5 Best Ways to Money Transfer to India (2024)

FAQs

What is the best option to transfer money to India? ›

Bank or Wire Transfer:

It is one of the most common, efficient and rapid means of money transfer to India. Wire transfer is through your bank. The bank levies a fee depending on the amount. The bank offers exchange rates.

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

You can send cheques or demand drafts to a branch of your bank in India along with a letter containing instructions. This letter will carry details of the relevant account. Your money will be deposited in that account number. You can also remit payment to an Indian bank account through third-party transfer options.

The faster form of payment depends on the urgency and the amount of your transaction. If you have a transaction above Rs. 2 lakh, RTGS is a faster and more effective mode of payment. However, for any payments which are of lower amounts, NEFT is a more efficient mode of payment.

The best rate to send Indian Rupee from US Dollar to your loved ones in India is currently offered by Abound; their 1 USD to INR exchange rate today is 86.0000. Panda Remit offers the next most competitive US Dollar to Indian Rupee exchange rate today (currently 1 USD = 84.3093 INR).

No fees on your first transfer with Remitly. For future transfers, pay no fees when you send $1,000 or more.

Al Ansari Exchange provides the fastest and safest way to send money to India.

The IRS has no limit on how much money you can send to India. However, above $11.7 million USD, you'll be liable for taxes.

Send money from USA to India using Google Pay: Step-by-Step

The GPay app essentially lets users send money to India using Wise or Western Union. As a sender on the app, you will have a choice of which provider to use. Here is a step by step guide on sending money to India using Gpay: Tap on your Google Pay/GPay app.

Do I need to pay tax if I transfer money to India from USA? ›

Understanding tax implications on remittance to India

As an NRI, you are not subject to taxation on the money you send to India. However, sending money to India from overseas will have tax implications for the recipient who is a resident of India.

The minimum transaction value required under NEFT is one rupee and the maximum transfer limit can vary across banks. For example, the maximum transfer limit for NEFT through IDFC First bank is Rs. 20 lakhs per day and Rs. 10 lakhs per day at ICICI Bank.

Bank Transfer

Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.

Understanding tax implications on remittance to India

As an NRI, you are not subject to taxation on the money you send to India. However, sending money to India from overseas will have tax implications for the recipient who is a resident of India. This will depend on the purpose of the remittance.