India money transfers

How to send money to India cheaply

Information verified correct on February 20th, 2017

Quick and easy ways to send money to India

When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to India doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the best deal.

From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to India is easy. However, do your research and shop around for the best available deal.

Compare international money transfers

Rates last updated February 20th, 2017

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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for finder.com readers. Make transfers with Bitcoin.
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 500 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Fast... Fast, low-cost transfers to 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
Payoneer International Money Transfers
Ideal for worldwide business payments ... Ideal for worldwide business payments to more than 200 countries and 150 currencies.
USD 20
Online
Rates are always
changing, click to check
your price today
Go to site More
RIA Money Transfer
No fees for bank account ... No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries.
3 - 5 days
Online
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
USD 100 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
Moneycorp Exchange Experts
Full-service specialist offering competitive exchange ... Full-service specialist offering competitive exchange rates on personal or business international money transfers.
USD 50 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
No hidden fees and a ... No hidden fees and a best rate guarantee for 60 global currencies.
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
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Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
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    How to send money to India

    in just 3 steps
  1. Locating a service icon

    Find a Service

    Select a transfer service that works for you from the comparison table above

  2. Send money icon

    Initiate the transfer

    Fill out the required information with the service and provide the funds

  3. Money arrives icon

    Receive the money

    Your recipient receives their money in the bank account or picks up their cash

Sending money to India

While the process for sending money to India varies depending on the provider and transfer method you choose, you’ll generally have to sign up for an account with the provider before you can transfer funds. You’ll need to supply your name, address, contact details, proof of ID and payment details. If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.

Once a transfer is scheduled, you’ll be provided a tracking or reference number that you can use to monitor the progress of your transfer.

Sending money to India from the United States is both easy and affordable. Be sure you compare all transfer options to choose the most cost-effective and convenient international money transfer method available.
Laws and legal documents when transferring large sums of money into India

How do international money transfers work?

An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, India. This can be done in person or oftentimes online. You can use cash or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account are made available as cash for them to pick up at a location in their country.
A beginner’s guide to starting an import/export business with India

Banks vs. money transfer companies

When you need to complete an international money transfer, you might first think of your bank. However, major U.S. banks are not typically the most cost-effective transfer method available. Banks tend to charge high fees and offer poor exchange rates when handling overseas money transfers, which means less rupees for your recipient.

You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees.

Virat sends money to India

Virat lives and works in the United States and wants to send $2,000 of his salary to his parents in Mumbai. He approaches his bank for the transfer but is shocked when he sees their low exchange rate and high fees. He researches and compares the bank’s services with those of a online money transfer company.

BankTransfer company
Exchange rate1 USD = 63.1 INR1 USD = 63.8 INR
Transfer fee$5$0
Transfer methodBank account deposit, cash pickupBank account deposit
Processing time1–3 business days2–4 business days
INR received126,200 INR127,600 INR

As you can see, Virat’s family will receive some 1,400 more Indian rupees if he sends his money through a specialist money transfer provider. He can save a further $5 in transfer fees.

Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

How to compare transfer companies when transferring money to India

  • Exchange rates. Look at this feature first when comparing providers. However, keep in mind that a company offering better exchange rates may also charge higher transfer fees.
  • Fees. Review fees that will apply to your transfer before completing any transaction. Look for a company that offers low fees. Some will even waive the fee if you transfer more than the minimum no-fee threshold.
  • Transfer methods and times. Can the transfer be placed online, over the phone or in a branch? Will they accept payment with a bank deposit, credit card or debit card? How long will it take each provider to transfer funds to your recipient? (Some companies will allow your recipient to collect the cash you send within minutes.)
  • Pickup methods. Are the funds transferred to your recipient’s bank account, or does the provider offer the option to pick up cash from an agent location?
  • Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule reoccurring payments?
  • Minimum amounts. Some money transfer providers require you to send a minimum amount, which can be inconvenient if you want to make a smaller transfer.
  • Customer service. What customer service options are available? Does the provider offer phone, email or live chat support?

Options for sending money to India from America

  • Bank transfers. Send money from your bank account to your recipient’s bank account in India. Be aware that this option generally doesn’t offer the best exchange rate or fees.
  • Money transfer companies. Companies like Xoom, Remit2India and WorldRemit make international money transfers easy.
  • Transfer services with cash pickup locations. Providers such as Western Union, Money2India, Remit2India, MoneyGram and Ria provide this service and offer multiple pickup locations in India.
  • PayPal. Use this well-known digital payment service to enjoy quick and easy transfers across international borders.
  • Checks. This old-fashioned method may take longer than other options, but international checks can still get your money where it needs to go. These can be obtained from your bank.

Emergency cash transfers in India

If you need to send emergency cash to India, exercise caution. Determine the exchange rate and any fees that apply to your transaction, and remember that you may have to fork over more money if you select the fastest possible transfer option. To ensure that you get the best deal, carefully review any transfer before you complete it.

Cash pickup locations: Western Union and MoneyGram branches in India

Companies like Western Union and MoneyGram allow you to quickly and easily send funds to be collected from thousands of agent locations across India. You’ll need to provide your recipient with a transaction reference number, and make sure he or she takes along a photo ID to collect the funds.

For larger transfer amounts, phone ahead to an agent location to make sure it has sufficient cash available for your recipient to collect.

Western Union

Mumbai

3G Tours Travels
Shop No 1oppkailash Chsvakola
Bridgesant
Mumbai, Maharashtra 400055
+91-97-69486761
Open 9:30 a.m. to 8:30 p.m. daily

Canara Bank
Pbn0 7532 89Jawahar Nagar Goregaon West
Mumbai, Maharashtra 400062
+91-22-28723829
Open 10 a.m. to 3:30 p.m., Monday to Saturday

New Delhi

Canara Bank
C4184a Yamunavihar New Delhi 110053
Delhi, Delhi 125071
+91-9654-365819
Open 8 a.m. to 6 p.m., Monday to Saturday

Indian Overseas Bank
48 Yusuf Sarai Br 1070
New Delhi
Delhi 110110
+91-11-26569431
Open 10 a.m. to 4 p.m., Monday to Friday;
10 a.m. to noon Saturday

MoneyGram

Mumbai

Vijaya Bank
Chunabhatti
Near Guru Darshan Hospital
Mumbai, 400070
+02224054950
Open 10 a.m. to 3:30 p.m. daily

Corporation Bank
Wajid House
1 C Kalina-Kurla Rd, Santacruz (E)
Mumbai, 400029
+02226666012
Open 10 a.m. to 2 p.m., Monday to Friday;
10 a.m. to noon, Saturday

New Delhi

1st Floor
Shilpa Plaza FB-4
Rewa, 486001
+07662250220
Open 10:30 a.m. to 4 p.m. daily

United Bank of India
Ground Floor
President’s Estate
New Delhi, 110004
+911123012040
Open 10 a.m. to 2 p.m., Monday to Friday;
10 a.m. to noon, Saturday

Tips for picking up cash in India

The U.S. State Department warns that you should “practice good personal security” 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.

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US International Money Transfers Offers

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HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Fast, low-cost transfers to 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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