Transferring money to and from India always involves expenses: either in the form of direct charges or due to poor exchange rates. You should arrange money transfers well in advance since they will usually take at least one week.
If you only need small amounts of money from your account abroad, you can use your bank card and simply withdraw the money at an ATM in India. The bank operating the ATM will charge a fee, however, usually a set percentage of the amount withdrawn. Even though this option can be expensive, it allows you immediate access to your money.
The quickest way of transferring money to and from India is by using on-line money transfer services, such as Remitly .
The only thing you need to do is to set up an account. The recipient does not need to do anything. You can then decide whether you want the payment to be transferred to an Indian bank account, Mobile Money, Home Delivery or a cash pick up point.
Sending money to India should usually take 3-5 working days.
If you do not have Internet access you can use the services of international money transfer companies, such as Western Union and MoneyGram .
To use a money transfer agency, you will also have to ask a friend in your home country to send you money. Your friend will have to go to the agency's office and deposit the money. You will then be able to pick it up at any of the agency's offices in India. These are usually connected to post offices. Don´t forget to bring your passport or driving licence as proof of identity!
All money transfer agencies charge high fees, so you should only consider them emergency options only. These transfers usually take about one week.
You can, of course, also send money using a regular international bank transaction. You will need the international bank account number (IBAN) and SWIFT number of both accounts. That enables you to make an international transaction.
Costs of international bank transfers depend on both your home bank and your Indian bank. Using regular bank transfers is generally a very expensive option and should only be used if there is no other choice.
Transactions between International Credit and Investment Corporation of India (ICICI) bank accounts are free of charge. Since ICICI is expanding worldwide, opening an ICICI account in your home country and in India is a cheap and easy solution to the problem of transferring money to and from India.