Vimal Tripathi asked on 21/03/2020

What are the Remittance options to send money to India?

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SBNRI Team
answered on 21/03/2020

There are multiple options to send money to India from abroad. Browse through the various mediums here:

 

remittance options to send money to India

 

*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, Western Union. 

 

*SWIFT: Society for Worldwide Interbank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches overseas)

 

*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located overseas to remit money to India. The equivalent amount in INR will be debited for remittance. 

 

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

Rs. 500/- + taxes

Rs. 500/- + taxes

SWIFT* TransfersBanks

(branch visit can be required)

Bank Account Transfers1-2 working daysICICI Bank

Axis Bank

Service tax on currency conversion

Non Resident Accounts: Rs.25/- + taxes (Rs.100/- + taxes for PrimeAccounts)

Summary of the table considering the multiple options to send money to India from abroad:

There are multiple options (both online and offline) to remit money to India with variable transaction costs depending on the speed and medium chosen for transfer. We have provided the best picks for each medium and category for your convenience.

 

Transfer Now

 

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