Find out how to send money to India at the best INR rate in four easy steps
Transfering money on a favorable day is a good way to optimize your transfer. Keep an eye on the evolution of the Indian rupee mid-market and convert your money at a favorable moment.
Select the provider with the lowest price, the shortest transfer time, highest score among customer reviews, or a good combination of the three.
In addition, it is important to pay attention to the pay-in and pay-out methods. Providers often give you the choice to transfer the money by transferring the money from your bank account or by cards (credit or debit). On the recipient's side in India, look at different options if you need the money to be deposited on a local bank account or be available for cash pick-up.
Now, simply complete the sign-up form on the money transfer provider's website (you normally have to upload some ID documents to confirm your identity), and configure your transaction.
Like you, millions of people send money to India each day. India has the largest diaspora in the world, and many of us send money back to our home country to support friends and familly living in different parts of India. Whether you send money each month or you need to make a one-off transfer for a special occasion, it's important to compare your options and use only the best money transfer services.
Indeed, based on WorldBank estimates, we calculated that the Indian diaspora is loosing 2 billion USD each year on unnecessary transfer fees and poor exchange rates. This needs to stop, so before your next money transfer, use the form above to compare the best options or select one of the best rated money transfer providers below.
The good news is that there are hundreds of options to send your money to India. On Monito, we currently compare and review 115 providers and banks allowing you to transfer money to India. But this makes the task of finding which provider is the best for you quite complicated, which is why we're here to help you.
No bank or money transfer operator is the best for all use-cases. If you want to send 1000 GBP from the UK to a bank account in India, online money transfer operators such as TransferWise or WorldRemit currently offer the best rates.
If you'd rather have your family pick-up rupees in cash at an agent location or receive the money directly on their mobile phone, we would probably recommend you to try Azimo, MoneyGram or Western Union.
Banks in India do not yet use the IBAN system to identify bank accounts for international transactions, and the SWIFT/BIC codes aren't widely used as well. The information you'll need to make a bank transfer to India is the IFSC, which is used to identify a particular branch of all banks in India, as well as the account number of the recipient.
These two elements and the full name of the recipient are usually the only information you will need to set-up a transfer with most money transfer providers listed on Monito, but some may also ask you to fill in the name and address of the recipient's bank.
You can find the IFSC for any bank in India with this calculator.
There are hundreds of banks in India to which you can send money from abroad, including the national banks, the regional banks and a lot of private banks.
Most of the providers we list in our comparison results and which we review will be able to send money to all of the banks, so chances are you don't need to worry about that.
What you should be careful about is that you use a provider which will make a local bank transfer to the recipient's bank account in India, to avoid any fees that the bank in India could apply to incoming international money transfers.