How to send money to India
Find out how to transfer money to India with the best INR exchange rate in four easy steps
1. See if the INR conversion rate is in your favor
Although the evolution of the currency market is unpredictable, it can help you save money to stay on top of it to optimize how many you will receive for your money. Keep track of the exchange rate and send the money when the rate is at its highest level of the past days.
2. Go with the best deal by comparing the available services.
There are many different money transfer companies to make money transfers to India, such as TransferGo, TransferWise, Western Union, MoneyGram, OFX. Sending money with the right money transfer provider from the more than 34 available options is the best way to save money.
3. Choose the best option for your transfer
Which criteria is the most important for you? Exchange rate and fees, speed of the transaction, number of positive evaluations? Consider the pros and cons before deciding which provider to use.
Another important aspect is to consider the options to pay for the transfer and receive the money. You can often have money transfer providers giving you the option to wire the money from your bank account, others will also accept credit and debit cards. On the recipient's side in India, you often have to decide if you want the money to be sent directly to the recipient's bank account or available for pick-up in cash at an agent location.
4. Sign up and start your transaction with the service you selected
It is now time to register on the provider's online portal - be aware you will often need to give an offical ID and/or a proof of adress - and set upyour transfer to India.
Millions of people like you send money back to India every week. With over 30 million of us of us living outside India, we all need an easy and inexpensive way to send rupees back home to benefit our family, friends, and others.
Banks in neither your adopted country or India have the best fees or exchange rates for converting money into rupees. That’s why it’s vital to compare all of your options for sending money back to India so your rupees can go further. Whether you want to make a one-off transfer or you need to send money regularly, we can help you find the best options.
People from India send between $65 billion and $70 billion back home each year, that’s an average of $2,300 each. Our research shows that most people overspend by up to 5% on their transfers. Using a lower-cost provider could save people up to $3.5 billion collectively, or save you over $100 every year. We want to stop you from overpaying, so use the form above to easily compare the best-value options for money transfer, or select one of our recommended currency providers.
Stop wasting money with your bank's bad exchange rate.
We help you find the right provider for each of your transfers
Using a lower-cost provider could save you over $100 every year.
I want to transfer money to India, but which provider should I use?
There are plenty of options for sending money back to India. Here at Monito we detail over 30 specialist money transfer providers and banks for converting your money into rupees and sending it home. We know that’s a lot of ways to transfer currency to India, which is why we compare all of the most popular options side-by-side so you can make an informed choice.
The best money transfer provider for you will depend on several areas like how much you are sending, where you are sending from, the currencies you are exchanging between and some other factors. We take all of those details into account when recommending the best way to send money to India. For example we can tell you the best providers for sending money to India from the US or from the UK.
For most money transfer providers, you can either sign up through their websites or download their apps which will give you fast and easy access from any smart device. We provide a useful “Smart Alerts” service that tells you how currency exchange rates are changing so you can choose the best time to send money back to India. Learn more and sign up here.
The Best Ways to Send Rupees to India
There are several good options for currency exchange, depending on how the person you’re sending money to wants to get access to their rupees.
Sending Less Than $1,000 in Rupees to a Bank Account in India
If you want to send money to a bank account, we recommend using a specialist currency provider. If you’re transferring under $1,000 or equivalent, your best options include Remit2India, Pangea, Transfast, WorldRemit, TransferWise, and Remitly.
Sending More Than $1,000 in Rupees to a Bank Account in India
Banks that You Can Transfer Rupees to in India
You can normally arrange to send rupees to any of the following banks: HDFC Bank, State Bank of India, ICICI Bank, and Bank of Baroda.
Cash Pick-Up Locations in India
Some of these banks are also popular locations for picking up rupees that you have transferred. If the beneficiary wants to collect rupees as cash in India without going through a bank, then providers like Pangea, Transfast, Xoom, or MoneyGram are good options.
Xoom offers cash pickup from over 13,000 locations including partners like Ahalia, Manappuram, and Muthoot.
If you have any questions about sending rupees to India, we’re happy to help, get in touch with us now.
What information do you need to send money to a bank account in India
IFSC (ex. CORP0000883)
An 11-character code uniquely identifying bank branches in India, with the first four characters representing the bank name, and the last six the branch.
Account number (ex. 088301601000143)
The account number should be between 11 and 18 digits
Name of the recipient
The name of the recipient's bank account's holder.
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.