How can an NRI send money to India from abroad?
SBNRI Team
answered on 23/03/2020
There are multiple options to send money from abroad to India. Refer the table below and choose the best suited medium for yourself.
*Money Transfer Operators: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or using their collaborations with other international banking networks. Eg: Transferwise, Western Union.
*SWIFT: Society for Worldwide Inter-bank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches overseas)
*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located overseas to remit money to India. The equivalent amount in INR will be debited for remittance.
| Place | Online | Offline | Via Bank Branch | |||
| Internet/ Mobile Banking (Card/ Bank Account Transfer) | Money Transfer Operators (Card/ Bank Account Transfer) | Agents (Cash/ Cards/ Bank Account Transfer) | Call Centres (Card/ Bank Account Transfer) | Foreign Currency Demand Draft | SWIFT Transfers | |
Time and Charges | ||||||
| USA | 1 hour to 2 working days Up to $9.38 per $200 | 1 hour to (3-5) working days Up to $9.50 per $200 | 1 hour to 1 working day Up to $11.88 per $200 | 1 working day Up to $3.94 per $200 | (2-3) weeks Rs.500/- + taxes | (24-48) hours service tax on currency conversion (up to Rs.300/- + taxes) |
| Dubai | Same day to 2 working days Up to 4.04 AED per 735 AED | Within an hour Up to 59.98 AED per 735 AED | 1 hour to (3-5) working days Up to 20.07 AED per 735 AED | 1 hour to (3-5) working days Up to 15.88 AED per 735 AED | (2-3) weeks 0.2% (making charges) + Rs.35/- (courier charges) or Rs.85/- (whichever is higher) | (24-48) hours service tax on currency conversion (up to Rs.300/- + taxes) |
| Saudi Arabia | N.A. | N.A. | Within an hour Up to 43.20 SAR per 735 SAR | 2 working days Up to 39.98 SAR per 735 SAR | (2-3) weeks 0.2% (making charges) + Rs.35/- (courier charges) or Rs.85/- (whichever is higher) | (24-48) hours Up to 39.98 SAR per 735 SAR |
| United Kingdom | 1 hour to (3-5) working days Up to 5.39 GBP per 120 GBP | 1 hour to (3-5) working days Up to 5.81 GBP per 120 GBP | 1 hour to (3-5) working days Up to 7.20 GBP per 120 GBP | 1 hour to 1 working day Up to 4.99 GBP per 120 GBP | (2-3) weeks Rs.500/- + taxes | (24-48) hours service tax on currency conversion (up to Rs.300/- + taxes) |
Note: The receiver will receive the money either in their own/partner bank accounts or as cash from the agents of the respective firms/banks chosen for money transfer.
Also Read: Time taken to send money to India from Australia
The summary of the table comprising of the best ways to send money to India from abroad:
USA:
Less time, high cost: Agents
More time, low cost: Foreign Currency DD/ Swift Transfers
Moderate time and cost: Money Transfer Operators (Transferwise),Call Centres
Dubai:
Less time, high cost: Money Transfer Operators (Transferwise)
More time, low cost: Foreign Currency DD/ Swift Transfers
Moderate time and cost: Internet Banking
Saudi Arabia:
Less time, high cost: Agents
More time, low cost: Foreign Currency DD
Moderate time and cost: Call Centres
UK:
Less time, high cost: Agents
More time, low cost: Foreign Currency DD/ Swift Transfers
Moderate time and cost: Call Centres
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