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Best Digital Money Transfer Services to India

India is currently the biggest receiver of remittances around the world.

According to the Pew Research Centre, in 2016, over $1.7 billion USD was sent to India alone, with many migrants sending money back to their family and friends to support their livelihood and education.

In recent years, many Indian immigrants have moved to using digital money transfer services for their ease, with many banks in India also now offering these services.

CulturalPulse has analysed the top seven digital remittance services Indians in Australia use to send money home, to help make the decision between providers easier for the community.

To score each provider, we’ve created a 41-element scoring system across the following nine variables. Each variables’ weighting is dependant on the importance it holds in the community.

India is currently the biggest receiver of remittances around the world.

According to the Pew Research Centre, in 2016, over $1.7 billion USD was sent to India alone, with many migrants sending money back to their family and friends to support their livelihood and education.

In recent years, many Indian immigrants have moved to using digital money transfer services for their ease, with many banks in India also now offering these services.

CulturalPulse has analysed the top seven digital remittance services Indians in Australia use to send money home, to help make the decision between providers easier for the community.

To score each provider, we’ve created a 41-element scoring system across the following nine variables. Each variables’ weighting is dependant on the importance it holds in the community.

Filipino Money Transfer Index

Community Reviews
Brand Story
User Experience
Incentives
Sender Experience
Receiver Experience
Financial Value
Customer Service
Safety & Security

RANKING

COMPANY

PROMOTIONS
(for new customers only)

FINAL SCORE

1Instarem logoTransfer $500 or more and enjoy a first transfer bonus of $5AUD when using code 'SAVEMORE'78.21
2WorldRemit logoNo fees on first three transactions using code '3FREE'77.54
3Remitly logoSpecial exchange rate for first-time customers, see website for more details70.36
4Western Union logoFirst transfer fee-free using code 'FIRSTFREEAU'69.32
5Ria logoFirst transfer fee-free using code 'TRYRIA'68.56
6MoneyGram logoN/A64.7

Brand Story (Highest score:5)

We know how important it is to be understood as a customer, so we tried to find out why each brand was founded and what they have set-out to achieve.

We have also taken note of how each provider is perceived in various media stories, as well as whom they have as investors or partners.

User Experience (Highest score:10)

Whether a platform is easy to use, navigate and understand, plays a huge role in whether or not a member of the Indian-Australian community decides to use a certain service.

We based these scores on the overall appearance of a website, whether it was easy to find what you were looking for, whether certain languages were available and how transparent each provider is with their fees and rates

Community Interaction & Incentives (Highest score:10)

Which companies provide the best offers to the Indian-Australian community? What will keep you going back to use their services? How much do they understand my community?

CulturalPulse answers all these questions here, to help narrow down your decision.

Sender Experience (Highest score:18)

The CulturalPulse team tested each of the competitors to gain a clear understanding of how to send money to India.

Your experience as a sender is the most important part of sending money to your family and friends, so we looked at the ease of sign-ups, transparency of fees, rates and amount received, and whether or not you are notified across each stage of the transfer.

Receiver Experience (Highest score:10)

We checked out whether or not each of the providers understands your receivers in India, so we judged each brand on their notification systems, whether or not the receiver knows what they will be receiving in advance, the brands’ network reach, and their receive options.

Financial Value (Highest score:20)

As one of the first factors people look for when deciding upon which digital money service to go with, we based much of the scores on exactly how much your receivers in India will receive once the transaction goes through.

We also noted each brands’ fees and exchange rates (at given testing point time).

Customer Service (Highest score:12)

If you’re worried about how to use a brand, or what will happen if your money goes missing, customer service will be the first people you speak to and approach to help sort your problems.

As well as testing each customer service first-hand to check on the progress of our test transactions, we also checked out each brands’ contact options and their speed of reply on social media.

Safety Security (Highest score:5)

We know you want to know that your money is safe. Based on the various financial bodies available in Australia, we looked at how each brand is regulated and what other security measures they may have available.

Indian Community Panel Reviews (Highest score:5)

We spoke to members of the CulturalPulse Indian-Australian community to hear their thoughts on each brand. This, along with general reviews from websites such as TrustPilot, Google Reviews, social media channels and mobile application stores should give you a good understanding of how each brand is received among fellow remitters.