Sending money abroad from India can be expensive if you use the wrong method. Banks typically charge 2-5% in hidden fees through poor exchange rates. Specialized money transfer services offer much better rates and lower fees. Here's how to save thousands on international transfers.
Why You Need Money Transfer
Save on Hidden Fees
Banks hide fees in exchange rates. You could lose 3-5% without realizing it.
Better Exchange Rates
Services like Wise offer mid-market rates, saving you significant money.
Faster Transfers
Bank wire transfers take 3-5 days. Some services deliver in hours.
Track Your Money
Modern services let you track transfers in real-time.
Top 8 Money Transfer Compared
Wise (TransferWise)
Pros
- ✓ Best exchange rates
- ✓ Transparent fees
- ✓ Fast transfers
- ✓ Excellent app
Cons
- ✗ Lower limits
- ✗ KYC process
- ✗ Not all currencies
BookMyForex
Pros
- ✓ Indian service
- ✓ Good rates
- ✓ Forex + transfers
- ✓ Door delivery
Cons
- ✗ Rate varies
- ✗ Processing time
Remitly
Pros
- ✓ Fast delivery
- ✓ Low fees
- ✓ Cash pickup option
- ✓ Good promotions
Cons
- ✗ Rate markup
- ✗ Limited countries
Western Union
Pros
- ✓ Global network
- ✓ Cash pickup
- ✓ Reliable
- ✓ Many locations
Cons
- ✗ Higher fees
- ✗ Poor rates
- ✗ Old-fashioned
HDFC Bank Wire
Pros
- ✓ Trusted bank
- ✓ High limits
- ✓ Secure
- ✓ Paper trail
Cons
- ✗ Poor rates
- ✗ Slow
- ✗ Branch visit may be needed
ICICI Bank Wire
Pros
- ✓ Online transfer
- ✓ High limits
- ✓ Secure
- ✓ Paper trail
Cons
- ✗ Poor rates
- ✗ Slow
- ✗ Hidden fees
Xoom (PayPal)
Pros
- ✓ PayPal backed
- ✓ Fast
- ✓ Easy to use
- ✓ Cash pickup
Cons
- ✗ Rate markup
- ✗ Limited in India
Instarem
Pros
- ✓ Good rates
- ✓ Modern app
- ✓ Fast
- ✓ Rewards
Cons
- ✗ Limited currencies
- ✗ Newer service
How to Choose the Best Money Transfer
Frequently Asked Questions
What is the cheapest way to send money abroad from India?
Wise (TransferWise) is typically the cheapest for most transfers. They use the mid-market exchange rate and charge a small transparent fee. For ₹1 lakh transfer, you can save ₹2,000-5,000 compared to banks.
How much can I send abroad from India?
Under LRS (Liberalized Remittance Scheme), Indian residents can send up to $250,000 per financial year for permitted purposes like education, travel, maintenance of relatives, etc.
Is it safe to use money transfer services?
Yes, reputable services like Wise, Remitly, and Western Union are regulated and safe. They're often safer than carrying cash. Always use well-known services with proper licensing.
Why are bank wire transfers expensive?
Banks hide fees in poor exchange rates. They might show 'zero fees' but give you a rate 3-5% worse than the market rate. A ₹5 lakh transfer could cost you ₹15,000-25,000 in hidden fees.
How long do international transfers take?
It depends on the service and destination. Bank wires take 3-5 business days. Wise takes 1-2 days. Remitly can deliver in minutes for some corridors. Cash pickup is usually fastest.
Disclosure: Fees and exchange rates are indicative and change frequently. Always verify current rates before transferring. Times of Visa may earn a commission from transfers made through affiliate links, at no extra cost to you.