What are the Remittance options to send money to India?
SBNRI Team
answered on 21/03/2020
There are multiple options to send money to India from abroad. Browse through the various mediums here:
*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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