Orient Exchange vs Banks vs Other Money Changers: Guide to find Best way to send money abroad in 2025
Are you planning to send money to your children studying abroad—either to cover their daily expenses or to pay their university fees directly?
Or Do you have plans to travel abroad for a much-needed vacation and need money transfer for your travel expenses? Or are you looking to send money to your loved ones for medical treatments, to cover their expenses, or for other needs?
There are several ways to do it.
In this article, we will explore the different options available for transferring money abroad from India along with their key features.
What are different ways to send money abroad at a cheaper exchange rate in 2025?
Banks: Whenever it comes to financial transactions the first thought most of us would have is to visit the nearest bank to send money abroad right? Traditionally banks have been a source of trust and reliability however banks not only charge higher exchange rate but some even charge high service or transfer fees varying on the basis of amount being transferred.
Money Changers:
- AMC’s also known as Authorised Money Changers like Orient Exchange are considered as Category II dealers recognised by RBI to be involved in foreign currency exchange however being limited to non-trade transactions.
- The fastest, easiest and cheapest way for international remittance would be considering money changers and a notable player in the market who provides seamless experience both in terms of service and ease of doing transactions would be Orient Exchange.
Let’s compare features of various money transfer in India w.r.t Orient Exchange [Orient Exchange vs Bank vs Others] :
| Orient Exchange | Banks | Others | |
|---|---|---|---|
| Exchange Rate | Live exchange rates with no hidden fees or high mark-up on Money Transfer | Charge high as 5% exchange rate for money transfer along with high transfer fee | Moderate to high exchange rate. But higher markup than Orient Exchange |
| Service Experience | Dedicated customers and 24/7 online booking option makes service experience seamless. | With limited customer support & online presence, makes experience bad. | Less personalized and lack of seamless customer support experience. |
| Charges |
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| Transparency | Orient Exchange is upfront about “Delivery time”, fees to remit or rate you get etc. | Banks often have multiple hidden components like fixed fees, GST, conversion spread, intermediary charges, etc. These may not be visible ahead of time. | Other Money Changers are often Less transparent often hidden with foreign exchange rate and are not visible upfront |
| Processing Time | 12-48 hours (faster processing with complete documents). | Banks often take 1-3 business days. | Other Money Changers might take 1-2 working days |
Let’s us consider a Real time example of transferring 5 lakh rupees to USA and compare cost involved:
| Orient Exchange | Bank | Others | |
|---|---|---|---|
| Exchange Rate Offered | 88.46 INR (0.46 INR markup) | 89.5 INR (1.5 INR markup) | 90 INR (2 INR markup) |
| Transfer Fees | 500 INR | 1000-2000 INR | 1000-2000 INR |
| Net INR Available for Conversion | 4,99,500 INR (500 INR fee) | 4,98,000 INR (2000 INR fee) | 4,98,500 INR (1500 INR fee) |
| USD Received by Beneficiary | 5646 USD | 5564 USD | 5538 USD |
Key Takeway: Orient Exchange offers the best value for international transfers with the lowest fees and markup, ensuring the beneficiary receives the highest USD amount.
Banks and other money changers charge higher fees and markups, leading to a noticeable loss in the final amount received.
What features make Money Changers like Orient Exchange the best way to send your money abroad instead of Banks or Other Money Changers ?
- 24 hours 7 days throughout the week online booking available.
- One can freeze Exchange Rate for 2 days by paying 2% Advance.
- One can pay fees to any Foreign University.
- Students Payment portals like Covera, Flywire, Paymytuition etc. are available on the platform.
- Video KYC facilities are available to make the process of identification a smoother, more reliable and efficient way to process documents.
What are different modes to send money abroad available?
Online wire transfer via Orient Exchange: With Orient Exchange Wire Transfer one can send money abroad at the comfort of one’s home. Wire Transfer involves Direct Bank to Bank transfer. With Wire transfer it’s easier to pay foreign university fees for Indian students. Wire Transfer is done within 24-48 hours.
Wire Transfer via Banks: Wire Transfer in Banks have higher transfer fees, higher exchange margin and may even require branch visit & limited student payment network, hence it is less preferred option.
Foreign Currency Demand Draft Skeptical about online transfers? One can always opt for FCDD which is traditionally considered as a reliable and safer way to transfer money. It is like a physical cheque, collecting at Indian Banks/Money Changers and depositing at an International Bank account. It usually takes 5-7 working days however it is cost effective for whenever one needs to make bulk one time payment.
Some Tips to consider while sending money abroad:
Frequency of transactions: While sending money abroad always keep in mind to make one bulk payment rather than sending frequently it helps avoid exchange rate fees and markup fees charged for every transaction made.
Timing matters: Exchange rate often fluctuates for any currency, if you can wait for favourable time and keep a watch on exchange rate it helps save in case of large transactions.
Spilt money transfer when hit with regulatory threshold: In India over threshold amount of money transferred may attract higher tax rates in order avoid make sure to stay within regulations to avoid compliance costs.
For example: For transfer in case of education it attracts 0% below 10 lakhs and its 5% above 10 lakhs. Any other purposes like investments or gifts made to relatives or buying property abroad attracts 0% below 10 lakhs and 20% above online transfers of 10 lakhs.
Be ready with all Documents : Passport, outward remittance form, PAN card, Bank statements, Form A2. You would also need to agree guidelines set for ani-money laundering and sKYC.