Sending money across the world can sometimes be really tricky. You have to make sure the recipient actually gets the money, but that’s not enough: you should also consider all the possible commissions, fees, limits, and so on. When transaction time also matters, things get even more complicated. Lots of people want to send money from India to the USA every day, but there are too many options, and you have to be very careful about choosing the right payment method.
Common methods
When you want to transfer money from one country to another, there are usually a variety of common payment methods you should consider. The most widely used method is using payment systems like PayPal, Payoneer, and so on. Such transfers are quite fast, cheap, and flexible. You have to know the recipient’s card number, and that’s it. Another common way to send money is using banks. While it is by far the most secure method, such transfers can also be costly, and there are many various limits.
A relatively new way of making payments, P2P crypto platforms are steadily gaining popularity, and a lot of people use them every day to transfer money from India to the USA and back. What’s especially great about these platforms is that there’s actually no conversion involved: you send INR to a recipient in the US, and the counterparty sends USD to your card. The exact amount is calculated by the same platform, and it also serves as a guarantor, preventing either of you from cheating.
However, there are innovative payment systems that process payments internationally, combining the most useful features of all the traditional methods. Let’s check out a couple of the most popular ones.
Wise
Wise is a fintech startup from the UK that supports more than 50 currencies and allows you to transfer money across the world without conversion. The exchange rates are mostly fixed, the fees are rather small, and your transactions are secure. However, it takes up to 3 days to receive a payment.
Revolut
Revolut is a digital platform that supports more than 30 currencies across about 200 countries. There are no fees for most transactions, built-in transactions in crypto without commission, and a variety of interesting features for investors. Revolut can be used as a proper financial platform for most of your needs, and it’s also known to be extremely secure and well-regulated.
