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.
Find out how to send money to India at the best rate in 4 easy steps.
Is the exchange rate favorable? For example, today’s USD-INR exchange rate (currently at 65.356 on the 11/15/17) is close to its highest level over the last 14 days. It might be a good time to send money to India.
There are plenty of providers offering money transfer services to India such as TransferWise, ICICI Bank, Remit2India. You will save big by comparing them all and finding the best deal for your transfer. For example, if you’re sending £1,500 from the UK, you'll save £82 by using the cheapest available service instead of the most expensive bank.
The best option varies significantly depending on the amount sent, so make sure you compare services for the exact amount you need to transfer.
Decide if you’re looking for the service with the best price, lowest transfer speed, best customer reviews, or a good combination of the three.
In addition, you may want to consider the pay-in and pay-out methods. For example, from the US, you can pay in by credit and debit card, bank transfer, or directly from your bank account. At the other end, the money can be deposited on a bank account or withdrawn in cash at an agent location.
Most online services will allow you to track your transfer until the money arrives at its destination, be it in Mumbai, Kolkota or Jaipu for example. The exact steps will vary depending on the service you choose. For example, you can discover how to make a transfer with TransferWise, which offers money transfers to India from 180 countries, here.
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.