Sending Money To India
What Are The Best & Cheapest Ways To Remit Money To India?
Sending Money To India
India is one of the highest transfer routes for remittance in the world. With almost 1.4 billion people living in India, commerce and sending money to family is extremely frequent with the Indian Rupee.
So why do people often have issues, or find it expensive to send money to India? Well, many of the larger FX firms and banks prefer not to deal with the Indian Rupee compared to other more profitable currencies. The average size of transfer, regulation in the Indian banking system, and liquidity of currency all come in as a factor here.
If you’ve ever tried using your bank to buy Indian Rupee, you’d know how much they’ve been ripping you off! Luckily there are some foreign exchange companies that can save you a lot on your transfers to India.
Our Top Picks For Sending Money To India
TransferWise is a great low-cost option for sending money to India. They will charge a small fee and a small percentage on transfers to India. TransferWise has just a $1 minimum transfer, so it’s great for frequent small transfers or large transfers. We tested a $1,000 USD to INR transfer via bank debit (ACH), and we were only charged a total of $8.17.
You’ll only be able to use bank transfers with TransferWise, but the transfer time is very fast.
Read our full TransferWise review here.
WorldRemit is second on our list for sending money to India. They also have great low fees, and accept bank transfers into Rupee. Some bank transfers from certain currencies such as USD to INR can be made same day.
WorldRemit also allows you to use Airtime to make payments to India on your mobile. Airtime payments to most networks are made instantly! So if Airtime is important to you, WorldRemit could be a good option for you.
Read our full WorldRemit Review here. Plus use the promo code “FREE” to get your first transfer fee free!
Remit2India is a newer player in the space, and allow you to send money to India from the United States, UK, Australia, Canada, and Ireland. They claim to have a fast transfer speed too, with some options allowing same day or instant transfers.
If you’re sending over $10,000(or GBP10,000) then you’re able to access special rates.
Remit2India use bank transfers to send and receive money in India.
Finally on our list of best FX providers to send money to India is InstaReM! InstaReM has near market rates and low fees. Transfers will usually take between 1-2 business days with InstaReM, however, this can sometimes be longer depending on the currency pair.
They do however have an INR 4,000 minimum transfer amount. But you’re able to send funds from AUD, SGD, HKD, INR, MYR, EUR, GBP, USD.
You can read our full InstaReM Review Here. Or go to the InstaReM website to sign up for a free account.
Who Is The Cheapest?
We ran a test to see which of the above companies came out cheapest at one point in time.
The test was for sending AUD$1,000, USD$1,000 and GBP$1,000 to India at a single point in time. So let’s see how they went….
AUD1,000 INR 50473.3
USD1,000 INR 70614.2
GBP1,000 INR 91701.3
AUD1,000 INR 50119
USD1,000 INR 70689.5
GBP1,000 INR 91138
AUD1,000 INR 50044.5
USD1,000 INR 70398.9
GBP1,000 INR 90802.8
AUD1,000 INR 49984.3
USD1,000 INR 70362.1
GBP1,000 INR 90910.7