For an NRI living in a foreign country, there are many easy and efficient ways of transferring money to an Indian account. Out of these, each option has its distinct advantages and disadvantages to be considered. With so many online and offline money transfer options available, it’s imperative for the NRIs to have a thorough understanding of the different money transfer methods meant for them and what to consider while choosing the best out of each method.

Money Transfer Tips for NRIs

Many financial institutions offer easy banking services and money transfer options. However, an individual must evaluate the options available, on the basis of exchange and transfer rates. The NRIs need to have a clear understanding of the regulations, before transferring any amount.

Here are some tips for NRIs before sending money online:

  • Exchange Rates: While selecting the best online money transferring option, it’s always best to compare the exchange rates provided. Always choose a service partner that has the most transparent and competitive rates. Also, look for financial institutions that offer preferential rates.
  • Tax and Conversion Fee: Check for any hidden costs, service tax, and receiving or conversion charges of the financial institution before sending any money overseas.
  • Remittance Partners List:  Check for the list of financial institutions the bank has partnered with, within the foreign countries. 
  • Transaction Speed: Inspect the money transaction time and speed, that is how quickly the money is received on the other end. Usually, the transaction can take from a couple of hours to a few days to get complete. 
  • Cut-off Time: Usually banks have a cut-off time for different countries. Check for the cut-off time for each country. 
  • Currency List: Examine whether your remittance service provider can cater to your transaction currency.
  • Past Exchange Rates: Check for the daily exchange rates before making a transaction. The slightest rate fluctuation can cause significant loss or gains. 
  • Transaction Limit: Generally, banks have limits on the amount to be sent abroad. Also, some financial institutions have limitations on the number of transactions in a year. Thus, always check for the limits before making any international transfer. 
  • Working Hours: Keep a check on bank holidays and working hours and plan accordingly. 
  • Regulations: Always look over the regulations of the bank or the set of rules that govern the transaction processes. 

Different ways to transfer money to India for an NRI

Here are some of the most common ways of sending money to India for an NRI, based on speed, transfer fee, and other vital features:


With the help of a wire transfer, an NRI can directly send funds from his/her foreign account to the recipient’s NRE bank account in India. It takes up to 48 hours for a wire transfer to send and credit the money to the bank account. The service cost associated with the wire transfer is also added. Upon reaching the beneficiary account in India, the wire transfer fees may again be charged by the receiving bank. 

The wire transfer through banks is a traditional and one of the safest methods to transfer money to an NRI account in India, working on the simple process of furnishing some information such as the account holder’s name, bank account details, etc., to local banks.  

Money Transfer Companies

Money transfer companies are another way of sending money to India for NRIs. The money transfer process provided by these companies is not only simple but also much more convenient for users. An NRI can simply go to the money transfer centre, and hand over the cash, which is converted to Indian currency and then sent by the company. The exchange rate set by the company is also deducted. This money sent can be instantly received by the recipient on the other end by visiting their nearest exchange centre in India. Unlike others, money transfer companies’ exchange rates are more competitive with better transfer speed. NRI’s who want to send their money on the same day can choose this method to transfer their money to India. Also, both money transfer companies and banks provide an online portal to provide money transfers without the person having to visit the centre. 

Online Payment

This mode of money transfer is least recommended for big-budget NRI transfers, due to high exchange rates and service fees. This money transfer platform for NRI usually charges a service fee from both the paying and the receiving end. Also for this, both the sender and receiver entities should have an account with their online payment platform. 

With the advent of technology and amendments in the guidelines of FEMA, transferring money has become a much easier and simpler process. You just need to have a basic understanding of the entire process for a successful and secured transaction.