Need to Receive Money from USA, what's the Cheapest and fastest method?

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Gaurish

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Hi,

Need to receive about $500USD from a person in from USA. previously he used to send via Paypal, but this time he says his paypal isn't working. So what are the other options. I have bank accounts in SBI,ICICI & BOB.

* Wire transfer

* Western Union

or any other?

Please tell cheapest and fastest method?
 
his paypal isnt working coz he has not verified his paypal account , and the unverified paypal accounts have a limit of upto 500$ only , ask him to get his paypal verified , with the limits removed , that the only fastest and the cheapest way to get the money ,

wire transfers is very expensive i have heard ,, western union i never tried :)
 
The Paypal fee for receiving a $500 payment is about $19.8 and their exchange rate is marked down by another 2.5% as currency conversion charges. So you are looking at an effective fee of about $30 for this payment.

I think for $30 you can also make a Wire Transfer.

Or take a look at Xoom.com, if transferred from a US bank account the fee is only $3. And the exchange rate is much better Rs 46.7 whereas Paypal rate is only Rs 45.7 ( I just withdrew few minutes back ) Even if making the payment from a CC, the $19.99 fee is not that high considering the better exchange rates :)
 
Xoom.com is the best.. you would get great conversion rates and higher the amount higher the fees.. PLUS money gets credited to bank or hard cash delivered in less than 5 working days. This has been my experience most of the time.
 
Moneygram mate its an amazing service .I have sent 2000 NZD to India ,they charged me $15 for transfer rates are pretty good compared to western union .Cash can be picked up at few banks in India like corporation bank ,SBI,PNB and Muttooth Finance .Money will be sent in 10 mins ,no charge for cash pick up

If the money is transferred to a bank account .The bank will be charging you X amount for international money.What ever is the amount you can cash pick it up .I usually ask my brother to pick it up from bank and deposit it in his account or do a NEFT to his account this way the money is safe and no chance of some one robbing it from you when.

Money gram has a online exchange converter which gets updated as the prices change .Its an US based company.

Moneygram

Todays Money gram rate for USD is 46.990125 INR.Did a conversion for the 500USD and here is what i got from Money gram website .

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You are getting a better price and less commission when compared to Western Union.
 
varkey said:
Or take a look at Xoom.com, if transferred from a US bank account the fee is only $3. And the exchange rate is much better Rs 46.7 whereas Paypal rate is only Rs 45.7 ( I just withdrew few minutes back ) Even if making the payment from a CC, the $19.99 fee is not that high considering the better exchange rates :)
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Thanks for detailed analytical analysis. I never knew paypal charges fees in so many ways.

the person would pay me via US Bank account, so I guess Xoom is the best. How should I receive money? cash or deposit in my bank account? any other formalities i might need?

amol_cool said:
Xoom.com is the best.. you would get great conversion rates and higher the amount higher the fees.. PLUS money gets credited to bank or hard cash delivered in less than 5 working days. This has been my experience most of the time.
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Are they reliable?

found lot of complaints against them --> Xoom.com Complaints - I should've used Western Union
 
Did you even read my post ??.Through money gram you can even get cash to bank accounts but bank would charge,check with your bank as to what is the charge for the USD coming in .
 
you can even try remit2india.com. Its a service by ICICI bank and works great. They don't have any fees and the exchange rates are pretty competitive.
 
Gaurish said:
Thanks for detailed analytical analysis. I never knew paypal charges fees in so many ways.

the person would pay me via US Bank account, so I guess Xoom is the best. How should I receive money? cash or deposit in my bank account? any other formalities i might need?
Click to expand...

:) Ya the Paypal fees are pretty high but there are not many good alternatives to accept payments online. Also Paypal is trusted and accepted everywhere and no one will think twice when asked to send a payment by Paypal.

Gaurish said:
Are they reliable?

found lot of complaints against them --> Xoom.com Complaints - I should've used Western Union
Click to expand...

I have used it many times and almost all the time the amount got credited within 24 hours. You can go for bank transfer option, they sometimes will send it by NEFT or bya direct Cheque Deposit to your account.
 
Gaurish said:
thanks everyone for awesome suggestions. He would be sending via wire transfer into my SBI account

..but sender is not comfortable using random services as its their main corporate account.
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If I understood correctly this is a direct his bank to your bank transfer ?
 
^ Yes the amount will be transferred directly to his SBI Account from the US by International Wire Transfer. :)
 
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