Top 10 Remittance Services to India - Nov. 2018

Compare top remittance services & send money home to India in minutes!

I want to Send Money to:
1
Transfer Fees: Med
95
Users Score
2
Transfer Fees: Low
91
Users Score
3
Transfer Fees: Low
88
Users Score
4
Transfer Fees: Low
85
Users Score
5
Transfer Fees: Med
81
Users Score
6
Transfer Fees: High
79
Users Score
7
Transfer Fees: Med
77
Users Score
8
Transfer Fees: High
75
Users Score
9
Transfer Fees: High
72
Users Score
10
Transfer Fees: High
68
Users Score
Service
Regulation
Delivery Speed
Delivery Methods
Transfer Fee
Score
Transfer Money Now
1
FMA
Instant
  • Direct to Bank
  • Cash pick-up
Med
* Transfer tracking available
Main Services: International money transfers, cash pickup, remittance services, mobile transfers
Transfer Objective: One time/Recurrent
Transfer Method: Bank transfer, Phone/App, debit or credit card, cash pick-up
Min Transfer Amount: £0.01
Available in:
Extra Features:
- Locked-in exchange rates
- 145+ years of experience in moving money
- Tracking options for transfers online
- 0-3 days of delivery (depends on destination)

Time to open Account: Few minutes
2
FCA
2-5 hours
  • Direct to Bank
  • Cash pick-up
  • Mobile Transfer
Low
Main Services: Send money online, bank transfers, telephone transfers. Send money to family and friends, emigrate, buy a property overseas or make regular maintenance payments.
Transfer Objective: one off/regular transfers
Transfer Method: Electronic bank transfer, UK debit card, UK direct debit
Min Transfer Amount: £100
Available in:
Extra Features:
- Free transfer fees
- Free to open an account
- Transfers by phone, online or App
- Safeguarded customer funds
- Longstanding FX provider since 1979
Time to open Account: Few minutes
3
FCA
1-2 hours
  • Cash pick-up
  • Direct to Bank
  • SWIFT
  • Mobile Transfer
Low
Main Services: International money transfers, send money to family or friends, send money online, mobile app transfers
Transfer Objective: One time/Recurrent
Transfer Method: Bank transfer, Phone/App, debit or credit card, cash pick-up and more.
Min Transfer Amount: $15
Available in:
Extra Features:
- Ria exist in more than 140 countries and over 300K locations.
- Easy & safe to send and receive money.
- Useful for cash pickup almost everywhere.
Time to open Account: Few hours
4
FCA, ASIC
Up to 24h
  • Direct to Bank
  • Cash pick-up
  • Mobile top-up
Low
5
FCA
24-48h
  • Direct to Bank
  • SWIFT
Med
81
6
FCA
More than 48h
  • Direct to Bank
High
79
7
FCA
More than 48h
  • Direct to Bank
Med
8
FCA
More than 48h
  • Direct to Bank
  • Mobile Transfer
High
75
9
FCA
24-48h
  • Direct to Bank
  • Mobile top-up
  • SWIFT
High
10
FCA
24-48h
  • Cash pick-up
  • Direct to Bank
High
68

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Top10moneytransfer.com is an independent professional comparison site that provides users with free and valuable information on leading money transfer services. Top10moneytransfer.com is supported by referral fees from listed companies. We do not provide a listing of each and every company in the market. We do not guarantee 100% accuracy of the information. The information which appears on this site is subject to change at any time. We aim to help users make an informed choice that best suits their particular needs.

Frequently Asked Questions

One of the first things that you need to do when considering an international money transfer is to make a research of the providers, including exchange rates, speed of transfer, and credibility of the companies which you are considering (for example, both Western Union and Moneygram as the two biggest players, for instance, offer $0 transfer fee from your bank to the State Bank of India, HDFC, and other major banks). 

Follow the link to get the main checklist on how to compare. 

  • Bank transfers. Many major banks can safely wire your funds to India. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll typically receive.
  • Online money transfer services. Companies like TransferWise and WorldRemit make international money transfers to India easy. They offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account, a credit or a debit card. 
  • Providers with cash pickup. Trusted providers like  Western Union, Money2India, Remit2India, MoneyGram, and Ria offer the option of cash pickups from thousands of agent locations across India. (For example, Western Union has more than 100,000 agent locations in India, while the MoneyGram has 40,000 local pick-up points) They offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes.
  • M-Pesa. M-Pesa is a safe, secure way to send money to India through your mobile phone or an app. Top up your account at one of more than 287,000 agent locations and then send money to loved ones, who can visit an agent to withdraw their funds.
  • In most cases you will need a valid I.D. presented at some point. In some cases the recipient personal data might be required as well. Please check the local regulations of the sending location & agent.
  • If sending to a bank account, you also need your recipient’s bank name and account number.
  • If sending to a mobile wallet, you also need your recipient’s mobile number with international dial code.

The limit per one transfer may vary depending on the conditions of the provider that you are using. For example, the maximum amount per transaction through Western Union is USD $5,000. Local country laws may further limit payment amounts.

Daily payment limits for India may vary from  500 thousand INR to 2500 USD per day depending on the provider that you are using  (because of Indian regulations); Pay attention that some of the agents, like Remit2India for example, have also the minimum amount limit per transaction (50USD at Remit2India specifically ). Maximum cash payout amount for all Indian nationals and all residents (India or Foreign) is 50,000 IN Rupee; payouts over 50,000 IN Rupee will be paid by local crossed check only.

There is no general limit on sending money to India. But, there could be a limited amount per year per person for tax-free transactions, which once exceeded is a subject of taxation for the sender. (For example no more than US $14,000 per person per year for tax-free transactions from the USA to India.) Please check the local regulations of the sending location.

Depending on the type of remittance and the provider you are using, the transfer could be available to your recipient in India anywhere between few minutes and few days. Please check the specific conditions fitting your case. The process of receiving a money transfer in India will vary by provider and delivery method. In general, your recipient will provide ID or a confirmation number for the transaction to receive your funds. If your recipient owns an account with an Indian bank or money transfer company, they may not need to provide this information each time you send money.

Most of the financial institutions have online tools on their website that allow you to track the money transfer. If you have carried out the money transfer to India via a bank, you can track your transaction by the tracking number and beneficiary’s account no. on the bank’s website.

When you send money via services like Xoom, Western Union, or Remit2india, both you & your receiver can always track your transfer from the account on their website. Some of these institutions even provide updates via email and SMS where the sender and the receiver can keep a check on the status. A few companies like ICICI’s Money2India and Xoom have mobile apps that enable customers to check the status of transfer on their mobile devices.

Your recipient in India could be on the hook for a gift tax as regulated by the Indian Income Tax Act.

In general, if your recipient is a “blood relative” — including, siblings or in-laws — they do not pay tax on any amount that you send. Your recipient also won’t pay tax on any money sent as part of an inheritance or a wedding gift.

However, if your recipient is not related to you, any amount over 50,000 rupees (about $750, depending on the exchange rate) that you send is taxable and must be declared as income.

Nonresident Indians — or NRIs in remittance lingo — sending money to India are required to pay a 12.36% government service tax on any commission or fee paid to an agent to facilitate the exchange. Some banks and providers conveniently factor this service tax into your totals, but ask if you don’t see it listed.

When you’re sending money overseas, in many cases you’ll need to convert the funds you send into another currency, such as U.S. dollars into Indian rupees. But the provider or agent will convert the currency anyway, so you don’t have to deal with it yourself. Generally, Agent locations only accept cash in local currency. The receiver in India will be paid out in Indian rupees.