Just like most NRIs who want to transfer money home from the US using the cheapest and safest money transfer method. You need to find the best way to send money to India from the USA while keeping the transfer fee to the bare minimum and getting the best exchange rate for USD to INR transfers.
Finding the best way to send money to India from USA can be quite tricky due to the complex money transfer process and so many options available to transfer USD to INR.
Generally, you can transfer your money directly from your US bank, where there is a chance that you may lose a lot of money in poor exchange rates, fixed fees, and hidden fees. Alternatively, you can transfer money to India from USA using dedicated money transfer services
Whatever option you choose, this guide will help you explain the money transfer process, things to look at, fees, exchange rates and how to find the best way to send money to India from USA.
In this guide, we are going to explore all the options available for USD to INR money transfers. You are going to learn some useful tips and help you minimize your cost by finding the cheapest, fastest and safest options for money transfer to India from USA.
About Money Transfers from the USA to India
| 💸 Most transferred amount | 1000 USD |
| 🏆 Most often cheapest providers | Wise (Formerly TransferWise), Remitly |
| ⚡ ️ Fastest providers | Wise (Formerly TransferWise) |
| 💰 Average Lowest Total Cost | 0.1% |
| 💰 Highest Total Cost | 8.5% |
| ⚡ ️ Fastest Transfer Time | In minutes |
| 🌎 Average Transfer Time | 1 Day |
| 💳 Pay-in Options | Bank transfer, Debit card, Credit card, Direct bank payment |
| 💵 Pay-out Options | UPI, Bank transfer (NEFT and RTGS) |
How to Transfer Money From the USA to India?
There are money ways of sending money to India from the USA, but not all the methods are suited to your needs. For example, using transitional banks to wire transfer money is NOT the best way to send money to India from the USA because it is mostly very costly and a slow process.
Popular methods like PayPal or Xoom are often used to transfer money to India from USA, but they don’t have fair pricing, the best USD to INR exchange rates, or good money transfer speed either.
The last and most recommended method is to use dedicated money transfer operators like Wise. Wise Money transfer to India is fast, easy, and cheap.
To discover the best method, let’s explore all the methods on how to send money to India from USA – from traditional US banks to dedicated international money transfer providers.
We will also compare some of the top and safest providers in the market in terms of the exchange rate, transfer fee and transfer speed to find the best way to send money to India from USA.
Option 1: Money Transfer From USA to India via Local Banks – High fees and Poor Exchange Rate [Not Recommend]
The very first option that may come to your mind is a bank wire transfer via your US bank account. It might sound like the most obvious option, but we don’t recommend you this option for one specific and simple reason – it is the most expensive option.
When you transfer money from the USA to India, there are two main costs you need to look out for:
- Transfer Fees
- Exchange Rates
Banks typically charge a high fixed fee for international money transfers and on top of that offer a very bad USD to the INR exchange rate in the market.
Altogether, you may end up losing 5% to 8% of the total amount in the exchange rates and wire transfer fee.
This means, that if you are sending $1000 (INR 82,798 with the current rate), you could lose up to $50 to $80 (₹4,140 to ₹6,620) on bank fees, exchange rates, and hidden fees.
Here is a quick breakdown of USD to INR transfer fees from top US banks
Expensive Fixed Bank Fees
If you use your local banks to transfer money to India from USA, you are going to use an international “wire transfer” service. The US banks change high fixed fees on international wire transfers.
Here is the fee structure that the top US banks charges to transfer money to India.
| US Banks | Fixed Fee |
| Citibank | $35 to $45 depending on the transfer method |
| Bank of America | $35 to US$40 |
| PNC | $45 |
| US Bank | $50 |
| Capital One | $50 to $60 |
| Wells Fargo | $30 to $50 depending on the sending currency |
| TD Bank | $40 |
| JP Morgan Chase | $45 branch, $40 online |
The US banks fees may vary on the method and the currency that you are sending, as well as it also depends on if you are using the online service or visiting the local branch.
