I'm a student in US on F1. I want to send 2k$ in my US account to my brother's State Bank of India NRE(Non Resident External) in India. There is NO rush in sending this money.. as in the money need not reach immediately. How do I send this amount without loosing much on conversion, etc. This is a special case because of the NRE account type. Also, I can increase the transfer amount to 5.5k to save on conversion money. I want to know how should I send this money: online/DD/check... etc.
Essentially you can send a Check by mail, you brother deposits into Bank account. It costs very little, the time required would be around 1-2 months.
You can do International Wire [Via SWIFT] it would reach in few days, fees are high.
You can use specialized remittance services like Money2india, remit2india, or western union etc. The fees are low and generally funds reach in a week.
Take a look at Transferwise. I find them good for currency conversions and paying people in India from a US bank account.