What is best way to transfer money to India

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futurecat
Posts: 3
Joined: Thu Mar 05, 2020 5:14 pm

What is best way to transfer money to India

Post by futurecat » Thu Apr 30, 2020 2:45 pm

Am trying to transfer money to relatives in India. Used TransferWise for 3 transfers but now they are asking for personal details that I am not comfortable giving (pdf of bank statement, driver license, and selfie with drivers license) Are there any better options that are reasonably inexpensive?
Thank you.

HawkeyePierce
Posts: 1305
Joined: Tue Mar 05, 2019 10:29 pm
Location: Colorado

Re: What is best way to transfer money to India

Post by HawkeyePierce » Thu Apr 30, 2020 2:50 pm

Given KYC/AML laws Transferwise's requirements are expected and reasonable. Any legit operator in this space is going to require something similar.

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wander
Posts: 2981
Joined: Sat Oct 04, 2008 9:10 am

Re: What is best way to transfer money to India

Post by wander » Thu Apr 30, 2020 2:52 pm

I've used Paypal xoom to transfer money to foreign countries. It works pretty well and provides status update.

sthadani
Posts: 40
Joined: Wed Oct 24, 2018 10:11 am

Re: What is best way to transfer money to India

Post by sthadani » Thu Apr 30, 2020 2:55 pm

I have used Remitly in the past. Worked out well.

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CAsage
Posts: 1739
Joined: Sun Mar 27, 2016 6:25 pm

Re: What is best way to transfer money to India

Post by CAsage » Thu Apr 30, 2020 3:15 pm

If this is a recurring thing and you COMPLETELY trust people, or can set up a second debit account, I wonder if it would make sense to order a second authorized user debit account, mail it to them, then call them to coordinate a PIN. This would be exactly like your withdrawing money while on vacation in India..... Seems like that would work for a trusted relative with recurring withdrawals. Or how I support my college kid.... Maybe?
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.

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