Connecting Businesses with Opportunities in India
Connecting Businesses with Opportunities in India

ENTRY INDIA - An India Business & Travel Guide


Market exchange rate as of
58 Minutes ago
65.03
30 Day Trend

Comparison of Dollar to Rupee Exchange Rates

The Indian Rupee is the official currency of India.

Non-Resident Indians (NRIs) remitted nearly $70 billion to India last year. But even so, most NRIs wonder if they are using the right service provider for sending money to India. Is it safe to use this service? How long will it take before the money reaches the destination? Am I getting competitive exchange rates? Should I wait for a few days to transfer money to India to get a better rate?

To answer these questions, we have prepared a table of financial institutions that send money to India as shown below. Exchange Rates vary by the transaction amount and the method of transfer. The rates and fee shown to send money to India are for online transfer of under $1000 from USA.

Scroll past the rate table to see the Exchange Rate Discussion Board.

Institution
 ₹ Per $ 
Type
Fee Time Comments


Axis Bank

1-855-205-5577

63.96

Fixed
0.00 5 Days
  • Get upto 25 paisa extra on your remittance to any Axis Bank Account*
  • Transfer money to 150 banks in India
  • 0 Processing Fee Fixed exchange rates
  • Conveniently schedule your payments with recurring payment facility for ACH Transfers
  • Get an exciting gift on your first remittance
  • Track your remittances anywhere & anytime
  • For assistance contact nri.services@axisbank.com or call (1-855-205-5577) Toll-free


ICICI Bank

1-866-424-2448

64.21

Fixed
2.00 2 Days
  • Remittance Service Charge of $2.00 (inclusive of service tax @10.30%) for amounts of $1000 or below
  • Fixed exchange rates
  • ACH mechanism of transfer into any ICICI Bank Remittance card or into any resident Visa Debit Card account issued in India
  • Money deposited into any ICICI bank account with over 2,500 branches in India OR into bank accounts with over 100 banks in India
  • Other Delivery Mechanisms: Demand Draft, Cash


IndusInd Bank

+91- 22- 4406 6666

64.45

Fixed
0.00 3 - 5 Days
  • $0 fees to transfer to any Bank in India
  • Exchange rates are guaranteed, locked-in
  • Regular users of IndusFastRemit are automatically upgraded to faster payments
  • Bank uses ACH mechanism to transfer funds
  • It takes 3-4 days before the money is available in the Indian account
  • Other Delivey Mechanisms: By Direct Depost to any IndiusInd Bank account and by Cheque


Moneydart

1-866-372-3874

64.74

Fixed
3.00 2 - 3 Days
  • Money2anywhere.com, has $0 fees for above $1000 transactions and $3 fees for below $1000.
  • Guaranteed Exchange Rate
  • Bank Transfer (ACH mechanism) takes 24-48 hrs for transfer
  • Unlimited amount for bank deposit or draft delivery at home
  • Bank draft delivery at home takes 3 days only
  • Xpress Money option delivers cash at agent locations immediately (Rs. 50,000 max.)


Remit2India

1-888-736-4886

64.31

Indicative
5.00 2 Days
  • Free $25 Amazon voucher on first transaction   
  • Zero fees for transfer above $999
  • Option to choose guaranteed or indicative rate
  • Transfer takes 4 days* for ACH and 1 day* for wire transfer
  • No upper limit on transaction
  • Method of receiving in India is bank deposit
  • Get Rs. 1000 with every referral, who registers and transacts
  • For assistance, mail at info@remit2india.com or call toll free at 1-888-736-4886


RemitLite

1-855-346-5820

64.94

Indicative
2.99 6 Days
  • Transfer Fee as low as USD 2.99
  • Pay Modes: (a) ACH Transfer (Direct Debit) (b) Wire Transfer (Guaranteed Rate Transfer)
  • Simple and Clutter-Free Website, with a seamless transacting experience
  • Handy FAQs, for all possible queries
  • Get in touch with us at service@remitlite.com


Remitly

1-888-REMITLY

65.15

Fixed
1.99 4 Indian banking hours (Express) or 3 business days (Economy)
  • $0 fee for transfer over $1000. Fee of $1.99 for transfers below $1000.
  • Guaranteed Exchange Rate
  • Take 3 business days to transfer from your Bank account
  • Deposits can be made to all the major banks in India
  • 100% Money-Back Guarantee
  • 24/7 Customer Support


Ria Money Transfer

1-877-443-1399

64.63

Fixed
0.00 3 Days
  • $0 transfer fee via debit card
  • Great exchange rates
  • Deposit to almost any bank in India within 24 hours
  • Cash pick-up available
  • 100% Money-Back Guarantee
  • More than 230,000 Worldwide Agent Locations in more than 130 Countries


State Bank of India

1-212-521-3284

64.40

Indicative
0.00 4 - 5 Days
  • $0 fee for online transfer to SBI Banks and fee of Rs. 6 for online transfer of amount less than $500 to any other bank
  • Foreign Currency Conversion charges of Rs.250/- levied on every remittance.
  • Service tax of .14% or Rs. 35 (whichever is higher) for amounts upto Rs. 100,000 received in India
  • 2 days for transfer to account in SBI bank and 4-5 days to accounts in other banks
  • Min remittance amount in a single transaction is $50
  • Max remittance of $10,000 in a single transaction to account in SBI and of $5000 in account with any other bank
  • Other Transfer modes: Instant transfer, SWIFT/Wire transfer, Draft Cashier's Cheques and Foreign currency cheques.
     


