How much time does it take to transfer money from India to the US?
SBNRI Team
answered on 30/03/2020
There are various methods to transfer money from India to the USA. Refer to the grid to choose the best medium for yourself: (Related Category: Remittance)
Transfer money from India to the USA
*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.
Medium | Average Time | Average Charges |
(A Money Transfer Operator* charging fee for transfers) | 24 hours | Rs.884.29/- per Rs.20,000/- |
Swift Transfers (Swift or Wire Transfers are done from bank branches where the SWIFT ID of the beneficiary account is required for account to account transfers) | (24-48) hours | Varies as per Bank (For eg: HDFC charges flat Rs.1000/- for transfers above $500 or equivalent transfers; ICICI charges minimum Rs.1500/-) |
Foreign Currency DD | (2-3) weeks | Varies as per Bank (For eg: Axis Bank charges Rs.200/- for issuing Foreign Currency DD; ICICI charges Rs.250/-) |
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SBNRI Team
answered on 16/11/2020
We have made a special video on how to select the cheapest medium for remittance. You can find the video below: Keeping in mind the factors mentioned in the video, which are: Final amount received Exchange rate, and Time frame (Urgency) We’d suggest you to go ahead with Transferwise whom we have partnered […]
