Need to send money to India from the UK? You might be supporting a family member, covering bills for a property or paying for travel plans. Or perhaps you’re planning to buy goods or services from an Indian provider.
Whichever is the case, you’ll need to find the cheapest and most convenient way to get your money there. One of your options is the international money transfer service Remitly.
In this guide, we’ll cover everything you need to know about making a Remitly money transfer to India. This includes how to set one up, the fees involved and how long it takes.
Remitly isnt the only money transfer specialist in town! With Wise you could save significantly when transferring internationally due to the mid-market exchange rate.
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Send money to India using Remitly - step by step
First things first, here’s how to set up your first Remitly money transfer to India¹:
- Go to Remitly.com and create or sign into your account. Alternatively, you can download and use the Remitly mobile app.
- Select ‘Send money’.
- Type in the amount you’d like to send.
- Choose a delivery method. For bank deposits, you’ll need to enter your recipient’s bank account details. For cash collection, you’ll need to choose a convenient pickup location for your recipient.
- Enter the recipient’s details, including name and phone number.
- Enter your personal details, if you haven’t already done so when signing up for your account.
- Choose how you’ll pay for your transfer - bank account, credit or debit card.
- Review your transfer and check the details carefully.
- Click ‘Send Money’ and wait for the transfer to process. You should then receive a confirmation email.
Remitly: transfer fees for India
Now, how much does it actually cost to send money to India with Remitly?
Here are Remitly’s transfer rates to India, for both its standard and express service²:
- Economy - £1.99
- Express - £1.99.
So, the good news is that there’s a flat fee per transfer, and you won’t pay any extra to send an Express payment.
But when working out the cost of an international transfer, it’s also important to factor in the exchange rate. This can make a big difference to the overall cost of the transfer, because it dictates how much of your money actually reaches the recipient.
With this in mind, let’s compare Remitly’s exchange rate to India, along with its fees - alongside another provider such as Wise. This should give you an idea of the true cost of sending an overseas payment.
Let’s imagine you want to send £200 from the UK to a family member in India³:
| Provider | Transfer fee | Exchange rate | Recipient receives |
|---|---|---|---|
| Remitly | £1.99 | 100.060 | 19,812.88 INR |
| Wise | £2.13 | 100.412 - the mid-market rate | 19,868.52 INR |
Exchange rate & transfer fee for £200 as of 22-Jan-2023
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So as you can see, getting a better exchange rate with Wise makes this particular transfer cheaper - even though the upfront Remitly fee is a little lower. This is why it always pays to compare exchange rates carefully, as well as fees.
Pricing/fees: Please see Terms of Use for your region or visit Wise for the most up to date pricing and fee information
Receiving money with Remitly in India
There are a few different ways you can receive money in India, or your recipient can. These are⁴:
- Bank deposit - via one of Remitly India’s partner banks
- UPI Virtual Payment Address
- Cash pickup.
Remitly pickup locations in India
Remitly has over 100,000 cash pickup locations across India⁴, so it should be easy to find one that is convenient for your recipient.
You can use Remitly India’s cash pickup locator to find their nearest.
Remitly: Transfer limits to India
There are some limits with Remitly on how much you can send, and they vary depending on where you’re sending to and from. You should be able to view your current sending limit in your account or the Remitly app.
The basic limits are⁵:
- £5,000 per 24 hours
- £15,000 per 30 days
- £50,000 per 180 days.
Want to increase your limits? You’ll need to provide Remitly with additional ID and documentation, such as proof of how you fund your transactions.
How long does it take to send money to India with Remitly?
Remitly offers two different transfer speeds⁶:
- Economy - 3-5 business days
- Express - within minutes (if funded by debit card).
The speed of transaction claims depends on individual circ*mstances and may not be available for all transactions
And there you have it - all the essentials you need on Remitly and India money transfers. We’ve covered everything from Remitly’s India rates to transfer times, so you should be all set.
Just make sure to compare those exchange rates carefully before hitting ‘send’ on your transfer. It’s useful to remember that providers such as Wise use the mid-market rate, which is among the fairest you can get. This means your money goes further.
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Sources used:
Sources last checked on date: 22-Jan-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
