Money Transfers: Start-ups offering remittance service from US / UK to India?

It is an international money transfer service that was founded in 2011 by two members of the early skype team. It is regarded London’s first fintech unicorn and is backed by high profile investors including top VC firms, paypal’s co-founder Max Levchin and Sir Richard Branson. The company provides money transfer services cross border through online and mobile platforms where customers can easily send and receive money, while saving considerably against bank charges and typically unfavorable exchange rates.

It is internationally recognized as one of the safest and most cost-effective means of transferring money abroad, especially for relatively smaller sums. The fees are minimal, and there are no hidden charges tacked on. It is relatively easy to register, fund your account, and transfer money abroad. Since it is fully licensed and regulated with many global watchdogs, it is safe and reliable to use.

Transferwise uses the mid-market exchange rate (Whenever funds are sent abroad via a bank transfer, there are many hidden fees involved. The real exchange rate (mid-market rate) is considered the fairest rate of all according to Reuters), and relatively low transaction fees to send money abroad, on a bank to bank basis. The idea is that sender sends funds to a local bank account and receiver receives the funds from a local bank account.

  • Cheap transfers from one bank account to another
  • No same-day or next-day delivery
  • Operates in 58 countries

Using TransferWise’s website or mobile app, you can send money from the United States to 58 countries. Transfers tend to be cheap because the company’s foreign exchange rates are among the best available, but slow delivery speeds can be a drag.

Pros

  • FCA regulated
  • Quick and easy to use
  • Low fees and no hidden charges
  • Up to 300 currency routes supported

Cons

  • Account setup can be difficult from certain countries/jurisdictions
  • Customer service can be blunt at times

How you get access to low-cost transfers is pretty much the same as you did to redeem your first free transfer coupon code for TransferWise.

Go to transferwise

The coupon code deal will automatically be applied ONLY if you are not an existing TransferWise customer. Don’t be disappointed, though!

Bonus: Read more about other money transfer services and compare before you send next time.

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