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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.
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 our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to India with an online money transfer specialist.
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.
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.
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.
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 service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | 34.88 HKD | 8.00 HKD | 65.00 HKD + additional correspondent bank fees |
| Exchange rate | 1.00 HKD = 9.4628 INR | 1.00 HKD = 9.0793 INR | 1.00 HKD = 8.69565 INR |
| Transfer speed | Same day – 1 day | Minutes | 2-5 days |
| Amount received | 94,297.94 INR | 93,226.81 INR | 86,391.28 INR |
| Verdict |
|
|
|
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.
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
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.
To send money from Hong Kong to India, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
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.
In our experience, the cheapest way to send money to India is typically either through SingX, CurrencyFair, or TransferWise.
No, unfortunately not.
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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