Channels that you can use for remittances to India
Medium
Access Points
Source
Time Taken
(avg.)
Top Operators
(source: World Bank)
Transaction Cost
Online Banking
Online or Mobile App
Credit/Debit Cards and Bank Account Transfers
1-2 working days
Citibank (same day transfer)
Remit Money (within an hour)
No fee (for own and partner bank accounts
$1.64 per $200
Money Transfer Operators*
Online or Mobile App
Credit/Debit Cards and Bank Account Transfers
1-2 working days
Transferwise (1-2 days)
Moneygram (1-2 days)
$4.77 per $200
$7.38 per $200
Agents
Banks and Money Transfer Operators
Cash or Credit/Debit Cards
1 working day
Western Union (within an hour)
Ria (same working day)
$9.04 per $200
$8.00 per $200
Call Centres
Banks and Money Transfer Operators
Credit/Debit Cards and Bank Account Transfers
1 working day
Wells Fargo (one working day)
Western Union(one working day)
$1.60 per $200
$3.94 per $200
Foreign Currency Demand Drafts*
Banks (branch visit can be required)
Bank Account Transfers
2-3 weeks
ICICI Bank
Axis Bank
Varies as per Bank(For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD;ICICI charges Rs.250/-)
SWIFT* Transfers
Banks (branch visit can be required)
Bank Account Transfers
1-2 working days
ICICI Bank
Axis Bank
Varies as per Bank(For eg: HDFC charges flat Rs.1000/- for transfers above $500 or equivalent transfers;ICICI charges minimum Rs.1500/-)
*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.
How to opt for The Best way to send money to India?
NRIs must contemplate the market behaviour, opt for the optimum medium and anticipate the correct time to remit money to India. This is an entire process, that if you get used to, will benefit you in multiple ways. You should keep a few things in mind before diving into the process:
Take Responsibility! Look around. Don’t go for the very first option that you browse through. A minute of consideration can save you hours of repentance. Select the best channel for transfers. Compare and contrast between them and save more. Always!
apan is one of the countries that devalues its currency to maintain a healthy outflow of exports. Japan's major export industries include automobiles, consumer electronics, computers, semiconductors, copper, iron and steel. Additional key industries in Japan's economy are petrochemicals, pharmaceuticals, bioindustry, shipbuilding, aerospace, textiles, and processed foods. In a nutshell, the country thrives on exports which makes it interesting when we explore the trend of the JPY to INR exchange rate. This will help the NRIs in Japan to sort out their remittances to India.
Singapore houses a decent number of NRIs. The remittances received from Singapore in India critically analyze the SGD to INR conversion rate. In this article, we will trace the trend of the Singapore Dollar to Indian Rupee exchange rate.
Saudi Arabia houses a decent number of Non-Resident Indians and the remittances from Saudi to India has been a constant state of affairs. With the new adaptations like STC-PAY, remitting money to India from Saudi has become simpler and the NRIs there are keeping a keen eye on the SAR to INR exchange rate to find the perfect time to send money to India. In this article, we will explore the trend along the conversion of Saudi Riyal to Indian Rupee.
The political turmoil of the United States of America has taken over the world. The current situations are volatile and are having consequences in all major sectors including the remittances targeted towards India from the US. The USD to INR exchange rate has been searched too often online. Presently, with the prevailing uncertainties for NRIs in the USA, as an effect of the restrictions on the H1-B Visa, remittances to India have shot up. NRIs are aiming to send money back to India to ensure a better retirement back home. In this article, we will focus on the conversion rates for usd to inr in order to trace what can be the best time to send money to India from the USA.
The Australian Dollar (AUD) is the currency of Australia. The symbol and code of the Australian Dollar are $ and AUD respectively. NRIs living in Australia can easily send money to their loved ones in India through SBNRI platform. SBNRI has a partnership with Wise (formerly known as Transferwise) to facilitate quick and easy online fund transfer to India at a low cost. With the online currency converter, you can calculate AUD to INR rate in seconds, before sending money to India.
The Canadian Dollar (CAD) is the currency of Canada. Accounting for nearly 2% of all global reserves, CAD is the fifth most held reserve currency in the world preceded by the USD, Euro, Yen, and the pound sterling. Canadian NRIs can easily send money to their loved ones in India using the SBNRI platform. SBNRI has partnered with Wise (formerly known as Transferwise) to facilitate swift online funds transfer to India at a minimal cost. You can calculate CAD to INR rate in seconds using the online currency converter, before sending money to India.
Europe is not only one of the most favourite vacation destinations for Indians. It houses a decent number of NRIs as well. The presence of almost 1.4 million NRIs alone in the UK adds to the fact that remittances from Europe to India is much sought after. In this article, we will explore the trend of EUR to INR exchange rate.
GBP to INR Conversion: GBP, also known as British Pound Sterling, is the official currency of the United Kingdom, the South Sandwich Islands, the British Overseas Territories of South Georgia, the British Antarctic Territory and the UK crown dependencies the Isle of Man and the Channels Islands. The Sterling is the fourth most-traded currency in the foreign exchange market, trailing the USD, Euro and Japanese Yen in daily volume.
With the never ending doubts around the domain of fund transfers from one type of account to another, NRIs often spend their valuable time wondering whether they can transfer funds from NRE to NRO Account!? In this article, we will resolve this eternal doubt for our NRIs all over the globe once and for all.
![[Latest] 1 AUD to INR: Convert Australian Dollar to Indian Rupees](https://sbnri.com/blog/wp-content/uploads/2023/03/send_money_6-1-1024x548.png)
![[Latest] 1 CAD to INR: Convert Canadian Dollar to Indian Rupees](https://sbnri.com/blog/wp-content/uploads/2023/03/send_money_6-1024x548.png)
