Send Money To India

Compare international money transfer providers with Savvy and find the cheapest way to send money to India.

Last updated on August 19th, 2022 at 10:41 am by Cate Cook

Compare ways to send money to India

India is the second-most populous country in the world and is one of the top destinations for money transfers from Australia. Millions of dollars are sent from Australia to India each year, either from family members and friends or for business purposes. Savvy has partnered with a panel of trusted international money transfer providers who can get your money to India quickly and reliably. Compare transfer providers here and find the best one for you with Savvy today.

site-logos Xe
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From $0 100
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most money

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site-logos OFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $250 1-3 days $0 50+
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OFX offers speed, security and simplicity with no hidden fees, total transparency and real people support 24/7

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site-logos Wise Money Transfer
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 1-3 days From 0.41% 53
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Send money cheaper and easier with Wise with no hidden fees.

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site-logos TorFX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $200 0-2 days $0 35
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.

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site-logos SingX
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 30
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SingX offers live exchange rates with no mark ups and only charge a nominal fee shown to you upfront

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site-logos Remitly
  Minimum Transfer Amount Transfer Speed Transfer Fee Total Currencies Available  
site-logos $0 0-2 days From $0 21
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countries

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More information on sending money to India

What are my options for sending money to India?

There are many ways to send money to India from Australia. The best way to send your transfer may depend on how much money you wish to send and how quickly you need your funds to arrive. A business transfer involving tens of thousands of dollars being sent to a company in New Delhi is a different proposition from an individual wanting to send $300 home to family in Hyderabad, for example. The options you have available for your transfer include:

  • using an international money transfer service – which is almost certainly your fastest and cheapest option to send money to India. International money transfer companies typically offer the best exchange rates and lowest fees out of any transfer method, as well as more rapid (and sometimes instant) processing times.
  • a cash transfer – a very fast method of getting money overseas, but also one of the most expensive options to transfer money to India. If you’re prepared to pay extra, you can have your money sent overseas to be collected in cash in India almost instantly. Your recipient will have to go to a money transfer office and show their ID before collecting their money in cash. However, due to the cost, it may not be the best option for you.
  • a bank-to-bank transfer – using your regular bank. This will be a slower and more expensive option, taking up to five business days to deliver the money. You won’t receive the most competitive international exchange rate and could be charged fees of up to $30, as well as your recipient potentially having to pay receiving transfer fees.
  • using PayPal to send money – which is another slow option. Your funds may be delivered to the overseas PayPal account quickly, but bank delay times of three to five days may occur to get your funds from PayPal into your regular bank account. Exchange rates often aren’t favourable compared to specialist international money transfer providers.
  • using your credit card or Apple Pay – you risk being charged international money transfer fees by the credit or debit card you use. These can be as high as 3% to 5% of the transfer amount, so it could prove to be an expensive option. Also, not all companies offering transfers to India support Apple Pay, so your options may be more limited.
  • a phone top-up or recharge – sending a phone top-up via a telco company can be a useful option if your recipient doesn’t have a bank account. However, you’ll have no say in the exchange rate you receive when the phone recharge is made and your funds are added to their phone plan, rather than being available to spend however they like.
  • sending a cheque or international money order – cheques can get lost in the post and never arrive at their destination, or it can take days or even weeks for mail to be delivered, so this is a slow and potentially risky option to get money to India.

Out of all of these options, the cheapest, fastest and most reliable way to send money to India is using an international money transfer company. Savvy has partnered with a range of reputable transfer companies so you can start your transfer today with peace of mind. All of our providers have the necessary permits and licences to provide safe and reliable transfer services, so they’re trusted partners when it comes to sending money overseas.

How do I send money to India with an international transfer service?

Setting up an account with an international transfer provider is a quick and easy process. It should take you no more than five minutes to set up an account and get your transfer on its way. Some companies have both online platforms and mobile sites, so you can arrange your transfer on the run or from the comfort of your office.

If you’re a private individual wanting to send money overseas to family or friends in India, a remittance provider such as Remitly will get your money to its destination in India with very few details required. You may need to provide proof of your ID by scanning or photographing your driver’s licence or passport before sending your money overseas. You’ll then be sent a confirmation notification informing you the transfer has been completed.

If you’re a company wanting to set up regular transfers to India, you may need to provide details of your company structure, plus ID for all the company directors when you set up your account for the first time. A business account manager, which is offered by companies such as TorFX, can assist you in setting up your business transfer account.

AUSTRAC compliance

If you intend to send more than $10,000 to India, your transfer will be reported to AUSTRAC, which is the Australian Transaction Reports and Analysis Centre. You may be asked for further information to ensure AUSTRAC compliance. For example, if you’re a company paying for goods or services ordered from India, you may be asked for proof of the sales or engagement contract. Such AUSTRAC compliance is the responsibility of the international money transfer companies; it isn’t up to individuals or businesses to make separate reports about their larger transfers.

What information will I need to complete a money transfer to India?

Before making an international transfer to India, you’ll need the precise details of who you wish to send the money to, and where they or their bank account is located.

