We only list companies that are trustworthy and appropriately licensed. Our aim is to give you a comprehensive view of the regulated money transfer marketplace.
|Disclosure
MoneyTransfers aims to help users find the best money transfer provider for their needs. To support our free service, we may earn a commission from some of the providers listed in our search results. The commission may also impact the ordering of the providers shown. Our reviews are independent from this and are based on our editorial policy, research and testing of dozens of remittance providers on the market.
Table of Contents
I would use Wise for a supported online transfer, with Western Union as a zero-transfer-fee alternative when its exchange rate delivers better value.
If you already bank with HSBC or Axis, their eligible digital services can also remove charges associated with a traditional bank wire.
Compare the full rupee cost for your permitted purpose, and keep the upfront TCS requirement separate from the company’s own charges.
Search Now & Save On Your Transfer
Instantly view live exchange rates, fees & features.
Cheapest money transfers from India right now
Compare the same INR amount, purpose, funding method and bank payout, then check every fee and possible overseas deduction.
The examples below cover ₹1 lakh and ₹5 lakh transfers to popular destinations.
Last updated at 26/09/2026
INR USD
Mid Market Rate₹1 = $0.0104₹1 = $0.0104
Transfer Amount₹1,00,000₹5,00,000
1
Wise
2
Instarem
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
$1,026.44
₹1,578.00
0.0104
0.30%
Within minutes
Bank transfer
$1,013.52
₹1,600.00
0.0103
1.26%
Minutes - 24 hours
Bank transfer
$5,150.11
₹6,164.80
0.0104
0.28%
Within minutes
Bank transfer
INR GBP
Mid Market Rate₹1 = £0.0079₹1 = £0.0079
Transfer Amount₹1,00,000₹5,00,000
1
Wise
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
£777.03
₹1,534.11
0.0079
-0.12%
Within minutes
Bank transfer
£3,897.47
₹6,159.99
0.0079
-0.11%
Within minutes
Bank transfer
INR EUR
Mid Market Rate₹1 = €0.0092₹1 = €0.0092
Transfer Amount₹1,00,000₹5,00,000
1
Wise
2
Instarem
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
€903.05
₹1,491.68
0.0092
-0.35%
Within minutes
Bank transfer
€895.44
₹1,600.00
0.0091
0.75%
Minutes - 24 hours
Bank transfer
€4,526.51
₹5,961.19
0.0092
-0.39%
Within minutes
Bank transfer
INR CAD
Mid Market Rate₹1 = $0.0148₹1 = $0.0148
Transfer Amount₹1,00,000₹5,00,000
1
Wise
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
$1,453.59
₹1,513.97
0.0148
-0.28%
Within a week
Bank transfer
$7,292.41
₹5,944.34
0.0148
-0.25%
Within a week
Bank transfer
INR AUD
Mid Market Rate₹1 = $0.0149₹1 = $0.0149
Transfer Amount₹1,00,000₹5,00,000
1
Wise
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
$1,463.91
₹1,494.97
0.0149
-0.26%
Within minutes
Bank transfer
$7,339.87
₹5,925.35
0.0149
-0.28%
Within minutes
Bank transfer
INR AED
Mid Market Rate₹1 = AED 0.0383₹1 = AED 0.0383
Transfer Amount₹1,00,000₹5,00,000
1
Wise
1
Wise
Receive amount
Transfer fee
FX rate
Markup
Delivery time
Cheapest payment method
AED 3,766.92
₹1,692.63
0.0383
0.04%
Within a week
Bank transfer
AED 18,918.80
₹6,240.35
0.0383
0.03%
Within a week
Bank transfer
Table updates weekly. All information comes directly from our comparisons, provider APIs, and manual rate collection. It does not calculate your annual TCS position, so confirm whether the checkout total includes the applicable GST and TCS before paying.
Since INR rates change all the time, this table shows the cheapest options right now to send from India, while the list below covers companies that are generally competitive for different types of transfer.
Cheapest services for sending money from India
Choose the service around your purpose and documents before comparing the rate, fee and recipient-bank outcome.
