5 Best Banks for International Money Transfers and 6 Alternatives

If you need to send or receive an international payment you may be considering using your  bank as a secure and convenient option. Sending an international transfer with your bank shouldn’t be too much of a headache - but it can be quite expensive, and because third party fees may creep in, your recipient might get less than you were intending in the end.

This guide walks through the pros and cons, rates, and fees of sending money overseas with some of the biggest banks in India.

Banks aren’t your only option for moving money overseas - an online specialist service like Wise may be able to offer a better exchange rate, a lower overall cost, and a faster delivery. We’ll touch on a few alternatives to banks later, to help you compare and choose.

What are the best banks for international transactions?

First, let’s take a look at an overview of the highlights of the fees charged by some major Indian banks for international telegraphic transfers:

These outbound telegraphic transfer fees do not take into account the exchange rates charged by the banks which may include additional costs and charges

*Information correct at time of writing - 21st November 2024

Sending your international payment with your bank is a safe and familiar option. However, the fees may not be transparent, and the process can feel complex.

Specialist money transfer services have developed their own payment systems and networks which cut out some of the international transaction costs, and can get your money moving quicker.

Wise is not a bank, but can offer cheap and fast international money transfers. We'll cover more details on them - and a few other alternatives to send money overseas - later.

Which bank charges less for international transfers?

Naturally, you’ll be looking for the lowest remittance fee possible for your payment. When it comes to sending a payment overseas, your bank may not actually be your best option.

Alternative providers like Wise may be able to offer a cheaper service, with a quicker delivery time - so if you’re looking for the cheapest outward remittance from India it’s definitely worth comparing some online providers against your bank when you research.

To illustrate, let’s look at the fees for sending 5,000 INR to the UK, with our selected banks listed above, and also Wise as a specialist online provider.

**Information correct at time of writing - 21st November 2024

As you can see, Wise can offer a much lower transfer fee than many of the big Indian banks we looked at. In addition to this, you may find you get a better exchange rate with a specialist service. That can mean you pay less, and your recipient gets more in the end.

Best bank for outward remittance from India

There’s no single best bank for outward payments from India, so you’ll probably want to shop around a little to find one which has a service to suit your needs. Here’s a quick summary of the banks we've looked at in this guide.

Best bank for inward remittance India

If you’re expecting a payment coming to you from someone overseas, you can have it deposited to your bank pretty easily - but bear in mind that some fees may apply.

Alternatives to international wire transfers with banks in India

Sending your payment with a  bank may not be your cheapest or fastest option. Instead, it’s worth shopping around to see if a specialist alternative provider can help you. Not all specialist online services allow payments from India - but many support inward remittances coming into India, making this a smart option for receiving money as well as when you need to send a transfer out.

If you can find a provider which supports the specific transfer you want to make, you may get a lower overall fee and a better exchange rate. Here are a few alternatives to consider:

• Wise: Send from India to 40+ countries, with the mid-market exchange rate and low, transparent fees. 50%+ of payments arrive instantly

• WorldRemit: Send to India online and in app, to a bank account or as airtime top up*

• OFX: Make payments in 50+ currencies online, in app and by phone. There’s often no transfer fee and the rates offered can beat the banks*

• Remitly: Send from a range of countries on popular remittance routes, and pick a pay out and delivery service to suit your preferences*

• CurrencyFair: Quick and easy digital transfers to India available, with same day delivery in some cases*

• Xe Money transfer: Transfer quickly to India to a bank or for cash collection*

  

*Remitly, WorldRemit, CurrencyFair, Xe Money transfer and OFX can be used for international transfers to India, but currently they are not supporting international transfers overseas from India.

**Information correct at time of writing - 21st November 2024

Now, let’s take a look at each bank and provider more in detail:

ICICI

You can send an ICICI international money transfer in around 20 different currencies, to a broad range of countries. There’s a different fee for payments made by NRI customers, compared to residents. If you’re an Indian resident, you’ll pay 750 INR for a transfer arranged online in most cases, or 1,000 INR for a payment set up in a branch. NRI customers with an eligible non-resident account pay 500 INR to 1,500 INR depending on factors like whether the transfer is arranged online or in person.

On top of the transfer fees, intermediary or correspondent bank fees may also apply. These are typically deducted from the payment amount as it’s processed, meaning the recipient may get less in the end.

