| 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.
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!
There are several ways to send money from Japan to India. The table below shows the charges and the time it takes to send money from Japan to India. Please select the best option depending on your needs.
