Sending euros to India

Sending euros to India is straightforward because every eurozone bank account can pay over SEPA, the single euro payments system. The decisions that matter are which provider converts your money and how you pay it.

What a transfer costs

Each transfer carries a fee you can see and a margin you usually can’t: the gap between the mid-market rate and the rate the provider gives you. Eurozone banks tend to charge both a SWIFT fee and a wider margin than online providers. Compare the rupees credited for the same number of euros; our INR converter, and the rate banner at the top of this page, show the mid-market rate to measure against.

Pay by SEPA, not by card

Every provider in the table above accepts SEPA bank transfers, which are free or nearly free from eurozone accounts and arrive within hours, or instantly where your bank offers SEPA Instant. Card funding adds a surcharge big enough to erase the gap between the best and worst provider, so only use it when speed matters more than cost.

Choosing a provider

The picks above rank providers on total cost, speed and support for NRE accounts, using the criteria on our rating methodology page. Wise gives the mid-market rate and shows its fee up front; see our Wise review. ICICI Money2India is worth comparing if your Indian account is with ICICI, and Remitly and InstaReM also compete for euro transfers.

Tax on the money in India

Money you earn in Europe belongs in an NRE account: the interest is tax-free in India and you can send it back abroad freely. Most eurozone countries tax their residents on worldwide income, though, so NRE interest usually has to be declared on your return at home. NRO accounts are for income that arises in India, such as rent. Our NRI banking guide explains both, and the FD rate comparison shows what NRE deposits currently pay.

Rates and fees change often, so compare current figures before you transfer. NRIWallah may earn a commission from partner links; see how we make money.