Details of your ID documents verifying your identity such as your driver's license or passport. You will need to provide your bank account or credit/debit card details depending on how you wish to pay for your transer. Your service provider will also need the recipient's bank account details.
When sending money to India, the recipient may receive the money transfer in different ways.
Receiving money directly into an Indian bank account is usually the most cost-effective method. The turnaround time may vary depending on the payment method, the service provider you select, and the receiving bank. Some of the top banks in the country that allow their customers to receive money from overseas include State Bank of India, ICICI Bank, HDFC Bank, and HSBC Bank India.
What you need to send money to an Indian bank account.
You will need the recipient’s name, bank account number, bank name and IFSC or SWIFT code.
The first thing you need to know about receiving money through cash pick-up centers is that these transfers tend to incur higher fees when compared to bank account transfers.
If you wish to send cash to India and get the recipient to collect it in person, you may turn to companies such as Western Union, Ria, or MoneyGram. Given below are addresses of a few cash pick-up locations in India.
|Ria Cash Pick-Up Locations in India|
Pramod Communication, B 108, Ground Floor, Near Kalkaji Park, Off L-Block Road, Kalkaji, New Delhi
|Skynet Computer Solutions K-84, Shop No 3, Krishna Park Extn, Tilak Nagar New Delhi|
M/S Sanghvi K.J. Jewellers, Shop No 3, Jitekar Bldg, Sir J.J Road, Mumbai
|Supama Forex Private Limited, A 7, Bharat Nagar, Grant Road, Mumbai|
|Western Union Cash Pick-Up Locations in India|
S P Securities Ltd, M96, Middle Circle, Connaught Place, New Delhi
|Indraprastha Head Post Office, Bahadurshah Zafar Marg, New Delhi|
Bharati Jewellers, Shop No 6, Sukumar Corner, Dawood Baug Lane, J P Road, Mumbai
|Development Credit Bank Ltd, Mohamed Ali Road, M R A Marg, Opp Crawford Market, Mumbai|
You will need the recipient’s name and a desired cash pick-up location. The recipient may collect the transferred money by presenting a reference number and an acceptable form of identification document.
Recipients in India can receive money from overseas in the form of airtime top-ups on their mobile phones. You may send money to prepaid phone numbers of all the mobile operators in India, which include Airtel, Vodafone Idea, Jio, MTNL, and BSNL.
Companies such as WorldRemit offer bill payment options via international money transfers. This means you, as an expat, can pay your bills as well as your family’s bills in India.
Pay your gas, water, electricity, television, and other bills.
To pay a bill to India from outside of the country, you will need the name of the service provider and their account number. If you do not have the exact bill amount, you will need to estimate it.
The best way to send money to India is directly to a recipient's bank account. This is typically the most cost-effective option. If the recipient does not have a bank account, or needs money in a hurry, you may consider sending it in the form of a cash transfer. However, this typically comes at an added cost. Read reviews of the best international money transfer companies that send money to Indian bank accounts include XE, WorldFirst and OFX.
There are many money transfer companies that support India. The best one depends on your specific requirements such as desired transfer speed or acceptable payment methods. Whether you need to send money to a cash pick-up location or a bank account might affect your decision. This also applies if you wish to pay a bill in India from overseas.
World Remit might be your best bet for paying bills. Some of the leading companies that allow bank account transfers include OFX, XE and WorldFirst. These companies charge low margins on exchange rates, and come with transparent fees.
The cheapest way to send money to India is directly to a recipient’s bank account. This includes money transfers from countries such as the UK, Canada, Australia and the USA. Other remittance services such as money orders and cash pick-up will cost more because funds pass through third parties. Be sure to send money using a money transfer company that regularly sends money to India. There will be less money transfer costs and you will benefit from the cost savings.
Companies such as XOOM and Remitly have higher INR exchange rate margins. They can be up to 2% of your transfer amount. It is best to choose a provider that has lower costs such as OFX, WorldFirst and XE
Money transfer fees and INR exchange rate margins can affect the costs of sending money to India. This includes higher fees if cash pick-up is required. The exchange rate margin added by the money transfer company can be between 0.4% with OFX and up to 2% with companies such as Xoom and Remitly.
There is no maximum limit on how much money you can send to India, though you have to consider tax implications in your home country as well as in India. According to Indian income tax rules, money transferred from overseas to India can be taxable. If you send more than 50,000 rupees to an individual who is not your blood relative, they may be subject to taxation.
Yes, from a regulatory point of view. It is licensed in most US states. However, there have been very poor customer experiences written on Trustpilot. Customers have complained about transfers taking too long or struggling to get refunds on transfers cancelled by Remitly.
Yes. Foreigners can send money to India. It is as simple as choosing an international money transfer company that supports India as a destination country. Select the country you are sending from in the comparison table above. Choose the best remittance provider for your needs. Easy.
Western Union has varying money transfer limits. Mobile Money Transfers limit is $500 per day. Online FX International Payment limit is $10,000 per transaction. This limit can be lifted by contacting Western Union directly.
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