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

transfer money to india

Submitted by Navin Pathak on Thu, 06/29/2017 - 12:18pm.

Unless there is an absolute dire need, withdrawing cash using foreign debit cards at ATMs in India is like ‘penalty’ just because you need money.

Consider this: I withdrew $325  using my Bank of America’s debit card at Citibank’s ATM in New Delhi.

For this transaction, I paid the following charges:

  • $5.00: charged by Bank of America for using Citi’s ATM
  • $2.00 charged by Citibank
  • $3.25: this is 1% of $325 that Bank of America charged me as foreign transaction fee.

So, overall I paid $10.25 as charges and fees to withdraw just a small amount of $325.  This comes out to be 3.15% of the total transaction and have yet not accounted the exchange rate difference which I could have further saved if used some better alternate to transfer money.

For Indians, who reside abroad but have bank accounts in India, they can transfer money to India online from their foreign bank accounts to their bank accounts in India and easily withdraw the money when needed.

But for foreign nationals who don’t have bank account in India, alternate to ATM transaction is use of money transfer service providers like Western Union, Xoom, Moneydart, etc.  All these service providers have the mechanisms of transferring money to you within an hour or within 1 to 2 days either at your place of stay in India or at their nearby authorized agent.  There are charges associated with this kind of online transfer but by no means they amount to anywhere close to 3% in case of ATM transactions.  TransFast, Moneydart, XOOM, Western Union for example, can transfer few thousand dollars online while charging anywhere between $5 to $15 per transaction. You can get more details from their websites: www.transfast.com, www.moneydart.com, www.westernunion.com, www.xoom.com.

The only thing you have to do with these service providers is to open up an account with them and link it with your bank account.  I strongly advise you to open up an account with these service providers before you travel to India as it might take 1-2 days before it is active.

Submitted by Navin Pathak on Sun, 06/11/2017 - 5:15pm.

Sending money to India is of special interest to every NRI with family and friends in India.

NRIs remitted nearly $70 billion to India in 2014, according to Kaushik Basu, World Bank Chief Economist and Senior Vice President.

But even after $70 billion dollars remittance later, most NRIs wonder if they are using the right service provider to send money to India. The following questions listed in order of priority can serve as the guide for answering this:

  • Is it safe to use this service?  Is the service provider safe and reliable?
  • Is the service efficient? How long will it take before the money reaches its intended destination?
  • Is the service easy to use? Can I send it on-line?
  • Does the service provider give competitive exchange rates? Should I wait for a few days to get better rates?
  • What is the money remittance fee for the transaction?

For value of Indian Rupee against dollar and other international currencies on the foreign exchange market (Forex), visit Foreign Exchange Rate Table provided by Entry India.

For safe and fast money transfer to India and to get the most competitive exchange rates available, we have prepared a list of banks.  By clicking on the URLs provided for each, you can either access the remittance service of the bank or directly check exchange rate that it currently offers.

Use the "exchange rate trend" chart provided by Reserve Bank Of India for judging "Should I wait for a few days to transfer money to India?"

Spending 10 minutes on this is likely to save you good amount of money and peace of mind.

Submitted by Navin Pathak on Fri, 09/25/2015 - 1:08am.

Updated on Aug 14, 2017

Having access to local currency (Indian Rupee) is the first and foremost important item a foreign traveler would need starting from the airport.

In the arrival section (Terminal 3) of the Delhi airport, there are currency exchange counters between immigration and customs area.

The 3 currency exchange counters are by:

  1. Punjab National Bank
  2. Central Bank of India
  3. Thomas Cook.

All the 3 counters are open 24 hours.

Difference: Though the exchange rates offered by all the three exchangers may be the same but Thomas Cook will charge fees.

Make sure that you ask for Central Bank of India’s counter since they are not as strategically located as Thomas Cook and Punjab National Bank.

You can use the Airport’s interactive map to see where the currency exchange counters are located.

Entry India's Recommendation: Currency exchange rate at the airport is always lower than what you can get in the city.  So, get your foreign currency exchanged to little over what you require at the airport and when you are in the city visit branch of any bank or authorized non-banking exchangers to get the rest of foreign currency converted to India Rupees.