Remittance

Channels that you can use for remittances to India

MediumAccess PointsSourceTime Taken

(avg.)

Top Operators

(source: World Bank)

Transaction Cost
Online BankingOnline or Mobile AppCredit/Debit Cards and Bank Account Transfers1-2 working daysCitibank (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 AppCredit/Debit Cards and Bank Account Transfers1-2 working daysTransferwise (1-2 days)

Moneygram (1-2 days)

$4.77 per $200

$7.38 per $200

AgentsBanks and Money Transfer OperatorsCash or Credit/Debit Cards1 working dayWestern Union (within an hour)

Ria (same working day)

$9.04 per $200

$8.00 per $200

Call CentresBanks and Money Transfer OperatorsCredit/Debit Cards and Bank Account Transfers1 working dayWells 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 Transfers2-3 weeksICICI Bank

Axis Bank

Varies as per Bank(For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD;ICICI charges Rs.250/-)
SWIFT* TransfersBanks (branch visit can be required)Bank Account Transfers1-2 working daysICICI 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!

UPI International Transfers

UPI International Transfers

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A UPI is a Unified Payment Interface. It is a quick and efficient way to send money to India. The UPI app, which started in 2016, allows users to send money to other bank accounts through their registered mobile phones. It is sent instantaneously and this can be done at any point during the course of the day. This article is about UPI International Transfers.

How to Track a Wire Transfer

How to Track a Wire Transfer

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In this day and age, the ability to wire money across the globe is a necessity. International wire transfers mostly occur through the SWIFT network. A wire transfer or a bank transfer is an electronic way to transfer funds. This usually arrives on the same day but can be sent faster for a higher price. In this article, we go over how to track a wire transfer.

Wire transfer vs bank transfer: What’s the difference?

Wire transfer vs bank transfer: What’s the difference?

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There are multiple ways to transfer money to another bank account, including wire transfer and bank transfer. While both wire transfer and bank transfer methods have the same result, the process itself varies. Let’s do an analysis of wire transfer vs bank transfer.

How to use PayPal in India

How to use PayPal in India

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PayPal is an online payment system run by an American multinational company. It is a financial technology company and operates in most of the countries that use online money transfers. It is an electronic substitute to paper methods such as checks and money orders. The company processes payments and charges businesses a fee. We are now going to talk about how to use PayPal in India.

How Much Does Wire Transfer Cost 2022

How Much Does Wire Transfer Cost 2022

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A wire transfer can be used domestically and internationally to transfer funds between individuals or businesses over an electronic payment system. An international wire transfer allows individuals and businesses to move money electronically from their account to an account in another country - usually for a price. How much does wire transfer cost depends on the location where you are sending money, the bank that you are transferring money from, etc.

SWIFT Code: System, Requirements & Types

SWIFT Code: System, Requirements & Types

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SWIFT was recently in the news due to the fact that several Russian banks were cut off from the main international payment gateway because of the war. SWIFT is a widely used messaging network used by financial networks. Today we are going to explain the meaning and significance of the SWIFT code.

How long does a wire transfer take when processed internationally

How long does a wire transfer take when processed internationally

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There are various ways to transfer money, such as via checks, electronic transfer through multiple payment systems, wire transfer, etc. A bank wire transfer is a fast and secure way to send and receive money electronically, irrespective of your location. Wire transfers use bank-to-bank connections to exchange funds both domestically and internationally. Domestic transfers take less than 24 hours to clear, while international wire transfers usually take two to three business days. Let’s understand how long does a wire transfer take? depending on the destination, time and other factors.

Wire Transfer vs Electronic Fund Transfer

Wire Transfer vs Electronic Fund Transfer

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n today’s world sending money across the globe is simpler than ever before. Electronic fund transfer has changed the nature of our transactions whether it be nearby or at the other end of the globe. In this article we explain wire transfer vs electronic fund transfer.

How SWIFT Payment Works for Transferring Funds

How SWIFT Payment Works for Transferring Funds

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Because of the international payment network, today it is easy to transfer money from one bank to the next anywhere around the globe. But how is it possible? The SWIFT payment system is behind most international money and security transfers. In 2021 more than 11,000 global member institutions sent an average of 42 million transaction messages per day through the network. If you wonder what SWIFT is and how SWIFT payment works, keep on reading.

ACH Payment vs Wire Transfer

ACH Payment vs Wire Transfer

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he key differences between ACH payments and wire transfers are that ACH transfers are cheaper, more secure and easier to initiate. Wire transfers offer the advantage of speed. Wire transfers are completed instantaneously. ACH transfers take about three days. We explain ACH payment vs Wire transfer further, below.