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 New Zealand to India fast, you want simple and cheap options. Digital money transfer specialists are the best way to send money to India, offering stronger rates and lower fees than your local bank.

Send money to India with Wise

Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.

  • Fair service fees and mid-market rates – a major market differentiator
  • Next-day delivery for most currencies
  • Easy-to-use app
Promoted

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 60 1 day NZD 0.00 52.801 INR
264,005
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
NZD 250 1 day NZD 0.00 52.472 INR
262,362
Send guarantees to match any competitor’s exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
NZD 1 Within an hour NZD 3.99 52.79 INR
263,741
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
NZD 1 1 - 2 days NZD 45.00 53.002 INR
262,626
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
NZD 2,000 2 days NZD 10.00 52.472 INR
261,837
Exclusive offer: Discounted exchange rates for all Finder customers.
WorldFirst sends 60+ currencies at competitive rates. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
NZD 0 Same day NZD 0.00 52.737 INR
263,687
XE has fast transfers with competitive rates and a range of foreign currency tools. 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.

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 transfer .
  • Bank partners. Many providers list their 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 pick-ups, 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 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. For instance, as of January 2021, one New Zealand dollar was worth approximately 54 Indian rupees; but 10 years ago one New Zealand dollar was only worth 35 rupees. 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.

Back to top

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 New Zealand banks will allow you to send 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 pick-up. Western Union and MoneyGram 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 picked up from your bank.

Banks vs money transfer companies

Many New Zealand banks offer the option to send funds to India, but they 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.

Let’s crunch the numbers: Sending $1,000 to India

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 5 January, 2021.

Digital money transfer serviceCash transferBank transfer
Fee$0$5$25
Exchange rate1 NZD = 54.086 INR1 NZD = 54.609 INR1 NZD = 53.286 INR
Transfer speed1-2 dayMinutes2-5 days
Amount receivedINR 54,086INR 54,604INR 53,454
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 632 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 NZD to INR


What do I need to know about taxes?

Non-resident Indians — or NRIs in international money transfers 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 New Zealand, you’ll need government-issued ID and other documents, while documents needed to pick up money in India will vary by company.

Documents to send money from New Zealand

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

  • Identification. Most services require a driver’s licence, passport or other government-issued ID. Some services may allow you to send transfers without ID.
  • Payment method. Your service may accept credit or debit cards, cash or bank accounts transfers.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number and Indian bank account 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 licence, 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.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site