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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.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to and from 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.
Compare these providers to find which fits your needs best when sending money to India:
|Best for||Winner||Why we picked it||Good for||Go to site|
|Cash & speed||WorldRemit||At 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|
|Most locations||MoneyGram||It’s not the cheapest, but fast and effective for same-day pickup.||Cash & convenience – more than 350,000 agents across the world|
|Bank deposits||OFX||No fees and strong rates in more than 50 currencies make for easy transfers to banks worldwide.||Limit orders, forward contracts, recurring and business transfers|
|Exchange rates||Wise||Offers the mid-market rate on transfers to more than 50 countries worldwide.||Supports 40 currencies|
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.
Many major banks in Ireland 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.
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Indian bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in India — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly when possible.
Indian rupees are a popular currency, so your local bank may be able to exchange them. If your bank supports Indian rupees, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send €1,000 to family in India. Here’s what you might face as far as fees and exchange rates as of 13 May 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||€10||€1.90||€20 + additional correspondent bank fees|
|Exchange rate||1 EUR = 81.8426 INR||1 EUR = 79.0479 INR||1 EUR = 77.3263 INR|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||INR 81,011||INR 78,897||INR 75,779|
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 INR 5,000 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.
These rates may vary from your own experience, so be sure to use the comparison table to find the freshest money transfer rates.
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.
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 total, but ask if you don’t see it listed.
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.
You should stay alert when collecting funds in India. Just as you would at home, be careful when you pick up your money. 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.Back to top
To send money to India from Ireland, 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 Ireland to India, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
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 countries stacks up against each other when it comes to sending money to India.
|Rank||Country||Remittances in 2017|
|1||United Arab Emirates||$13,822,589,675|
Sending your hard-earned money to India shouldn’t cost a fortune. Compare money transfer companies that specialise in foreign transactions for the strongest rates, lowest fees and flexible delivery. Before you need to make a transfer, check out our international money transfer page for the full lowdown.
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