Sending money from India to the USA? You’re probably looking for the best way to do it without losing a chunk of your hard-earned money to high fees and bad exchange rates.
Whether you’re a student paying tuition, a parent supporting a child abroad, or a professional managing expenses overseas, every rupee counts. But with so many options out there, how do you know which one gives you the most value? In this guide, we’ll break down the top 4 cheapest ways to send money from India to the USA—so you can keep more of your money where it belongs, that is, with you! Let’s begin!
Factors to Consider When Choosing a Money Transfer Option
Before transferring the amount, you need to consider these key factors:
- Exchange Rates:
Look for providers with rates near the mid-market exchange rate, or Inter-bank rate (IBR). This is the exchange rate you usually see on Google. Money transfer providers usually add a markup for profit on the currency conversion.
Check Today’s Live Interbank Rates - Transfer Fees
When sending money abroad, be aware of sending bank charges, and intermediary bank charges. While some platforms offer transparency and show these fees upfront, others may have hidden fees. So always verify the final amount the recipient will get and check the total transaction cost in your bill or transaction invoice. - Transfer Speed
Transferring money from India to the USA typically takes a few hours to 2 business days, depending on the method. Online platforms are usually faster, while traditional bank wire transfers may take 3 to 5 business days. Most dedicated money transfer services complete transactions within 24 to 48 hours. - Regulatory Compliance & Security
Make sure your chosen money transfer service provider is authorised by RBI to do international remittances. Banks with an AD-I license and money changers with an AD-II license are allowed to transfer money abroad. Also choose a service with strong security measures, such as encryption of your KYC data. - User Reviews
Check the service’s Google/Trustpilot reviews. Reading reviews from actual users can help you select a reliable service. Pay attention to feedback regarding transfer speed, hidden fees, customer support, and ease of use. Does the platform offer a seamless online process? A company with consistently positive reviews is more likely to offer an easy and fast transfer experience.
Top 4 Cheapest Money Transfer Methods from India to the USA
Comparison table of the top money transfer providers:
| Providers | Exchange Markup and Fees | Transfer Limit | Transfer Speed |
| 1. ExTravelMoney | 1. Exchange Markup: 0.6%-1% 2. Platform Fee: Rs.0 3. Bank Charge: Rs.354 to Rs.590 4. Intermediary and Beneficiary Bank Fee: Rs.1500 + 0 to 15 USD 5. GST 6.TCS | Up to $250,000 per financial year | Within 48 working hours |
| 2. Wise | 1. Exchange Markup: 1.36% 2. Platform Fee: Rs.421.12 3. Bank Charge: Rs.0 4. Intermediary and Beneficiary Bank Fee: Up to USD 45 5. GST 6. TCS | Up to $250,000 per financial year | Instant and can vary |
| 3. Instarem | 1. Exchange Markup: 4-5% 2. Platform Fee: Rs.0 3. Nostro Bank Charge: Varies 4. Intermediary and Beneficiary Bank Fee: Up to USD 45 5. GST 6. TCS | Limits are set depending on bank regulations. | Up to 2 days |
| 4. Western Union | 1. Exchange Markup: 5-6% 2. Platform Fee: Rs.0 3. Bank Charge: Rs.0 4. Intermediary and Beneficiary Bank Fee: Rs.0 + Up to 15 USD 5. GST 6. TCS | For education purposes: $10,000. For other purposes: $5,000 | 1 to 5 days |
1. ExTravelMoney.com
ExTravelMoney is a trusted online marketplace for foreign exchange and remittance services in India, with a strong network of over 6,000 RBI-authorised partnered forex stores and bank branches.
- This platform helps you save up to 5% more compared to traditional bank rates by giving you access to choose from different providers, ensuring competitive rates.
- International money transfers are completed within 48 working hours, and you can track your remittance status on their website.
Transfer Limits
- ExTravelMoney does not have daily or monthly transfer limits. Instead, they follow the transfer limits set under the Liberalised Remittance Scheme (LRS), allowing customers to transfer up to USD 250,000 per financial year.
Charges and Fees
- The exchange rate markup is very low compared to other providers, starting from just 0.6% to 1%.
- ExTravelMoney has no platform fee or processing charges and no fees for registering an account. You only pay the bank charges of your chosen service provider, which are lower due to partnerships, and GST, TCS.
- Intermediary bank charges are Rs 1500 for payments under the OUR option (or else it will be equivalent to up to 30 USD). So If you pay Rs 1500 upfront, no further intermediary charge would be deducted from your transfer.
Example: Sending ~Rs 1,00,000 To USA using ExTravelMoney
| Charges | Amount |
| Inter-Bank Rate | 86.73 |
| ExtravelMoney Rate | 87.25 |
| Exchange Mark Up | 0.60% |
| Amount Sent | ₹99,989 |
| GST | 180 |
| Bank Charges + Intermediary Charges | 354 + 1500 = 1854 |
| Total Cost | ₹1,02,022 |
| USD Received | 1,146 (99,458.58) |
For sending around ₹1 lakh to the USA using ExTravelMoney, you pay ₹2,022 extra (including intermediary bank charges).