9.2
Wise
Fees
0.1% - 2.6%
Exchange Rate Markup
0%
Transfer Speed
Minutes - 24 hours
"Over 15 million customers use Wise, mostly for their excellent mobile app, transparent fee structure & use of mid-market rates. Now increasingly used for larger transfers."
8.0
Instarem
Fees
$0 - $2
Exchange Rate Markup
0.3% - 1.9%
Transfer Speed
Minutes - 24 hours
"Most transfers are instant or same-day. Customers can earn rewards on every transaction."
5.9
HSBC
Fees
From $/£10
Exchange Rate Markup
3 - 5%
Transfer Speed
1 - 4 days
8.1
Western Union
Fees
None
Exchange Rate Markup
0.2% - 1.5%
Transfer Speed
1 - 5 days
Wise
Wise separates its exchange rate and service fee before you pay.
The Indian route uses Vaho Forex, an RBI Authorised Dealer Category II, and remains limited by purpose and destination availability.
Eligible UPI funding is available up to ₹1 lakh, subject to bank and service limits, while larger payments can use a bank transfer.
UPI can avoid adding a beneficiary and waiting through a bank cooling-off period, although it does not guarantee faster overseas delivery.
The quote still includes GST and applicable TCS separately, so a transparent provider fee is only one part of the INR needed.
The table below shows Wise quotes for six currencies at ₹1 lakh and ₹6 lakh.
INR
Currency pair
They get (after fees)
Transfer fee
FX rate
Markup
Delivery time
INR / AED
AED 3,766.92
₹1,692.63
0.0383
0.04%
Within a week
INR / AUD
$1,463.91
₹1,494.97
0.0149
-0.26%
Next day
INR / BDT
৳1,25,785.67
₹1,964.31
1.2831
0.15%
Within a week
INR / CAD
$1,453.59
₹1,513.97
0.0148
-0.28%
Within a week
INR / EUR
€902.36
₹1,491.69
0.0092
-0.45%
Next day
INR / GBP
£777.03
₹1,534.11
0.0079
-0.12%
Same day
INR / IDR
Rp 1,83,65,398.00
₹1,572.46
186.5880
0.14%
Next day
INR / KES
KES 1,32,082.00
₹2,261.77
1.3514
-0.02%
Next day
INR / NGN
₦14,07,696.28
₹1,722.58
14.3237
-3.54%
Next day
INR / NPR
Rs 1,56,329.00
₹2,289.47
1.5999
-0.01%
Next day
INR / OMR
OMR 390.31
₹2,780.34
0.0040
0.22%
Within a week
INR / PHP
₱64,153.06
₹1,683.39
0.6525
0.02%
Within a week
INR / PKR
Rs 2,83,852.89
₹1,773.19
2.8898
-0.04%
Next day
INR / QAR
QAR 3,694.22
₹2,809.02
0.0380
0.00%
Within a week
INR / THB
฿34,165.12
₹1,904.42
0.3483
0.00%
Next day
INR / USD
$1,026.31
₹1,578.01
0.0104
0.25%
Same day
Last updated at 26/9/2026
Scroll for more
Instarem
Instarem handles online transfers funded from your Indian bank account.
The India service operates through Instarem India, formerly Nium Forex India, under an RBI Authorised Dealer Category II licence.
You upload the purpose documents, complete Aadhaar and PAN verification plus video KYC, then add Nium as a bank beneficiary.
If your bank delays payments to newly added beneficiaries, complete that step before relying on the transfer for a tuition deadline.
Instarem’s total changes with the amount and currency, so compare its quoted service fee and exchange rate together with the applicable taxes.
The example below shows a ₹1 lakh USD transfer, allowing you to judge its recipient amount alongside Wise’s USD result.
INR
Currency pair
They get (after fees)
Transfer fee
FX rate
Markup
Delivery time
INR / EUR
€895.44
₹1,600.00
0.0091
0.65%
Minutes - 24 hours
INR / USD
$1,013.52
₹1,600.00
0.0103
1.22%
Minutes - 24 hours
Last updated at 26/9/2026
Scroll for more
BookMyForex
BookMyForex compares rates and identifies bank or Nostro charges before your wire.
Its bank fee is ₹320 plus GST, with a ₹1,180 Nostro charge applying on some routes through the selected authorised-dealer partner.
