Overview of DBS India Remit service that provides remittances to India for DBS account holders in Singapore with a How-to Guide and expected costs.
Ria Money Transfer has been in operation since 1987, with an agent network of 369,000 locations in 149 countries¹. Ria offers a variety of financial services including bill payment, mobile top-ups, prepaid debit cards, check cashing and money orders. With Ria you send money to India online, or with cash at one of their physical agent locations. If you are looking to transfer money to India, consider Wise which uses smart, new technology to give you cheap and fast international transfers.
In this article, we will cover-
- Send money abroad with Ria
- Receive money internationally with Ria
- The true cost of international transfers with Ria
- A cheap, fast and transparent alternative: Wise
If you are located in the US, UK, Spain, or Australia you can send money using Ria on their website or at one of their agent locations. If you are outside of these four countries, you would need another option to send money to India.
To get started, you will need to create a free account on the Ria website. Next, you will need to select 'Send Money', and the country you would like to send it to, and the amount you want to send. You will see the amount your recipient will receive in the local currency.
You can then choose your preferred method of payment- bank transfer, credit, debit or cash, and whether the recipient should receive the amount in cash or a bank deposit. To note, the site looks slightly different depending on the country you are in, so double check you are in the correct Ria country site.
Ria has a transfer limit of $2,999 per day and a maximum limit of $7,999 over 30 days². If you are in the UK the daily limit is £2,999, and a maximum limit of £4,999 over 30 days³.
The exact fees charged on your transaction will differ based on the amount you are sending, the country you are sending it to and the payment method. Some of these fees may be from Ria itself, but some may also be charged by your bank or credit card company.
Let’s take a look at an example to transfer $1,000 USD from the United States to India. If you are sending the money from your bank but have a cash pickup, your upfront fee would be $3. If you were to have your recipient receive the money instead in their bank account from your bank account, that fee would be $0. But to pay that same transaction by credit card would have a fee of $26.
In some cases, Ria may not charge any transaction fees but will still take a cut by marking up the exchange rate. They do this by setting their own exchange rate which is higher from the real mid-market exchange rate you see on Google.
It is important to check both the upfront fees and exchange rate differences to make the most informed decision about which money transfer services to use. Try an online currency converter, or the compare tool on Wise to check if you are getting a fair price for your transaction.
If you are using a credit or debit card, the recipient could receive the money into their bank account in as quickly as 15 minutes. But if you are using a bank payment method, the processing time for the transfer can take up to 4 banking days depending on your bank. Specifically for India, an additional bank processing delay may occur.
You will be updated through email by Ria throughout the process of sending the money. Ria will send you emails when the order is sent for review, when there are any security concerns or issues, and when the transaction is paid.
You can also track the progress of your transfer using Ria’s Track a Transfer feature on their site. You will just need to have the order number, pin or reference number ready.
Customer support is available by phone 7 days a week, as well as by email. You can expect a response by email on the same day, as long as you send the email within 2 hours prior to closing time. Ria also has a detailed FAQ on their website to help you through any questions you may have, and can be contacted through social media as well.
You can receive money into India two ways using Ria: through a direct bank deposit or through a cash pick up from a local Ria agent location⁴.
You don’t need to sign up for Ria if you are a recipient of a money transfer. You can receive the money directly into your bank or by going down to a Ria cash agent location and bringing the correct documents with you. You can find a Ria agent location near you through the Ria website.
There aren’t any fees or charges to receive a money transfer. All charges are paid by the sender.
It can be hard to say how long it will take as each transaction is different. You will have to be updated from your sender on the progress of the transaction or use the 'Track a Transfer' feature on the Ria website. If you are picking up the money in cash from an agent location, make sure to check the operating hours of the agent.
Ria has a long history of money transfers and a large global reach but it can be difficult to say how much it will cost you for your transactions. The exchange rate can vary between the mid market rate, what is posted online, and at their own agent locations.
And Ria isn’t alone when it comes to unclear fee structures and exchange rate discrepancies. Many money transfer providers are not transparent and upfront about their fees, so what the recipient receives is sometimes a guessing game until the transaction is complete.
Every international transaction is unique, and there are great providers like Ria that can help you move your money. But if you’re doing frequent transactions or want increased clarity on your exchange rate, Wise might be a great option for you. Wise uses the rate you are likely to see on Google and clearly shows you the small fixed fee per transaction. Wise is trusted by over 4 million customers, with over 54,000 excellent reviews on Trustpilot.
Being an informed consumer is your best bet in saving money when you transfer funds to India. We encourage using our comparison tool to check for the best rates between different providers, and choosing the one that works best for you.
Sources used for this article
*All sources checked as of 13 May, 2019.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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