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Hi Neha,

Your parents can use the reliable website called

This is way cheaper then any available options like Bank transfer, PayPal or western union etc. It's faster, reliable and cheaper. I have been using this website from quite a while. Hope, this helps!!

Best,
Saurabh

Many thanks Saurabh, money transfer companies like WU cannot transfer money from India to USA due to regulation.

Is Bank transfer only route available? If yes which Banks are the best? Who is the fastest and cheapest?

Thanks Neha.

Neha,

In a bank transfer, not only you are hit by the exchange rate, even the receiving bank would take away a few dollars.
You can look at the VishwaYatra Card of SBI.

Your parents can keep recharging ....its much cheaper ....and its instant (real time).
The only limitation could be ...they will deduct a dollar or so, if you use it in ATM to withdraw cash .
Still it would be cheaper than bank transfer .

At POP (point of Purchase ) ....there is no charge.

You may like to take a look at this.

Thanks IndianWanderlust. This is helpful.

You are welcome Neha .

Possibly you are already on Edulix , if not you may look there .
For students like you , it would be a wonderful source of information for most of the questions you would have .

Even you can join Indian students Forums, which are practically very helpful in setting up a new student in every aspect. Your School also could have one in Edulix.

Best wishes

Thank you. you are kind. will look up the avenues and might seek your help again.

Neha,

You are right, MTOs like Xpress Money and WU are instant money transfer operators who operate under MTSS license provided by RBI, they are the cheapest mode of money transfer service. However, they can provide only inbound transfer service and not outbound from India to other countries.

In India, banks are only authorized to remit money overseas. SBI VishwaYatra is travel card could serve the purpose but multiple transactions (month-on-month) could be expensive. Recently came across this article in The Times of India about ICICI Bank providing online outbound remittance service which is available online even for non ICICI customers. You can explore this option.**

thank you rahuldsa

No worries . Do let me know if I could be of any help....
Since I had to explore this last year for my son, may be some of the information could be reused for your benefit

Best Wishes

thro yr parents bank account  for study purpose they can send thro  authorised banks inindia

Still this one also help me thanks from my side .