Send money to India

How to send a fast, secure and low-cost money transfer to India from Ireland.

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Online money transfer companies usually offer the lowest fees and the most competitive exchange rates, but you’ll need to send cash if your recipient doesn’t have an account with a supported bank.

Send money to India with XE

XE specializes in a wide range of foreign currency solutions and offers an affordable option when you need to send money overseas.

  • Send money to 170+ countries
  • Competitive exchange rates that are often better than banks
  • Transfer up to $500,000 online
  • See exchange rates in real-time
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Compare ways to send money to India

Name Product Minimum Transfer Transfer Time Transfer Fee
Azimo - Global
Azimo - Global
GBP 10
1 day
Varies
CurrencyFair - Ireland
EUR 5
1-2 days
Varies
InstaRem - Ireland
EUR 200
1-2 days
0.25-1%
MoneyGram - Ireland
USD$1
1 day
EUR€3.00
OFX - Ireland
EUR 100
1-2 days
EUR 0
TransferWise - Ireland
EUR 1
1-2 days
Varies
WorldFirst - Ireland
EUR 1,000
1-4 days
EUR 0
WorldRemit - Ireland
EUR 1
Same day
Varies
XE Money Transfers - Ireland
EUR 1
1 day
EUR 0
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Compare up to 4 providers

*The offers compared on this page are chosen from a range of products Finder Ireland has access to and are not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms “best” and “top” are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products. The star ratings indicated on this page are from real finder users based on their feedback about the quality of this page. It is not representative of any product’s star ratings and should not be taken as a recommendation of any form of credit. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

How to send money to India

  1. Register for an account. Supply the provider with your name, address, contact details, proof of ID and your selected payment method.
  2. Sending to who? Provide your recipient’s name and contact information.
  3. How much? Choose the amount of money you wish to transfer.
  4. Almost there… 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.

The best services for money transfers to India

Compare these providers to find which fits your needs best when sending money to India:

Best forWinnerWhy we picked itGood forGo to site
Cash & speedWorldRemitAt speeds that often beat its own estimates, you can get money to India quickly via bill payments, airtime top up or bank transfer. With no minimum transfer limits, good for smaller transfers
Go to site
Most locationsMoneyGramIt’s not the cheapest, but fast and effective for same-day pickup.Cash & convenience – more than 350,000 agents across the world
Go to site
Bank depositsOFXNo fees and strong rates in more than 50 currencies make for easy transfers to banks worldwide. Limit orders, forward contracts, recurring and business transfers
Go to site
Exchange ratesTransferWiseOffers the mid-market rate on transfers to more than 50 countries worldwide. Supports 40 currencies
Go to site

What to know when transferring money to India

  • Exchange rates. Nearly all 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 provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free money transfer to India.
  • Bank partners. Many providers list Indian bank partners online. See if your recipient’s bank is affiliated with your 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 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 and when 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 banks in Ireland 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.

Banks vs. money transfer companies

Many Irish banks offer the option to send funds to India, but will typically charge high transfer fees and offer exchange rates that are significantly lower than the mid-market rate — or the rate banks and transfer providers use when trading among themselves.

A reputable money transfer specialist can often offer better exchange rates and also charge lower fees, saving you money and putting more rupees into your recipient’s pocket.

Case Study: Virat sends money to India

Virat lives and works in Ireland and wants to send €2,000 of his salary to his parents in Mumbai. He approaches his bank for a wire transfer but is shocked when he sees its weak exchange rate and high fees. He compares his bank’s services with those of an independent money transfer specialist to see who offers the better deal.

Major bankMoney transfer specialist
Exchange rate1 EUR = 74.71 INR1 EUR = 75.78 INR
Transfer fee€5€0
Transfer speed
1–3 business days2–4 business days
Transfer optionsBank account deposit, cash pickupBank account deposit
Total rupees received for €2,000
149,420 INR151,560 INR

Virat discovers that his family could receive some 2100 more Indian rupees if he sends his money through a money transfer specialist. And he can save himself a further €5 in transfer fees.

Sending large amounts of money to India

While you won’t have to do anything extra to send a large amount of money out of Ireland, your receiver may have to. If your recipient is a “blood relative” (including spouses, children, grandchildren, siblings and in-laws), they won’t have to pay tax on any transfer, no matter the size. Money transfers that are part of a wedding gift or inheritance are also exempt from regulation.

All other large money transfers, though, come under the umbrella of the gift tax, regulated by the Indian Income Tax Act. This means any amount over 50,000 rupees (about EUR€642, depending on the exchange rate) is taxable and should be declared by the recipient as income.

You may also need to provide extra documentation if you’re sending a large amount, depending on the money transfer service.

What do I need to know about taxes?

Non-Resident Indians (NRIs) 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.

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


Same-day cash transfers in India

You might need to send an emergency cash transfer to India — for example, if a friend travelling through the country loses their wallet. When a fund transfer is urgent, the fastest option will often be the most expensive one. Be sure to carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.

Tips for picking up cash in India

Just as you would at home, be careful when you pick up your money in India. Take a friend along for added security and don’t display your cash unnecessarily. Avoid high-crime areas and deposit your funds into your bank account as quickly as possible.

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Cash pickup locations in India

Which countries send the most money to India?

India, the country that receives the most money transfers, saw an estimated US$69 billion in remittances in 2017, according to World Bank data. Let’s see which countries send money to India.

RankCountryRemittances in 2017
1United Arab EmiratesUS$13,822,589,675
2United StatesUS$11,714,633,011
3Saudi ArabiaUS$11,238,826,124
4KuwaitUS$4,587,413,216
5QatarUS$4,143,368,052
6United KingdomUS$3,940,789,728
7OmanUS$3,250,046,834
8NepalUS$3,015,913,314
9CanadaUS$2,876,744,463
10AustraliaUS$1,943,847,714

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