When both apply, those charges total ₹1,500 before GST on the bank fee, exchange cost, TCS and any further recipient deduction.
That is 1.5% of ₹1 lakh but 0.3% of ₹5 lakh, showing why fixed wire costs hurt smaller payments more.
BookMyForex arranges the transfer through partners including RBL Bank or Instarem, so confirm the executing dealer and its payment instructions.
I would compare its complete INR debit with Wise or Instarem for education or family maintenance after matching the same purpose.
HSBC Global Money Transfer
Existing HSBC customers can use fee-free app transfers on eligible currency routes.
Most GMT transfers have no separate transfer fee, but the displayed HSBC exchange rate still determines the recipient amount.
Market-closed rates can carry a wider spread, so compare the confirmed rate rather than scheduling around a headline zero fee.
HSBC’s standard outward-wire tariff is 0.3%, with a ₹100 minimum and ₹1,500 maximum, before applicable taxes or customer waivers.
An OUR instruction adds ₹1,200 before tax, and a separate ₹200 cable charge applies to same-currency wires.
The 0.3% commission alone reaches ₹1,500 on ₹5 lakh, so using eligible GMT can remove a meaningful charge before comparing the exchange rates.
Axis Bank
Axis gives existing customers a digital commission waiver on documented bank transfers.
The waiver removes commission that would otherwise be ₹1,000 for Savings or Prime, ₹500 for Priority and ₹100 for Burgundy customers.
It does not remove the exchange-rate cost, GST, correspondent charge or the effect of choosing OUR or BEN.
For USD transfers, Axis's OUR schedule runs from USD10 on amounts up to USD500 to USD70 above USD100,000.
A BEN instruction allows charges to be deducted from the recipient amount, which can leave a fixed invoice or tuition payment short.
Compare the digital quote using the same charge instruction as Wise or BookMyForex, rather than treating waived commission as the total cost.
Western Union
Western Union charges no separate transfer fee for online overseas bank transfers.
You pay through internet or mobile banking, while the recipient receives the transfer in an overseas bank account.
The ₹0 fee does not remove Western Union's exchange-rate margin, GST or applicable TCS from the complete INR cost.
This route is separate from the inbound cash-pickup service many Indian readers recognise from receiving money.
Use the online bank-funded service for this fee structure, since another funding or sending channel can have different charges.
I would compare the exchange rate and recipient amount with Wise because two fee structures can still produce different delivered values.
How Indian bank charges change the cost
A bank can waive the visible transfer fee and still deliver less through its exchange rate or overseas-bank deductions.
Route
Visible bank cost
Costs still to check
HSBC Global Money Transfer
Most eligible transfers have no separate fee
HSBC exchange rate and destination conditions
HSBC outward wire
0.3%, ₹100 minimum and ₹1,500 maximum
Cable, OUR, tax, FX and bank deductions
Axis digital transfer
Commission currently waived
FX, GST and OUR or BEN consequences
BookMyForex wire example
₹320 plus GST and route-dependent ₹1,180 Nostro
FX, TCS and further deductions
ICICI resident outward remittance
Current charge shown in the bank quote
GST, FX and correspondent deductions
ICICI is another option if you need branch assistance or a less common currency, but compare its complete resident outward-remittance quote before paying.
Separate transfer charges from tax collected upfront
GST applies to a calculated taxable value for currency exchange and relevant service charges, rather than 18% of the whole remittance principal.
For example, ICICI's ₹1 lakh exchange illustration uses a ₹1,000 taxable value and ₹180 GST, rather than ₹18,000 on the transfer.
From 1 April 2026, annual aggregate LRS remittances above ₹10 lakh attract 2% TCS on the excess for education or medical treatment.
Other covered purposes attract 20% on the excess, while qualifying education-loan remittances are exempt under the current provision.
For a first ₹12 lakh education remittance that does not qualify for the loan exemption, TCS is ₹4,000, compared with ₹40,000 for an otherwise taxable other-purpose payment.
TCS is creditable against income tax and can be refunded depending on final liability, but it still increases the money needed upfront.
Changing transfer companies does not reset the annual aggregate threshold, and a lower TCS category cannot be chosen by relabelling the payment.
Please share your experience with …