ICICI transfer fees

• Online: 750 INR to 1,000 INR + exchange rate markup + agent or intermediary bank charges

• In a branch: 1,000 INR to 1,500 INR + exchange rate markup + agent or intermediary bank charges

• Payments from NRO or NRE accounts: 500 INR to 1,500 INR + exchange rate markup + agent or intermediary bank charges

ICICI exchange rate

The ICICI exchange rate is likely to include a variable markup added to the mid-market exchange rate.

ICICI International transfer limits

ICICI payments can be made up to FEMA limits. That means you can arrange international transfers to the applicable RBI maximum, which at the time of writing stands at 250,000 USD/year.

HDFC

HDFC has international remittance options which mean you can send money within FEMA limits, in 19 currencies, to countries around the world. The fees you pay can vary based on the value of the transfer you’re sending, but it won’t be more costly to set up your payment in a branch if you’d prefer to get a face to face service.

As well as the HDFC international transfer fee you’ll pay an exchange rate markup which can vary by the currencies involved, and correspondent bank fees, as the transfer will be sent via the SWIFT network.

HDFC Transfer fees

HDFC has the same payment fee regardless of whether you set up your transfer online or in a branch. However, the full fee will depend on the value of the transfer you’re making:

• Under the equivalent of 500 USD: 500 INR + exchange rate markup + correspondent bank fees

• Over the equivalent of 500 USD: 1,000 INR + exchange rate markup + correspondent bank fees

HDFC Exchange rate

The exchange rate used by HDFC may include a variable markup on the mid-market exchange rate. Get the mid-market rate for your currency easily online, and compare it to the rate offered by HDFC to see this.

HDFC International transfer limits

HDFC international payments can usually be made under the LRS, to a maximum of the equivalent of 250,000 USD/year.

PNB

PNB international transfer supports 12 different currencies, with payments of up to 10,000 USD or the currency equivalent offered online. If you need to send a larger amount you can do so in a PNB branch, subject to RBI maximum limits. There’s also an annual cap on the amount you can send digitally online, which sits at the equivalent of 100,000 USD.

You’ll need to pay a few different fees when you send a telegraphic transfer with PNB. There’s a variable transfer fee, plus SWIFT fees, an exchange rate markup, and possible charges deducted by correspondent banks. Correspondent fees are deducted from the total amount of the transfer before it’s deposited, which means effectively that they’re paid by the recipient.

PNB Transfer fees

PNB’s transfer fees include a fee paid to PNB, SWIFT fees, an exchange rate markup and potential third party correspondent bank fees:

• Payments valued at up to 20,000 INR:  500 INR transfer fee + 500 INR SWIFT fee + exchange rate markup

• Payments valued at over 20,000 INR:  1,000 INR transfer fee + 500 INR SWIFT fee + exchange rate markup

Correspondent bank fees may also be applied - these will be added after the payment is successfully processed, and paid by the sender

PNB Exchange rate

The PNB exchange rate may include a markup on the mid-market exchange rate you find on Google. You can see the PNB exchange rates for the day on their desktop site, or by logging into your online banking service.

PNB International transfer limits

If you’re sending a PNB payment online you can send up to the equivalent of 10,000 USD per payment, to an annual maximum of 100,000 USD. For higher value transfers you can visit a branch, where you can send to RBI limits - currently set at 250,000 USD a year.

SBI

SBI customers can send outward remittances in 89 currencies in a branch, with many major currencies also available for digital payments. Payments are subject to RBI limits, and SBI also has a per transfer limit of 25,000 USD or the equivalent, or lower when you’ve only recently added a beneficiary to your account.

SBI international transfer fees vary depending on the type of account you have and what the payment is for. In some cases, SBI’s fees are waived for individual customers, although out of pocket charges, such as SWIFT or correspondent bank fees will still apply.

SBI Transfer fees

Different SBI fees may apply based on your account type, and if you arrange your transfer in a branch. In some cases, transfer fees for individual customers may be waived entirely.

Online telegraphic transfer fees vary based on the currency + exchange rate markup + any relevant third party charges.

SBI Exchange rate

SBI’s exchange rate may include a markup which is added to the mid-market exchange rate you find on Google.

SBI International transfer limits

With online payments, SBI allows customers to send up to the equivalent of 25,000 USD per transaction, to the RBI maximum of 250,000 USD/year. If you need to send more than 25,000 USD in a single payment, you can do that in a branch instead.