  • if you’re transferring money to a bank account in India, you may need the recipient’s IFSC (Indian Financial System Code), which is an eleven-digit code identifying the financial institution or bank in India
  • if you’re making a cash transfer, you’ll need the person’s exact name as it appears on their government-issued ID. You’ll also need the exact name, address and location of the international transfer company office where the cash will be collected from
  • if you’re sending a phone recharge, you’ll need the name of the phone account holder and their mobile phone number

You may also need to verify your own identity when making a transfer, as mentioned, so make sure you have your passport or driver’s licence handy before you start, particularly if this is the first transfer you’ve made with that particular company. Note that not all international transfer service providers will be able to send money to all countries.

How do I compare international money transfer providers?

There are several things to think about before you send money to India. The main factors to consider when comparing different transfer providers are:

Transfer fees

There are different methods and ways to charge for making international money transfers. Some companies charge a flat fee ranging from $6 to $15, whilst others charge a percentage of the transfer amount. The percentage charged will vary from country to country, but since India is such a high-traffic country for transfers from Australia, the fees charged will often be at the lower end of the scale, ranging from 0.4% up to around 0.65% of the transfer value.

Exchange rates

Another charging method that transfer companies use is to add a margin to the exchange rate. This means you won’t receive the best rate possible for your transfer (which is known as the ‘mid-market rate’) but will receive a slightly lower rate, often in place of being charged a transfer fee. It’s worth noting that traditional banks can often add a substantial margin to the exchange rate, making them one of the most expensive options to send money to India. The higher the exchange rate, the more money will arrive in India.

How is the money to be received?

Think about how you want your money to be received in India – will it be transferred directly into a bank account, collected in cash or paid into a digital wallet or to a phone app? Not all providers offer all these options, so check the company you choose offers the transfer method you prefer.

Is India one of the countries serviced?

Not all international transfer companies deal in all currencies or offer a service to all countries, and some specialise in different parts of the globe. Make sure the company you choose deals in Indian rupees and supports transfers to India, which shouldn’t be an issue given the popularity of India as a money transfer destination.

Your payment method

Decide how you wish to pay for the transfer. Options include paying by direct debit from your bank account, using a digital wallet such as Apple Pay or Google Pay, using a credit card, a debit card with EFTPOS or in cash. As mentioned, not all companies will accept cash, credit cards or digital wallets, so check which payment method your preferred company will accept.

Payment limits

Minimum and maximum limits for transfers are set by most transfer companies. Make sure the one you choose has limits that fit in with your transfer needs. For example, some implement a minimum transfer limit of $200 to $250, but others set this at $1. Maximum transfer amounts also vary markedly, with some having a $5,000 a day limit while others offer much higher limits up to $500,000 or more in some cases (primarily for businesses).

How do I find the cheapest way to send money to India?

Frequently asked questions about sending money to India

Are international transfers to India safe?

Yes – when you use one of Savvy’s reputable and trusted transfer partners, your transfer to India will be safe. International transfer companies use the same encryption technology and identity protection that the big banks use to keep your data safe, so international money transfer providers are the most reliable and safe option.

Does my recipient have to have a bank account to receive an international transfer?

No – if your receiver doesn’t have a bank account, you can still send them money via a cash transfer or a phone recharge. Remember to only send money using these methods if you know the recipient of the money personally to minimise the likelihood of scams.

Will the receiver of my transfer have to pay a fee to get their money?

Some banks do charge receiving fees to get an international transfer, so if you choose to complete a bank transfer, there may be receiving fees your recipient will have to pay. However, if you use a transfer company, there won’t be any receiving fees payable, as most don’t use the SWIFT banking system to send money overseas.

Do I have to pay any tax to send money from Australia to India?

No – there’s no tax imposed on international money transfers sent by family members to other family members in India, as long as the money transferred to India isn’t income for services performed or over ₹50,000 in any one year.

However, if you’re regularly sending money to India as wages or to pay for services and you aren’t a family member of the recipient, the recipient will have to pay tax on the money as income, just as they would for any other income earned for work in India. If you aren’t sending money to family members or for business purposes, it’s worth checking local regulations to ensure you comply with all rules and laws applicable. 

Is it possible to cancel an international money transfer?

No – it isn’t possible to cancel an international money transfer once it has been received at the other end. If the transfer still hasn’t arrived at the destination and you realise your mistake in time, you may be able to stop the transfer in time if you act fast to cancel the transaction.

Do international transfer companies charge different fees for personal and business transfers?

Yes – there are different fees and exchange rate markups for personal transfers and business transfers. Therefore, if you intend to make regular transfers to India for business reasons, it’s worth speaking to a business account manager at a company that provides individual and personal customer service, in case you can get a better exchange rate or lower fees.

Is there anywhere in India that I can’t send money to?

This will depend on the method you choose to make your transfer to India. If you wish to make a cash transfer that requires someone to collect the cash in person, remote country areas with no international money offices nearby may prove to be difficult. If you’re sending money directly to a family member’s bank account with an online transfer through a specialist company, there shouldn’t be any physical restrictions on where it can be sent.