Best Money Transfer to India (Competitive Transfer Rates)

    by William Plotnick
Updated May 29, 2024

With tons of money transfers services out there, it can get confusing picking the right one. If you’re looking to transfer money to India, you’re in the right place!

In this article, we are going to go over the best services to use when transferring money to India. We are going to teach you how to send money to India as well as the advantages of using money transfer services over banks. There isn’t enough straight forward information on money transfers, so we took it upon ourselves to find the top money transfer services online. That way, you can get the best deal. Whether you’re looking to send money to India right now or you simply want to understand foreign exchange rates, we cover it her

Best Money Transfer Companies

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• Transfer Money Abroad in 3 Easy Steps
• Bank Beating Exchange Rates
• Same Day Money Transfer

WorldRemit Icon


• 3 Free Free Money Transfers
• Quick & International Transfers
• Easy to Use Interface

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• 4.5 out of 5 stars on Trustpilot
• Guaranteed delivery
• 3-5 days Money Delivery

Best Companies to Transfer Money to India

Finding the best money transfer services wasn’t easy, but we did it! We paid close attention to Speed, Fees, Transfer Amounts, and Acceptability to track down the best of the best.

The best money transfer service for you comes down to your situation. Ask yourself 2 main questions:

  1. How quickly do you need the transfer done?
  2. How much money are you sending?

This will help you pick the best money transfer service.

Below we listed 4 of the top licensed money transfer services:


XE is a Canadian foreign exchange company that is based online. They one of the best money transfer services and offer top of line service. They also have various free currency tools that you can use to help understand the total cost.

Below are the main takeaways:

  • Transfer Speed (minimum time)-1-2 business days
  • Transfer Fee-$0
  • Minimum Transfer Amount- $1


CurrencyTransfer is an online currency exchange company. They offer great rates and low fees getting you an inexpensive money transfer. Sending money with CurrencyTransfer is fast and easy.

Below are the main takeaways:

  • Transfer Speed (minimum time)- 1-2 business days
  • Transfer Fee-$0
  • Minimum Transfer Amount- $5,000


WorldRemit is a leading money transfer company. They help connect families and friends who need to send money to one another for a low cost. WorldRemit has a wide reach offering their customers the ability to send money to over 150 countries.

Below are the main takeaways:

  • Transfer Speed (minimum time)- within an hour
  • Transfer Fee-$4.99
  • Minimum Transfer Amount- $1


TransferWise is a British currency exchange company that has an easy to use online platform. TransferWise supports more than 750 currencies around the world!

Below are the main takeaways:

  • Transfer Speed (minimum time)-1-2 business days
  • Transfer Fee-$5.99
  • Minimum Transfer Amount- $1

How to Send Money to India

Luckily for us, there are many ways to choose from when sending money to India. You can wire a money transfer from almost anywhere, transfer money from the bank, use an application or use a money transfer service.

Whichever method you choose, you’ll most likely have to fill out the following information:

  1. Register- no matter the service, inform the provider with your first and last name, contact details, proof of ID and payment method.
  2. Recipient- who are you sending money to? Submit the beneficiary’s information.
  3. Amount- how much money are you sending? Input the amount you wish to send.
  4. Double Check-look over all of the information to ensure there are no mistakes.
  5. Reference Number- complete transaction and save your reference number.

It is important to give the recipient all relevant information, especially the reference number. Remind the receiver to bring a photo ID (driver’s license) when he picks up the cash.

Banks vs Money Transfer Companies

Sending money to the other side of the world is a breeze nowadays. The challenge today is finding the right way to send your money without paying enormous fees.

Although most U.S banks offer the service to send money to India, it doesn’t necessarily mean that they are the best option for you.

Banks and money transfer services do a great job of moving money around the world. But we want to make sure that your left with the most money in your pocket.

The bottom line is that money transfer services are more often cheaper and faster thank banks when sending money internationally.

Understanding Foreign Exchange Rates

Foreign exchange is the rate that one currency will be exchanged for another. In simple terms, the exchange rate is the amount of currency that you can exchange for another currency.

When you need to transfer money, the exchange rate is defined by how much foreign currency you will receive with your currency (works the other way around as well).

The exchange rate defines how many Indian Rupees you can get for one US dollar.

How Much Are You Sending to India?

Sending money to India isn’t a problem at all, but you should be aware of a couple of things.

Any transaction over $10,000 needs to be reported to the IRS (Internal Revenue Service).

If you send over $10,000 It is better for you to report this information because the banks transmit this information as a suspicious transaction. This is due to the Bank Secrecy Act of 1970 AKA “The Currency and Foreign Transaction Reporting Act.”

What You Need to Know About Tax

There is a government service tax that must be paid when sending money to India. The tax isn’t for everyone, rather for Non-Resident Indians (NRI).

Are You a Non-Resident Indians (NRI)?

NRI must pay 12.36% service tax on fees or commissions paid to an agent for the exchange. Most banks and transfer services factor the tax into your total. Double-check to stay on the safe side.

Sending More than $700 to a Friend?

If you are sending more than $700 (roughly 50,000 Rupees)to someone in India who isn’t family, they will need to report it. You may need to report this as well, depending on which state you live in.

For more information, check out Indian tax law.

Tips When Comparing Money Transfer Services

We put together some key tips to help you stay protected and get the most out of your money. Before you choose a money transfer service, scan over the following

  • Exchange Rates- one of the main ways money transfer services make a profit is by raising the exchange rate. Make sure to compare the rate to the mid-market rate. Look for the smallest margin between the rates.
  • Fees- most money transfer services charge fees for their service. There are usually 2 types of fees that money transfer services choose from:
    • Flat Fees– simple, a flat price for the money transfer. For example, $12 for a transfer up $1,000.
    • Percentage Fee– this is a percentage of the total money transaction. For example, 2.5% of the total transfer amount.
  • Transfer Methods- there are different manners to send money internationally. Some of the methods are through banks, applications, money transfer services, etc.
  • Transfer Speed- usually, the faster you need to send money, the more expensive the transfer will be. If time is of the essence and you need to transfer money quickly, keep in mind that Western Union offers cash pickups in minutes.
  • Transfer Amounts- there are certain principles to pay attention to depending on the amount of money you transfer.
    •  Large cash transfers- pay attention to the exchange rate. With large transfers you can save a whole lot with a low exchange rate.
    • Small cash transfers- when sending small transfers, lookout for hidden fees.
  • Customer Service- it is important to have customer service if things don’t go as planned. Make sure that the service you choose provides quality customer service.

Bottom Line

In the 21st century, there are countless ways to transfer money internationally, easily and quickly!

Take initiative, doing a little research could be the difference between an expensive transfer and a cheap transfer.

Do your homework, check out the options, and look at exchange rates and fees. Those small steps could save big money and a headache in the future.

Stay aware as always!