According to the Maltese National Statistics Office, around 7,286 Indians live in Malta. And the numbers keep increasing with the growing tendency for Indians to relocate for educational and career opportunities. Although Maltese is the official language, most of the population speaks English, making it easier for expats to settle down and integrate. On top of that, the climate in Malta resembles that in India, making the destination extra welcoming to those Indians relocating to the country.
With more than six thousand kilometres separating Malta and India, many Indian expats residing in Malta look for ways to stay connected to their homeland. One of the most accessible and meaningful ways of staying in touch is to send money to India to support family members back home. In today’s article, we’ll cover the best ways to send money to India. Check our in-depth comparison to find out how to send money online to India at the best terms. Whether you want to send funds to family members, top up your savings account in India, or do business transactions, today, you will find the best site to send money to India from Malta.
Bank transfers
Cash pickups
Crypto transfers
Finding the best service to send money to India
Wise
Remitly
Paysend
Xe
Profee
Table comparison
What’s the best service to send money to India?
How to send money to India with Profee
Other perks of using Profee
Bank transfers
As reliable as bank transfers seem, they often aren’t the best way to send money to India. Global remittances via conventional banks frequently come with high fees and hidden costs, such as intermediary or correspondent bank fees. On top of that, banks tend to offer less favourable rates compared to alternative methods of remitting overseas. Besides, it’s not the fastest way to send money to India, with the delivery usually taking several days.
Cash pickups
Many consider cash pickups an outdated method of transferring money. Yet, they are still actively used worldwide. One of the biggest perks of cash pickups is the ability to remit worldwide without a bank account. But, if you’re planning to send money to India via a cash pickup, it’s important to be aware of potential risks and downsides. For example, there might be stricter limits on sending amounts, less beneficial exchange rates, higher commissions, and hidden fees. Besides, this method may pose security risks such as theft or the loss of funds for both the sender and the recipient.
Crypto transfers
Crypto transfers have been increasing in popularity internationally over the past decade and, unsurprisingly, now have reached an absolute peak in demand. They provide better exchange rates and lower fees, and crypto transfers are one of the fastest ways to send money to India. However, it’s not going to be a good fit for you if you’re not good with technology. It’s also not the best way to send money to India for those who prioritise security since this method is not regulated.
Finding the best service to send money to India
If you’re trying to find other ways to send money online to India, it’s definitely worth checking online money transfer services. They provide diverse payment options and more favourable rates and fees. Additionally, they prioritise security, require minimal paperwork, and typically deliver funds more swiftly.
Looking for the best site to send money to India from Malta can feel daunting as there are countless options available on the market. That’s why in today’s article, we’re making a comparison of the leading money transfer companies to find the best service to send money to India with.
Wise
Have you ever remitted with a money transfer provider before? Then you should know of Wise, one of the most prominent players in the industry. Now, let’s see what they offer when you send money to India. To make a €100 remittance to a debit card, you’ll need to pay €1.65 in fees. The rate stated on the website is ₹90.1402 to €1, with your recipient getting ₹8,865.29 total.
Remitly
Another go-to for transferring to India is Remitly, a US-based company for international transfers. The exchange rate it’s offering is ₹89.52 to €1. Your recipient gets ₹8,952 for your €100 remittance. Remitly also doesn’t charge fees for the first transfer with them.
However, the Remitly interface isn’t transparent about the terms of the transfer and the final amount to be received (see the screenshot below). You need to register to find out all the transfer terms and details. This lack of transparency makes Remitly less favourable compared to other players, who are more upfront in specifying the terms of the money transfers.
Paysend
Moving on, let’s find out what Paysend, a popular UK-based money transfer provider, has to offer. As you can see, the company’s exchange rate is ₹89.2833 to €1. Your recipient gets ₹8,794.41. There is also a fee of €1.5 when you send money online to India.
Xe
Xe, a Canadian transfer service, provides customers with a multitude of destination countries. But is it the best site to send money to India? With the rate of ₹89.7759 to €1, your recipient gets ₹8,977.59. Additionally, you’ll have to pay a fee of €1.99.
Profee
Last but not least, we’re reviewing Profee. The company offers a promo rate of ₹91.0847 to €1 and no fee for your first transfer. So, when sending €100 to India, you can expect ₹91.0847 to reach the recipient’s bank account. As you can see, Profee provides the most favourable exchange rate among the other players.
Table comparison
When comparing the best ways to send money to India, it’s easy to get lost in the numbers. In the table below, you can check out our head-to-head comparison of the offers of the money transfer services we’ve reviewed today and decide what works best for your specific needs.
| Company | Currency exchange rate | The total amount your recipient gets in rupees for a €100 transfer | Fees | Delivery speed |
|---|---|---|---|---|
| Wise | ₹90.1402 for €1 | ₹8,865.29 | €1.65 | Depending on the payment method and delivery type, a transfer may take from a few seconds to several days to get delivered |
| Remitly | ₹89.52 for €1 | ₹8,952 | No fee on the first transfer. A fee of €2.99 on the following transactions | Depending on the delivery type, a transfer may take from a few minutes to up to five business days to reach the recipient |
| Paysend | ₹89.2833 for €1 | ₹8,794.41 | €1.5 | It may take up to three business days for your money to get delivered |
| XE | ₹89.7759 for €1 | ₹8,977.59 | €1.99 | Your recipient will usually have to wait one to four business days to get the funds |
| Profee | ₹91.0847 for €1 | ₹91.0847 | No fee on the first transfer and up to €1 for the following remittances | Transfers usually arrive within a few minutes |
What’s the best service to send money to India?
Summing up, we’ve covered some of the best ways to send money to India. Specifically, we compared the five companies' exchange rates, fees, and delivery speeds. The table above clearly shows that Profee offers the most cost-effective solution for global remittances, making it the best service to send money to India from Malta. Not only does it have lower fees, but it also has a more favourable exchange rate, meaning you get more value for your transfers.
How to send money to India with Profee
Profee provides its clients with the best way to send money to India. Are you keen on trying it out for your next remittance back home? Learn how to send money to India from Malta via Profee. Here’s your step-by-step guide to an effortless remittance experience:
- Visit the Profee website or download the Profee app;
- In the online calculator, pick Malta as your sending country and India as your destination;
- Type in the amount you’re sending and learn how much your recipient gets in rupees and the EUR/INR exchange rate.
- Complete a fast registration;
- Enter the recipient’s details: name of the bank, IFSC code,** account number, and their full name.
- Pick a payment method;
- Check the details and confirm;
- That’s it! Enjoy one of the fastest ways to send money to India.
*An IFSC code (Indian Financial System Code) is a unique 11-digit number. It indicates a particular bank branch in India. The easiest way to find it is in the chequebook provided by the bank.
Other perks of using Profee
Not only can you send money to India at the best exchange rate and with a low fee, but Profee also offers customers an opportunity to earn money. Participate in the Referral program to get rewards without limits. Invite friends to join Profee, wait till they fulfil the program conditions, and receive rewards of EUR 10 to your account for each new referee.
As an EMI-licensed European company adhering to EU regulations, Profee ensures clients can send money to India without any safety concerns. The company updates security certifications annually while developing in-house tools to protect the clients’ data and funds. Make transfers to loved ones in India while Profee takes care of the rest.