2. Wise
Wise, formerly known as TransferWise, is a London-based global tech company making international money transfers with affordable fees and mid-market exchange rates with zero markups. With Wise, you can transfer money from India to the USA from your personal bank account (IMPS, NEFT, RTGS). Transfer times may vary depending on the payment method or verification needs.
Transfer Limits
- Annual limit: 250,000 USD per financial year.
Charges and Fees
- Fixed fee: ₹421.12
- Variable fee: 1.36% of the converted amount.
- Fees may vary based on the transfer amount. Transfers up to ₹2,179,520 per month have a 1.36% variable fee. However, a discounted fee is applied for amounts exceeding ₹2,179,520 per month.
Example: Sending ~Rs 1,00,000 To USA using Wise
| Charges | Amount |
| Inter-Bank Rate | 86.73 |
| Wise Rate | 86.6761 |
| Exchange Mark Up | 0.053% |
| Amount Sent | ₹1,00,000 |
| GST | 458.41 |
| Wise Charges | 1567 |
| Total Cost | ₹1,02,025.41 |
| USD Received | 1,135.64 USD (₹98,378.24) |
For sending around ₹1 lakh to the USA using Wise, you need to pay ₹2,025 extra (excluding intermediary bank charges up to USD 30).
3. Instarem
- Instarem makes international money transfers from India to the USA easy, fast, and transparent.
- By using the bank transfer method, money transfers from India to the USA are completed in a few minutes or within two days.
- Every transaction also comes with reward points, but a minimum transfer of INR 25,000 is required to earn these InstaPoints.
- You can use these points as discounts on money transfers by redeeming points between 100 and 400 InstaPoints (INR 200-INR 800) per transaction.
Transfer Limits
- Instarem has no transfer limit for sending money from India the minimum and maximum limits for bank transfers may vary depending on local bank regulations.
Charges and Fees
Fees and exchange rates may vary depending on the transfer amount and method.
- Exchange rate markup: approximately 5%
- Nostro charges will be collected, and intermediary bank charges vary based on the banks involved. However, choosing the transfer option “OUR” can lower the chances of extra charges
Pro Tip: If this is your first transfer, through Instarem, you can get INR 500 off by using the code WELCOME on transactions above INR 25,000.
Example: Sending ~Rs 1,00,000 To USA using Instarem
| Charges | Amount |
| Inter-Bank Rate | 1 INR = 0.0120 USD |
| Instarem Rate | 1 INR = 0.0115 USD |
| Exchange Mark Up | 4.17% |
| Amount Sent | ₹1,00,000 |
| GST | ₹180 |
| Bank Charges | Varies |
| Total Cost | ₹1,00,180 |
| USD Received | 1,150 USD (₹95,833.33) |
For sending around ₹1 lakh to the USA using Instarem, you’ll need to pay an additional ₹180 (excluding nostro and intermediary bank charges up to USD 45).
4. Western Union
- Money can be sent using the Western Union app or through the website by registering a free account.
- Transfers can be made directly to a personal or business bank account in the USA for various purposes.
- Western Union earns revenue from transfer fees and also through currency exchange.
- When selecting a money transfer service, it is important to compare both the transfer fees and exchange rates carefully.
- Using Western Union, you can send money through a bank account.
- When sending money by bank transfer, funds typically arrive by the next banking day or within 5 days. You can also track transfer using a unique tracking number.
Transfer Limit
- For overseas education purposes, you can send up to 10,000 USD per transfer (equivalent in INR) from India to the USA.
- For any other purposes, you can send up to 5,000 USD (equivalent to INR) per transfer.
Charges and Fees
- Western Union’s exchange rates are based on interbank rates with an added margin and are updated several times a day.
- Fees for sending money from India to the USA can vary according to the transfer amount. Western Union’s fees and rates are subject to change without notice.
Example: Sending ~Rs 100,000 To USA using Western Union
| Charges | Amount |
| Inter-Bank Rate | 1 INR = 0.0120 USD |
| Instarem Rate | 1 INR = 0.0113 USD |
| Exchange Mark Up | 5.83% |
| Amount Sent | ₹1,00,000 |
| GST | Rs. 180 |
| Bank Charges | Varies |
| Total Cost | ₹1,00,000 |
| USD Received | 1,131.10 USD (₹98,004.56) |
For sending around ₹1 lakh to the USA using Western Union, there is no extra charges(excluding beneficiary bank charges up to USD 15).
In Conclusion
Sending money from India to the USA is easier, with multiple options available. Each provider offers different fees, exchange rates, and transfer limits, so it’s essential to compare and choose the best option based on your needs.
Whether you prioritise low fees, fast transfers, or transparency, platforms like ExTravelMoney provide reliable solutions. Always check the exchange rates, fees, and tax implications before making a transfer to ensure a smooth and cost-effective transaction.
Also Read: 8 Mistakes To Avoid When Transferring Money From India
Rinsha K A is a Content Writing Intern at Extravelmoney.com. With a Bachelor’s degree in Software Development and a strong background in digital marketing, she crafts clear and engaging content. Her work helps readers easily understand topics like foreign exchange, international money transfers, currency exchange, and travel abroad.