NK
2w🤝 NRI Life
I send about $2,000/month to my parents in India. Currently using Wise (TransferWise) but wondering if there's anything better for large recurring transfers. Wise charges about $15 per transfer. Anyone using Remitly, Western Union, or the new UPI international options?
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I've tested them all. Current ranking for large monthly transfers: 1. **Wise**: Best exchange rate (mid-market), $15-20 fee per $2K. Money arrives in 1-2 business days to Indian bank. 2. **Remitly**: Slightly worse rate but sometimes has promo rates. $0-5 fee. Fast delivery. 3. **ICICI Money2India**: Good if you have ICICI NRE account. Rate is ~0.5% worse than Wise but zero fees. 4. **SBI Express Remit**: Similar to ICICI. Best for SBI account holders. For $2K/month, Wise saves you about $200-400/year over banks. The UPI international thing is still limited and has lower limits.
Check if your US bank has a partnership. Bank of America has free transfers to certain Indian banks through Zelle-like partnerships. Also, some employers offer international payroll splitting — part of your salary goes directly to an Indian account. No transfer fees at all.
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