INR converter

How your money gets to India

A transfer to India has four steps, and each one can cost you something.

1. You pay the provider, by bank transfer, direct debit or card. Card payments usually carry a surcharge.
2. The provider converts your money into rupees. This is where most of the cost sits: the provider buys rupees at the mid-market rate and gives you a slightly worse one, keeping the difference.
3. The provider sends the rupees to India, over IMPS for near-instant credit, NEFT or RTGS through an Indian partner bank, or SWIFT for a traditional wire.
4. Your Indian bank credits the account. Money arriving by SWIFT can attract an inward remittance fee from the receiving bank; money arriving by IMPS or NEFT usually does not.

What a transfer really costs

Add up three things: the exchange-rate margin, which is the gap between the mid-market rate you see on Google and the rate you are given; the transfer fee; and any receiving fee at the Indian end. Providers rarely show all three together, so the only reliable comparison is the amount credited in rupees for the same amount sent. The calculator above and the comparison table both work that way.

Which account to send to

Money you earn abroad belongs in an NRE account. The interest is tax-free in India, and both the money and the interest can be sent back abroad whenever you like. An NRO account is for income that arises in India, such as rent, dividends or a pension; its interest is taxed in India, and you can send up to USD 1 million a financial year from it abroad. Several providers credit NRE accounts directly over IMPS, which avoids the SWIFT receiving fee. Our NRI banking guide explains both accounts.

Ways to pay less

• Pay by bank transfer, not card. The card surcharge is often bigger than the difference between providers.
• Send less often, in larger amounts, if your provider charges a flat fee per transfer.
• Send on weekdays. Some providers widen their margins at weekends, when currency markets are closed.
• Measure every quote against the mid-market rate. The gap, in percentage terms, is what the conversion is costing you.

Guides by currency

Providers, payment methods and local rules differ by country, so each currency has its own guide: US dollars , UAE dirhams , Saudi riyals , Canadian dollars , Australian dollars , Singapore dollars , euros , New Zealand dollars , Swedish kronor and Japanese yen . For everything else about managing money in two countries, start with the NRIHub .

The provider picks above are scored on total cost, speed, NRE account support and transparency, using the criteria on our rating methodology page. NRIWallah may earn a commission from partner links; see how we make money .