WorldRemit
- 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
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Send money to India
Shop around for the best money transfer service for sending money to India.
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.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How to send money to India
- Register for an account. Supply the money transfer provider with your name, address, contact details, proof of ID and your selected payment method.
- Enter recipient information. Provide your recipient’s name and contact information.
- Choose an amount. After comparing fees and exchange rates, enter the amount you wish to transfer.
- 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.
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 Wise 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 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.
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?
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.
More guides on Finder
-
Send money to Democratic Republic of the Congo
Compare options for sending money to the Congo DRC.
-
How to send money to Haiti
Learn how to find the best value when sending money to Haiti, including how to compare fees, exchange rates and transfer speeds.
-
Send money to Congo-Brazzaville
Compare money transfer services to find a better deal when sending money to Congo-Brazzaville.
-
Send money to China
How to send money to China from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
-
How to send money to Egypt
Due to its exotic nature, it will be difficult to find an agency or bank that is able to convert Hong Kong currency into Egyptian Pounds. The US dollar and other major currencies are widely accepted in Egypt though, giving you the opportunity to send remittances to Egypt from Hong Kong without delay.
-
How to send money to Bangladesh
Compare your options when you transfer money internationally to Bangladesh.
-
Send money to Botswana
Learn how to send money to Botswana, located on the African continent; a place where there is plenty of growth potential for businesses, investors and commodity-based resources.
-
How to send money to Denmark
How to send money to Denmark from Hong Kong, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
-
Send money to Costa Rica
Compare the services of different money transfer providers to find the most affordable way to send money to Costa Rica.