It’s also helpful to know that you can only send up to a maximum of 500,000 INR to any beneficiary within the first 4 days of adding that beneficiary to your SBI account.

Axis

With Axis international transfer, customers can send payments in over 100 currencies to a range of countries, subject to RBI limits.

Transfer fees and SWIFT fees are likely to apply, which can vary based on the account you hold and where you’re sending money to. Aside from this there’s likely to be another fee rolled into the exchange rate used to convert your funds, and additional charges - which are set by correspondent banks - may also be levied once the payment has begun processing.

Axis Transfer fees

Axis transfer fees can vary by account type and are likely to include SWIFT charges.

Additional intermediary or beneficiary bank fees may apply.

Axis Exchange rate

The Axis exchange rate may include a markup which is added to the mid-market exchange rate you find on Google.

Axis International transfer limits

You can send payments overseas to RBI limits, which at the time of writing are set at the equivalent of 250,000 USD/year.

Here are some of the best international money transfer apps that offer transfer to and from India:

Wise

Send money to and from India with Wise. You can send from India to 40+ countries, and you can send to India from many countries and regions around the world.

Wise uses the mid-market exchange rate, and splits out the fees you pay so they’re easy to see and compare. While transfer costs do vary, they start from 0.33%.

Wise international transfers can be sent to local bank accounts quickly or even instantly in some cases.

Wise transfer fees

Wise transfer fees vary based on the currency being sent and received, and the value of the payment. The way the sender chooses to pay for the transfer may also change the fee. Costs start from 0.33%.

Wise exchange rates

Wise uses the mid-market exchange rate with no markup added.

Wise international transfer limits

Sending money to India you can send as follows:

*Information correct at the time of writing - 22nd November, 2024.

From India, the minimum you can send is 5,000 INR per transfer. The upper limit when sending for educational purposes is 9,900 USD per transfer - otherwise it’s 375,000 INR per transfer, up to 225,000 USD per financial year.

WorldRemit

Send money to India using worldRemit and pay by bank transfer, debit or credit card. You can send to someone's bank account or as airtime top up. Payments are sent digitally, either on the WorldRemit website or app, and can be delivered pretty quickly in many cases.

WorldRemit is likely to use a marked up exchange rate - so there will be a small fee to pay in the rate you’re quoted to convert your currency to INR. You can not send money from India with World Remit.

WorldRemit transfer fees

WorldRemit has variable fees which can change based on the country the sender is in and how the payment is funded. If you use a credit card to pay, you might also pay a fee to the card issuer.

WorldRemit exchange rates

WorldRemit is likely to add a small markup to the exchange rate offered to customers.

WorldRemit international transfer limits

WorldRemit has limits which can vary depending on the way you want to pay and the country the sender is in. You’ll see these limits when you set up your transfer.

OFX

OFX is a specialist in currency exchange and international payments, and operates in many countries globally. You can not send money from India with OFX, but if you’re based in another country and need to send a payment to a bank in India, OFX can help.

There’s often no fee with OFX when you make a transfer - the exact charges can vary depending on where in the world you are. Exchange rates include a small markup on the mid-market exchange rate, and transfers are often deposited in 1 - 2 days.

OFX transfer fees

OFX has different transfer fees depending on where in the world the sender is based. Usually there’s no fee for higher value transfers, and in some cases all transfer fees are waived.

OFX exchange rates

OFX is likely to add a small markup to the exchange rate offered to customers.

OFX international transfer limits

OFX does not have any limit on the amount of money you can send in most cases.

Remitly

Remitly offers international transfers from many countries to India although you can not send money from India with Remitly. If you’re sending from another country to India you can use Remitly to arrange a bank deposit, cash pick up or UPI payment which gives flexibility. Fees can vary based on where the sender is located, but may be a simple, low, flat charge plus any costs which are added to the exchange rate being used.

Remitly transfer fees

Remitly fees vary based on the sender country and how the payment is arranged. As an example, if the person sending you money is based in Singapore, they’ll pay a flat fee of 3.99 SGD to transfer to a bank in India.

Remitly exchange rates

Remitly is likely to add a small markup to the exchange rate offered to customers.

