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Send money to India

Find fast, low-fee ways to remit to India from Malaysia.

Whether you’re helping out family in Chennai or opening an office in Mumbai, when you need to send money from Malaysia to India fatafat, you don’t want to deal with a stressful and expensive process.

By comparing the transfer fees and exchange rates of several providers at once, you can be confident that you’re finding the best deal with the least amount of hassle.

Send money to India with MoneyMatch

Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries.

  • Competitive exchange rates to more than 70 countries
  • Fast transfers that will often arrive within 1-2 days
  • Malaysia-based and government-regulated
Promoted

Find the best money transfer to India

Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to India with our money transfer partners.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Same day MYR 3.99 17.728 INR
88,570
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
USD 60 1 day MYR 0.00 17.753 INR
88,765
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 200 1 day MYR 25.00 17.749 INR
88,303
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 1 1 day MYR 45.00 17.821 INR
88,302
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 120 1 - 2 days MYR 5.00 17.675 INR
88,285
Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to send money to India

  1. Register for an account. Supply the money transfer provider with your name, address, contact details, proof of ID and your selected payment method.
  2. Enter recipient information. Provide your recipient’s name and contact information.
  3. Choose an amount. After comparing fees and exchange rates, enter the amount you wish to transfer.
  4. 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.

Sending money to India video explanation

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 pick-ups, 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 Malaysian 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 MoneyMatch make international money transfers to India easy.
  • Providers with cash pick-up. Western Union, MoneyGram and Ria offer the option of cash pick-ups from thousands of agent locations across India.
  • Cheques and money orders. Although not a quick option, you can always send an international cheque overseas picked up from your bank.

Let’s crunch the numbers: Sending RM5,000 to India

Let’s say you need to send RM5,000 to family in India. Here’s what you might face as far as fees and exchange rates as of 2 November 2020.

Digital money transfer serviceCash transferBank transfer
FeeRM8.24RM10RM30 + additional correspondent bank fees
Exchange rate1 MYR = 17.9528 INR1 MYR = 17.6583 INR1 MYR = 17.3310 INR
Transfer speed1-2 dayMinutes2-5 days
Amount receivedINR 89,616INR 88,115INR 86,135
Verdict
  • Best value
  • Fastest
  • Slowest and most expensive

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 3,481 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.

Today’s exchange rate MYR to INR

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 Malaysia, 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 Malaysia

To send money from Malaysia to India, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require other details.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
  • 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 specialise 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.

Cash pick-up locations in India

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