Poor Exchange Rate on USD to INR Money Transfer
The biggest reason why we don’t recommend bank wire transfers because most banks don’t have any transparency in exchange rates on international transfers. Since we don’t know the actual bank rates on USD to INR money transfers, we can assure you that they are the worst possible rates based on the base rates or mid-market rates.
The money lost on non-transparent rates and poor exchange rates is known as the “hidden fee” that most banks are infamous for. This means that the recipient will get a different amount when you send money abroad, and that may be quite shocking!
According to a study by Monito, the FX rates margins on small transfers by the top US banks are generally up to 25% worse than the mid-market exchange rate, while for bigger transfers (above $300) it may be around 5% to 10%. The study primarily analysed the rates offered by Bank of America and Wells Fargo.
Other Hidden Fee Charged by US and Indian Banks
When sending money to India from USA, you may also end up losing some additional money on hidden fees such as
- Correspondent bank fee If the international transfer goes through an intermediary or correspondent banks it is usually around$15.
- The recipient’s bank in India may also charge some extra fee to facilitate the transfer.
US Banks USD to INR Transfer Daily Limits
Some big US banks also impose a daily limit on the amount of bank transfer from USA to India. The daily limits are mainly on a large amount of USD to INR money transfer.
For example, JPMorgan Chase had a daily limit of $100,000.
Bank of America and Wells Fargo have daily limits depending on your account history.
Due to daily limits, you may have to transfer money to India from your US bank several times, which also means that you may end up losing more money on fixed and hidden fees.
This is why banks are not the best way to send money to India from the USA.
Specialized Money transfer companies like Wise (Formerly TransferWise) don’t have daily limits, therefore they offer a more flexible and convenient money transfer solution to send money from the USA to India.
Option 2 — Specialized Online Money Transfer Companies – Best way to Send Money to India from USA [Recommended]
If you want to find the best way to send money to India and want to get the best money transfer rate on USD to INR transfer, then specialist money transfer services are the best options.
Money transfer providers like Wise and Remitly will be your best option to convert your US dollars to INR and send them using some top methods like UPI and bank transfer (NEFT and RTGS).
These companies are specialized in sending money abroad and they offer you the best rates currency exchange rates of USD to INR, far better than US banks. These providers also have a low fixed fee and no hidden fees, giving you the best and cheapest way to send money to India from the United States.
What are the Best Ways to Send Money to India from the USA?
Whenever you compare the best way to transfer money overseas, there are 3 main things that you need to look at in each provider – The transfer cost, transfer speed, and security.
You only need to find the balance between cost and speed – the money transfer service fee, the best money transfer rate for USD to INR, and the fastest method.
Rates to Transfer 1000 USD to INR
Transfer Time
Same Day
Pay By
Bank Transfer
Recipient Gets
₹81,998
Fastest (Tie)
Rates to Transfer 1000 USD to INR
Transfer Time
Same Day
Pay By
Bank Transfer
Recipient Gets
₹81,570
* Data as of 25th Dec 2022
When it comes to choosing the safest and most secure money transfer provider, we can assure you that we only recommended the most trusted and authorized money transfer providers. These specialized international money transfer operators are equipped with high-level security, and they are well-regulated according to the policy and guidelines established by the US government.
The Cheapest Way To Send Money to India From the USA
As we discovered with our analysis above, the cheapest way to send money from the USA to India is via Wise (Formerly TransferWise).
The race for the cheapest way to send money to India from the USA is very narrow between Wise and Remitly.
The Fastest Way To Send Money to India From USA
Remitly is the fastest provider in the USD to INR currency route, where the recipient gets the money the same day.
Wise Money Transfer to India is the second-fastest option, where the recipient gets the money in 2 days.
Online Money Transfer from USD to INR via Wise (Formerly TransferWise)
Wise (Formerly TransferWise) is a fast, easy, and simple international money transfer provider that we recommend. Wise Money Transfer to India offers is totally secure and safe to send money from USA.
The best feature of Wise is the level of transparency that they offer to its users, and undoubtedly one of the cheapest money transfer provider in the market due to its mid-market exchange rate.