TRANSFAST

1-888-973-6383

64.66

Fixed
0.00 3 Days
  • Highest Locked-In Exchange Rate Guarantee
  • Instant Bank Deposits to Bank Across India
  • Cash PickUp to Over 20,000 Location Across India
  • No fee for transfers over $1,000
  • Minimum amount to send $50, Maximum amount $2,950
  • 24/7 Customer Service and Live Web Chat
  • Accept ACH & Credit Card for payment
  • Remittance can also be made in person at their agent location


Western Union

1-877-989-3268

63.87

Fixed
10.00 3 Days
  • The rate shown is for the city of Edison in New Jersey, USA. The exchange rate differs depending on the location of transfer (over 47000 locations in US)
  • Rate given at the location of transfer is Guaranteed
  • Money in 3 business days: Fees of $10
  • Best option in case of emergency, money received with-in mins
  • Send money by visiting agent location or online direct bank transfer/credit/debit card
  • Receive money by direct credit to bank account (including NRE/NRO) or cash pick up at a western union agent location


Xoom

1-877-815-1531

63.20

Fixed
4.99 1 - 4 Hours
  • Fee of $4.99 if paid with a US Bank account and fee of $29.99 if paid with Debit/Credit card. This fee is based on $1000 transfer.
  • Guaranteed Exchange Rate
  • Bank deposits within 24 Hours to most bank accounts in India
  • Other modes of delivery in India: Cash Pickup by recipients, Cash Delivery

Discussion Board

Blindly go for Remitly..

Yes the rates specifed here are not actuals.

But you always gets the best rate on Remitly. I always comapre with other sites Remitly will be best to send and very good customer service.

Next to Remitly, Transfast will have a better rate but it will have always 5 to 30 paice lesser than remitly.

Use Economic transfer instead of fast transfer still you can save money a lot.  

 

     
Best Bank Service for IT Outsourcing Business in India

Hey, I have recently started the IT outsourcing business in India. What will be the best serivice in India to get the best exchange rate. Currently I have an proprietery account in SBI. I just found this site and realized that SBI is charging foreign conversion charges on every remittance. also 

  • Min remittance amount in a single transaction is $50 and mx $250.

While I dont see above in AXIS Bank. Does it mean AXIS bank is better compare to SBI. That too in AXIS bank if we opt ACH transfetr it will be fixed exchange rate. What is ACH fixed exchange rate for AXIS BAnk.Please advise if I need to change the bank.Thanks,

     
Best Bank Service for IT Outsourcing Business in India

Hello Merry,

I have the same question that you have previously, I'm also running a Call Center and now im facing same problem. Its long you post this question I Think now you can help me with this same problem. Can you please tell which bank give good exchange rate with low charges with ACH transfer?

 

Thanks in advance.

     
with Remitlite really best deal

Remitlite has the best exchange rates and good fees I have seen for both personal and business transfers. I have already saved so much money by using Remitlite, and I have never had any problems with them. Remitlite's customer care feedback  really well.

     
Transfast promotionals are fake

Their promotional rates are fake. Their Modus Operandi is to fall in the trap of their promotional rate, money is deposited with a lesser exchange rate. They then ask you to do another transfer saying that we shall adjust the difference in the next transfer. They would commit all this verbally and refrain from sending an email to honor their commitments. I felt cheated and would strongly suggest to avoid Transfast for remittance.

     
Transfast is awful.

I completely agree more with Mohta. Leave alone the promotional rate. I tried doing the transfer for the first time a couple of weeks ago, its yet to be honoured. They asked me to enter my login details and password from the bank where the money would be taken out. They are using some service provided by YODLEE. I verified on internet and found that YODLEE is an external agency which actually helps banks transfer funds. They know everthing about your bank accounts, but thats not the point; I entered the required login details, and I got a message which said that that I will receive an email regarding the confirmation of the two small deposits that they would make in my account. Neither the test amount was deposited and no email from them. They are nothing but deceivers. Don't fall into the trap. They should rather close the service.

     
Transfer money to India: Excellent insights by Transfast's CEO

Mr. Samish Kumar, CEO, Transfast shares excellent insights about sending money to India and of Money Remittance industry in this article.

     
Just Transferred

I am waiting to test it real time just transferred money. Will see how many days it will tak time to remit.

     
Save money while sending or converting

How To Transfer Money Internationally with $0 fee. I will share the cheapest method or the best hack. Conclusion came with experience of trying almost every service provider in the market available. My research says Transferwise is giving maximum for 1st time and with live lock in exchange price. You can transfer fee free value upto $4500 or 3000 or 4000 euro.

 

     
Western union

Greetings,

 

What the rate you are showing and what in the website is totally different for western union.

 

Please sync.

     

Pages

New post