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The 3 best alternatives to Paypal & Venmo to send money to India

Paypal and Venmo are common ways to send money around the world. On of the most important country receiving money from abroad is India. Indeed the Indian diaspora is huge. Especially in the USA. The money transfers from the USA to India are quite cost-effective compared to 10 years ago. However there is a big competition about prices among +100 money transfer services currently providing the service.

Transferwise: a cheap but slow way to send money to India

Transferwise works quite ok from the USA. I’m saying “quite” because for some states it doesn’t work. Indeed money transmitters need licences for each state and Transferwise is a new one. On the cost-effectiveness it’s one of the best operators even though their rates change every day. On the speed it doesn’t have a good reputation because the company usually declares being able to make transfers in less than 4 days but a lot of customers complain about +10 days money transfers. It’s not cool but as it’s a good startup with a good reputation we can admit that it’s ok to have some mistakes sometimes. At least money always arrives.

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Xoom, the most convenient way to transfer money to India

Xoom has been acquired by Paypal in 2015. The company is a money transmitter allowing to send money to India, from the US. An important point about this actor is the fact that it is specialized in money transfers from the United States to the rest of the World. That’s one of the reasons why the service has the licenses in almost all states. Good news. It’s supposed to be cheaper than banks and Western Union but in reality it’s rarely cheaper than Western Union. Rates change every day/hour and Xoom tend to remain quite expensive.

Worldremit: an easy way to remit money to India

Worldremit is a money transfer solution which claims to be everywhere. See its name. Remitting money to India is one of its specialty. I think that Worldremit is an easy way to transfer money anywhere especially because it’s one of the rare operators allowing various ways of payments and various ways to receive money such as cash, card, mobile and bank accounts.

Paypal and Venmo have been used a lot over the last few years to send money to India. However there are +100 money transmitters providing good rates now. Transferwise, Xoom and Worldremit are good examples but they are not always the cheapest because their rates change all the time. Using an online comparison service might help to get a list of the best money transfer operators to India.

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The ultimate guide to transfer money overseas using blockchain

More than 200 million people currently live abroad. The main reason why they need to make money transfers is to sustain their family’ life back home. This is called remittances. Western Union is one out of 10’000 money transfer actors existing on the market, but Western Union is the oldest. The company recently announced to be working on blockchain technology in order to improve the efficiency of international transfers. Knowing that such a dinosaur is interested in this technology probably means that there is something interesting here.

1/ how to use blockchain to transfer money overseas

The tricky part about money transfer operators is that it’s not easy to find them. Moreover they usually don’t communicate about the technology they use. You can always find the best money transfer solutions on a money transfer comparison and you will have to take a look in details to know which technology they use.

Let’s give you a few clues so that you find that kind of actors : theblockchainnetwork and Align Commerce are two good actors. Abra is also very promising.

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2/ what makes the blockchain technology so promising for international money transfers?

It’s still difficult to transfer money overseas. Indeed there are many actors and even our banks have very complex systems. Is the blockchain technology going to help in easiness? The answer is no. Blockchain is a new technology and the regulators need to take a look closely at it. Even though it’s a secure technology the regulators want to control it a lot. At the end it becomes more difficult to create an account at a money transfer operator using blockchain than at a solution sending money with another technology. What is promising then? The cost of money transfers. Remitting money overseas is going to be much more cost-effective in the future.

It’s not easy to find online money transfer operators but they are very promising for the future. Let’s keep watching the operators to not miss an opportunity.