Best ways to send Money home
Remitly, Wise, Xoom, Crobo
As an H1B holder, you'll inevitably need to send money back home (e.g., to India) for family, savings, or investments. While traditional bank wires are an option, digital platforms usually offer much better exchange rates and lower fees.
Choosing the Right Service
The "best" service often depends on whether you prioritize speed, exchange rates, or convenience.
- For Speed: Remitly (Express) and Xoom are usually the fastest, often delivering funds within minutes.
- For Best Rates: Wise (formerly TransferWise) is famous for using the mid-market rate, while newer players like Crobo often provide extremely competitive, fee-free rates to gain market share.
- For Convenience: If you already use Bank of America or PayPal (which owns Xoom), using their integrated services can be the most seamless option.
Tips
- Compare Every Time: Exchange rates fluctuate daily. It pays to check 2-3 apps before hitting "send."
- Watch the Fees: Some services have no upfront fees but "hide" their cost in a lower exchange rate. Always look at the total amount the recipient receives.
- Verification: For large transfers, you might need to provide extra documentation (like a pay stub) to comply with anti-money laundering regulations.
Compare and Transfer:
- Remitly - Fast and reliable with an excellent app.
- Wise - Transparent fees and mid-market exchange rates.
- Xoom - A PayPal service perfect for quick, integrated transfers.
- Crobo - Zero-fee transfers with highly competitive rates for India.
- Bank of America Mobile - Securely manage your accounts and transfers.