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. 

 

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

Rs. 500/- + taxes

Rs. 500/- + taxes

SWIFT* Transfers Banks

(branch visit can be required)

Bank Account Transfers 1-2 working days ICICI 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.

 

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