Best way for money transfer?

[hartejsg]

My family will be transferring me funds for my living expenses regularly or maybe for an year.

So, what's the best and efficient way to do that? Travel card, travel cheque, International debit card or any other, which option do you guys suggest?

Senior please help.Thanks in advance.

 

[kiranreddy3399]

Bank to bank tranfer

 

[J5M]

Hi,

My family will be transferring me funds for my living expenses regularly or maybe for an year.

So, what's the best and efficient way to do that? Travel card, travel cheque, International debit card or any other, which option do you guys suggest?

Senior please help.Thanks in advance.

1. If you need cash, Western Union/Money Gram. Bank wire transfer is expensive, lot of paper work.
2. If you don't need cash & want to use card as a pre-paid, Thomas Cook Travel Card, can be recharged anytime/where in India.

 

[kiranreddy3399]

Western Union and Money Gram charge more than Bank tranfers

 

[kiranreddy3399]

But when my parents tried to use Western Union they were charging more and were demanding more than usual exchange rate compared to Bank.

 

[kiranreddy3399]

Example Bank rates : $1Cad = $1.17 SGD. Where as WU were $1Cad = $1.24-.27.

 

[pie_vancouver]

try paypal

 

[kiranreddy3399]

try paypal

Yea? Send me 14K via Paypal please!

 

[pie_vancouver]

are you kidding me?

 

[kiranreddy3399]

are you kidding me?

Of course

But when tring to make a Transfer like 15K or something Paypal is not the best way

 

[pie_vancouver]

The OP said living expenses, it is not transferring 15k at once.

 

[J5M]

Hi,

try paypal

When you use Bank wire, you end up paying processing fees for both sides (sender + recipient), with Western Union/Money Gram, you pay 'only sender side' of fees. Bank Wire is better when the amount is very big (like tuition), and recipient is an institution, school etc.

 

[pie_vancouver]

you have 3 options, try and look which is the cheapest and efficient

 

[hartejsg]

Thanks kiranreddy3399, J5M, pie_Vancouver for your help.

Will visit few banks/organizations, ask further questions in case of any more doubt and then make my decision.

Thanks you again.