Why choose Wise to send USD to INR?
- The cheapest money transfer provider for USD to INR route;
- The Fastest operator in the USD to INR route;
- Online money transfer via mobile app – sending and receiving money made easy;
- Get paid via UPI
- One of the safest money transfer operators in the market
Wise Money Transfer to India
Time needed: 15 minutes
How to Send Money to India from USA using Wise – A Step-by-Step Guide
- Go to Wise’s Website and Create a Free Account.
Sign up on Wise Website and create an account. It may take a few minutes to several hours to get your Wise account verified.
- After logging in, go to the “Send money” option
Select the “send money” option on the Wise homepage
- Check Wise Fees and FX Rate to Transfer USD to INR
You would be prompted to a Wise’s calculator page that will show the Wise money transfer fee and exchange rate, as well as how long it takes to receive the money in the recipient’s bank account.
Select the amount in USD that you want to send to India, Wise will ask you the payment method and give you different fee structure and USD to INR exchange rate. Once you put the amount, Wise will offer you the final amount that the recipient will receive. - Select the Type of Transfer
Select the type of transfer based on the nature of the transaction. If you are sending money from your personal account, select “personal”.
- Select Who are You Sending the Money to?
Select the type of recipient
- Fill in Your Recipient’s Details
Money transfer to India from USA can be done via bank account transfer (using Indian bank account details) or UPI ID
- ID verification
If this is your first transfer with Wise, it is necessary to verify your account by uploading your ID document (national ID, passport or driving licence). The verification is very quick – takes only a few minutes but in some cases, it may take up to a few hours.
- Select Your Payment Option
Wise offers different fees for different payment methods.
Once you have selected your preferred mode of payment method, you are all set to send the money to India from USA.
USD to INR Money Transfer FAQs
What are the minimum and maximum money transfer limits to send money to India from USA?
The minimum and maximum money transfer limits may vary from provider to provider
There are no minimum amounts to send USD to INR if you use Wise, while the maximum limit to send USD is USD50,000. For Wise business users, the maximum limit is between US$250,000 in unlicensed states to US$1,000,000 in licensed states.
OFX and XE have no maximum limits on international money transfers, while, Xoom also has a maximum limit of US$50,000 (if you have the required documents).
What information do I need to send money to an Indian bank account from the United States?
To send money from the US to India, you would require a photo ID (to set up an account) and the following bank details to send money to India (via bank transfer).
– Recipient account holder’s name
– Indian bank account number
– IFSC code or Swift / BIC code or Routing Number (depending on the operator)
– Alternatively, you can also use UPI ID to send money to India (using Wise or Remitly)
How long does it take to send money from the US to India?
If you are using dedicated international money transfer providers (for example Wise and Remitly) to send money to India, it may averagely up to 1 day to reach the recipient’s Indian bank account.
Wise is the fastest option to send USD to INR, which may take anywhere between a few minutes to a few hours to send money to India
How do I keep my money online safe when I send money to India?
Safety and security is the most critical part of the international money transfer process. All the money transfer providers that we promote take it very seriously, and work within the policy and guidelines laid by local government authority. Your personal data are totally safe and well protected with layers of security.
However, mistakes may happen from your side, therefore it is recommended to take some extra measures to have a safe and secure money transfer experience. Use a strong password to protect your account and protect it with additional security such as two factors authentication via SMS or email.
Last but not the least, double-check all the information before sending money overseas to avoid any issues that may occur due to incorrect bank account details.
Do all money transfer companies have a mobile phone app?
Yes. All the money transfer companies have dedicated mobile apps for android and iOS. Once you create an account, you can easily send and receive money online using your mobile phone. It is the most convenient way of online money transfer from USD to INR.
How to do Wise Money Transfer to India?
How to Send Money to India from the USA using Wise – step by step.
- Step 1- Compare Exchange Rates & Fees
- Step 2 – Create a Wise Account
- Step 3 – Fill the money transfer details
- Step 4 – Review and Pay
