How much time does it take to transfer money from India to the US?
SBNRI Team
answered on 30/03/2020
There are various methods to transfer money from India to the USA. Refer to the grid to choose the best medium for yourself: (Related Category: Remittance)
Transfer money from India to the USA
*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.
*SWIFT: Society for Worldwide Interbank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches in India)
*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located in India to remit money overseas. The equivalent amount in INR will be debited for remittance.
Medium | Average Time | Average Charges |
(A Money Transfer Operator* charging fee for transfers) | 24 hours | Rs.884.29/- per Rs.20,000/- |
Swift Transfers (Swift or Wire Transfers are done from bank branches where the SWIFT ID of the beneficiary account is required for account to account transfers) | (24-48) hours | Varies as per Bank (For eg: HDFC charges flat Rs.1000/- for transfers above $500 or equivalent transfers; ICICI charges minimum Rs.1500/-) |
Foreign Currency DD | (2-3) weeks | Varies as per Bank (For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD; ICICI charges Rs.250/-) |
Related Questions
SBNRI Team
answered on 30/03/2020
The limit to transfer funds from your NRI accounts in India to your overseas account in USA vary with respect to the types of accounts chosen for remittance: Limit of transfers from India to USA NRE Accounts: There is no limit for repatriating funds from NRE accounts as it is fully and freely […]
SBNRI Team
answered on 12/02/2023
No. There are no taxes on money transferred from India to UK in India. Avoid Double Taxes on money transferred from India to UK However, In order to avoid tax implications in the UK, you need to declare the source of income in the UK. NRIs in the UK must consult their CPA (Certified […]
SBNRI Team
answered on 20/02/2023
The process of repatriation of funds from NRI Accounts are: Accounts Process Limit NRE 1. ONLINE: Internet banking for outward remittance (sending money to your overseas account from your NRE account) 2. OFFLINE: Fill these 2 forms. (You can get them at the bank branch or download them online, sign them and send them to […]
SBNRI Team
answered on 24/03/2020
You can repatriate funds from NRO account only up to a maximum limit of USD 1 million per financial year as allowed by Reserve Bank of India (RBI). The funds are not freely repatriable. The interest earned on NRO Deposits is taxable in India: 30% tax + surcharge + education cess* is deducted at the […]
