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Send money to India

Shop around for the best money transfer service for sending money to India.

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Whether you are helping out family in Chennai or opening an office in Mumbai, when you need to send money from Hong Kong to India, you want simple and cheap options.

By comparing the transfer fees and exchange rates of many providers at once, you can be confident that you’re finding the best deal with the least amount of hassle.

Send money to India with WorldRemit

提供現金提取、銀行戶口之間轉賬與及Airtime匯款選擇的網上匯款服務,。
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.

  • Use promo code 3FREE to send your first three transfers with no fee
  • Easy to use with round-the-clock help
  • Get cash to family and friends in minutes
Promoted

Compare international money transfers to India

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to India with an online money transfer specialist.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day HKD 0.00 9.369 INR
93,692
Skrill能令你輕鬆匯款至多個熱門目的地,可是要留意其加上的手續費。 Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 1 Within an hour HKD 20.00 9.367 INR
93,486
提供現金提取、銀行戶口之間轉賬與及Airtime匯款選擇的網上匯款服務,。 WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups. Go to site Show details
USD 10 1 - 2 days HKD 110.00 9.405 INR
93,015
以透明的匯率,低收費及低最低金額的網上服務作匯款。 TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 5 1 - 2 days HKD 25.00 9.311 INR
92,876
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day HKD 35.00 9.405 INR
93,720
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
USD 50 1 day HKD 35.00 9.405 INR
93,720
快捷又簡單的國際匯款服務,大部分匯款收取固定的0.5%手續費。部分貨幣更不設保證金率。 InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details
USD 100 1 day HKD 15.00 9.264 INR
92,500
非Finder客戶將獲得較昂貴的匯率。 Better exchange rates for Finder customers.
可用45種貨幣匯款。 OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 9.264 INR
92,639
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to send money to India

  1. Register for an account. Supply the money transfer provider with your name, address, contact details, proof of ID and your selected payment method.
  2. Enter recipient information. Provide your recipient’s name and contact information.
  3. Choose an amount. After comparing fees and exchange rates, enter the amount you wish to transfer.
  4. Send. Complete your transaction and save any reference number you receive so that you can monitor your transfer.

You’ll need to give your recipient the transaction reference number to allow them to pick up your funds – they’ll also need to bring along a photo ID. For larger transfer amounts, phone ahead to an agent location to make sure it has sufficient cash available for your recipient to collect.

What to know when transferring money to India

  • Exchange rates. Nearly all money transfer providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
  • Transfer fees. Find out whether the money transfer provider charges a flat fee or a percentage of your transfer.
  • Bank partners. Many money transfer providers list their Indian bank partners online. See if your recipient’s bank is affiliated with your money transfer provider before initiating a transfer.
  • Transfer speed. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes.
  • Transfer limits. For large transfers, compare and find the best exchange rate — especially since money transfer providers encourage large transfers by offering low fees. For smaller amounts, consider the fees you’ll pay on top of the exchange rate.
  • Payment scheduling. Ask whether you can schedule payments ahead of time or protect your transfer against market fluctuations with a limit order or forward contract.
  • Customer service. Most companies offer customer service by Internet chat, phone, in person or by email. Make sure help will be available if you need it.

Foreign exchange rates explained

An exchange rate determines how much one country’s currency is worth in another currency. When a currency is strong, it yields more money when exchanging it for a weaker currency. India’s exchange rate is flexible which means it can change from moment to moment due to factors such as interest rates, economic stability and inflation.

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Updated: 21 Jan 2021 03:03:04 UTC

What are all the ways I can send money to India?

Western Union and MoneyGram provide the largest money transfer networks in the world, with thousands of agent locations around the globe, but it’s always smart to compare your options and see what works best for you.

  • Bank transfers. Many major Hong Kong banks allow you to wire money to banks in India. However, this option generally doesn’t offer the best exchange rates or lowest fees.
  • Money transfer providers. Companies like TransferWise and WorldRemit make international money transfers to India easy.
  • Providers with cash pickup. Western Union and MoneyGram offer the option of cash pickups from thousands of agent locations across India.
  • M-Pesa. M-Pesa is a safe, secure way to send, receive and store money through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
  • Checks and money orders. Although not a quick option, you can always send an international check overseas picked up from your bank or Hong Kong Post.

Let’s crunch the numbers: Sending $10,000 to India

Let’s say you need to send $10,000 to family in India. Here’s what you might face as far as fees and exchange rates as of 7 Jan, 2021.

Digital money transfer serviceCash transferBank transfer
Fee34.88 HKD8.00 HKD65.00 HKD + additional correspondent bank fees
Exchange rate1.00 HKD = 9.4628 INR1.00 HKD = 9.0793 INR1.00 HKD = 8.69565 INR
Transfer speedSame day – 1 dayMinutes2-5 days
Amount received94,297.94 INR93,226.81 INR86,391.28 INR
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with 7,906.66 INR more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to India in as little as 15 minutes.

Taxes when you remit to India

Nonresident Indians — or NRIs in remittance lingo — sending money to India are required to pay a 12.36% government service tax on any commission or fee paid to an agent to facilitate the exchange. Some banks and providers conveniently factor this service tax into your totals, but ask if you don’t see it listed. Sending cash to India may be limited by the Money Transfer Service Scheme (MTSS), which is created by the Foreign Exchange Management Act (FEMA) of India and enforced by the Reserve Bank of India. Transactions sent to banks typically fall under the Rupee Drawing Arrangement, but cash transfers are classified under the MTSS. According to the Reserve Bank of India’s website, MTSS transactions are capped at $2,500 USD per transaction, with a 30 remittance receiving cap per calendar year.

Laws and legal documents when transferring large sums of money into India

Documents needed to transfer money to India

To send money to India from Hong Kong, you’ll need government-issued ID and other documents, while documents needed to pick up money in India may be different by company.

Documents to send money from Hong Kong

To send money from Hong Kong to India, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Indian bank account and routing number.

Documents to receive money in India

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. An Indian Passport, Indian Driving License, Indian Aadhaar card or a similar government-issued ID is typically required to pick up cash.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

Bottom line

Sending your hard-earned money to India shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

Frequently asked questions

What is the cheapest way to transfer money to India?

In our experience, the cheapest way to send money to India is typically either through SingX, CurrencyFair, or TransferWise.

  • SingX offers both a low fee and strong exchange rate
  • CurrencyFair offers strong exchange rates and zero fee.
  • TransferWise offers strong exchange rates and competitive deals on large transfers.

Can I use Google Pay to send money to India?

No, unfortunately not.

How can I send money to India using a SWIFT code?

To send a SWIFT transfer to India from your bank you’ll need your recipient’s name, address and bank account number. You won’t need their IFSC (Indian Financial System Code) as these codes are typically only used for domestic transfers within India.

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