong Kong, Malaysia, Euro Zone Countries, and the US. 
• One, transparent fee
• Uses the real, mid-market exchange rate 
• No upper or lower limit on the transfer amount 
• Price-comparison tool so you can compare exchange rates for every transaction

4. Xoom

Xoom is a PayPal-owned enterprise that offers fast and safe international payments directly into bank accounts. 

• Allows payments to India from Europe, the UK, and the US
• Available for direct bank account deposit to several local banks including HDFC, Axis Bank, Yes Bank, and Punjab National Bank 
• No transfer fees when you are sending USD 1,000 or more and paying with your bank account
• Payment by debit/credit card which can be costly.

5. Remit2India

A popular home-grown app for sending money to India, Remit2India allows you to send money directly to local bank accounts with no hidden fees and a guaranteed or indicative exchange rate. 

• Available to US, UK, Canada, and Australian residents
• Zero transfer fees for amounts above USD 999 or when using your bank account
• Minimum sending amount is USD 50
• Attractive option for sending large amounts to India if you are not in a hurry. 
• You can choose from two different exchange rates - a guaranteed exchange rate at the time of your payment or an indicative exchange rate which is the rate at the time your transaction is converted to rupees)

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Some apps are only available to residents of certain countries, while others will get your money there faster but at an inflated cost. With so many choices and new features, it is important to do your research and find the international money transfer app that is right for you.

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