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!

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