Find the best ways to transfer money to India

The value of the Indian Rupee (INR) against foreign currencies changes daily.

Even a small fluctuation can make a meaningful difference in how much your recipient receives.

At the moment, the average USD to INR exchange rate is 86.3528.

Over the last 3 months, the highest rate reached 87.8899 INR per US Dollar.

If you're not in a hurry, waiting for a better rate can be worthwhile.

However, if you're sending money today, WorldRemit has offered the best INR rates in the past six months (~-5.63).

Your choice of payment method affects both the cost and the speed of your transfer.

Bank transfer is currently the cheapest way to pay, while Bank transfer is typically the most expensive.

Here's an example:

• A bank transfer with Revolut may only incur a fee of $0 with a markup of 0.2% on the exchange rate.

• A credit card transfer via might cost $0 with a % markup — and potentially include cash advance fees.

Avoid using the SWIFT network for INR transfers when possible.

It tends to be slower and more expensive due to intermediary bank fees and processing times.

There are many options to receive money in India. Here are a few of the most common ones:

Bank transfer deposits

Most recipients in India prefer receiving money via direct bank deposit, as it’s secure, reliable, and widely supported.

Revolut has frequently appeared in our data as the most affordable provider for INR bank transfers.

Digital wallets & apps

Alternatively, money can be received via digital wallets like Paytm, PhonePe, Airtel Money, or JioMoney, as well as via money transfer apps like Aspora.

These platforms are growing rapidly in India thanks to their convenience and integration with UPI (Unified Payments Interface).

However, they may charge small fees when converting or withdrawing money.

Cash pickup

Cash pickup is another common option, especially in rural areas. Services like Western Union, Ria Money, and MoneyGram offer thousands of pickup points across India, and funds are often available instantly.

NRE & NRO accounts

If you’re sending money to your own Indian bank account, you may want to use an NRE (Non-Resident External) or NRO (Non-Resident Ordinary) account.

• NRE accounts are best for repatriating funds and earning tax-free interest in India.

• NRO accounts are designed for managing income earned in India (like rent or dividends), but have some restrictions on outbound transfers.

Not all money transfer providers support NRE/NRO account transfers, so check this before sending.

Money transfer providers often set minimum and maximum amounts you can send.

These limits vary by service and can impact your fees and exchange rates.

For large INR transfers, WorldRemit is one of the best providers based on our analysis of 20 services.

Their low markups and competitive fee structures make them ideal for higher-value transfers.

If you're sending more than $10,000 USD (or the equivalent in INR), your provider or Indian regulators may request additional documents, including proof of funds and the purpose of the transfer.

Faster transfers usually come with higher fees, but they can be worth it for urgent needs.

Bank transfers to India typically take 1–2 business days.

Wise has ranked among the fastest options for this method.

Debit or credit card transfers are often faster.

Xe appeared most frequently in our speed comparison for card-based INR transfers (1676 times).

Cash pickup services like Remitly or Western Union offer near-instant availability for recipients who need to collect funds quickly.

Transfers via the SWIFT network tend to be slower and should be avoided if speed is a priority.

For most standard transfers, recipients in India do not need to take any action.

However, for cash pickups or high-value transactions, identification may be required.

The most commonly accepted forms of ID include:

• Aadhaar card

• PAN card

• Passport

• Driver’s license

• Voter ID

• CGHS or ECHS cards (for government beneficiaries)

The recipient may also need to provide the sender's full name and address, the transfer reference number, and the expected amount in INR.

For larger transfers, money transfer companies may request additional documents as part of their AML (Anti-Money Laundering) checks.

Most remittances to India are sent for essential purposes, including family support, medical care, education, and savings.

Some services even allow direct bill payments or mobile recharges in India, especially if you're using a provider that integrates with UPI or local wallets.

If you're sending money for a specific reason, choose a provider that supports the right withdrawal method, whether that's a bank account, mobile wallet, or in-person cash collection.

Under the Liberalised Remittance Scheme (LRS), any citizen of India can receive up to $250,000 USD (or currency equivalent) per year.

Transfers to India are tax free, provided they’re used for covering living or travel expenses, for education, as a gift, or for medical treatment.

Transfers to relatives in India are also usually tax free. Transfers sent from India are subject to an Outbound Remittance tax of 20%, if the funds exceed 700,000 INR.