Remitly international transfer limits

Remitly limits depend on where the sender is based, and if they’ve verified their account. Here are a few examples of the per transfer limit for different countries:

Australia: 10,000 AUD

Europe (Eurozone): 30,000 EUR

Singapore: 40,000 SGD

United Kingdom: 25,000 GBP

United States: 30,000 USD when sending to India

CurrencyFair

CurrencyFair operates in many countries and allows customers to send payments to a bank account in India, with a low fee that’s the equivalent of 3 EUR per transfer. You can not send money from India with CurrencyFair. The delivery time can vary a bit but in many cases, you can have your money sent with same day delivery through the CurrencyFair network.

Set up your account online or in the CurrencyFair app and arrange your transfer without needing to leave home.

CurrencyFair transfer fees

CurrencyFair has a flat fee of 3 EUR or the equivalent on their transfers, plus any fee added to the exchange rate.

CurrencyFair exchange rates

CurrencyFair is likely to add a small markup to the exchange rate offered to customers.

CurrencyFair international transfer limits

CurrencyFair may impose limits on the amount that can be sent - this will depend on the country your sender is based in.

Xe Money Transfer

Xe is a very large and well known provider of international transfers which serves customers in many countries and regions. You can send money with Xe to a bank in India, or have the recipient collect their money at one of the Xe agents locally. There are over 115,000 agent options in India, making this a fairly convenient way to get money to someone there quickly.

You can not send money from India with Xe Money Transfer.

Xe Money Transfer transfer fees

Xe money transfer fees may vary depending on where the sender is based, and in some cases there’s no upfront transfer fee to pay at all.

Xe Money Transfer exchange rates

Xe Money Transfer is likely to add a small markup to the exchange rate offered to customers.

Xe Money Transfer international transfer limits

The Xe money transfer limit depends on the country the sender is based in. For example, you can send 535,000 USD if you're in the US or 350,000 GBP from the UK.

Types of fees for international wire transfer with banks

When you send a telegraphic transfer overseas with your  bank, you’ll usually run into several different charges. Some are easy to spot - but others are harder to see, and may be unpredictable.

• Bank telegraphic transfer fee: The bank will charge a fixed fee for each international money transfer that you make. This fee can vary depending on the type of account you have, how you’re making the transfer and the currency you send.

• Exchange rate markup fee: A bank typically offers a worse exchange rate than the base exchange rate, often between two and four percent worse than the rate you’d find on Google

• Correspondent bank fee: Third party charges which can be called agent fees, intermediary fees, SWIFT fees or correspondent bank fees. You may not be able to see the exact cost of these charges in advance of confirming your transfer.

• Receiving bank fee: Finally, the beneficiary’s bank will probably charge a fee for them to receive the money into their account.

All of these fees do add up and can mean the beneficiary ends up receiving quite a bit less than you sent them.

International bank transfer fees for banks in India 

As well as the foreign telegraphic transfer fees we’ve looked at already, you’ll also find other foreign transaction fees apply when spending foreign currencies. These can apply when you shop online or when you travel. Here are a couple of other charges you’ll want to watch out for when transacting internationally.

• Foreign transaction fees - these are extra costs added to the amount you pay when using your card to spend online or in person in a foreign currency. Amounts vary, but around 3% is common.

• Foreign cash fees - these are extra costs added to the amount you pay when withdrawing cash from an ATM in a foreign currency. Amounts vary, but around 3% is common.

• Cash advance fee - if you withdraw cash using a credit card, you’ll usually also pay a cash advance fee on top of all other applicable fees

How to avoid international transfer fees with banks

With charges added into the exchange rates and hard to spot intermediary bank fees, international wire transfers with  banks can be costly.

Here are some tips on how you could keep your costs down:

• Sending money through your bank’s online or mobile banking service is usually cheaper than visiting a branch

• If you need to send someone a lot of money, using one larger payment can be cheaper than sending several small transfers, thanks to the fixed transfer fees that apply

• If you can, use a specialist international payment provider. You’ll be able to make your payment online or in an app for convenience, and can often find lower costs and a better exchange rate compared to a  bank

• Compare some different transfer services to make sure you get the best value for your particular payment

  You can compare your options with calculator tools to see which providers support your transfer route, and what are the costs. Find the best ways to send money overseas here.

Specialist providers like Wise often offer fee-free transfer or discount codes for new customers. You can find out more about it here: Wise promo code

Things to consider when choosing an international transfer provider

Not sure how to arrange your international wire? Here are some factors to consider when you’re deciding:

• Costs - before you get started make sure you’ve thoroughly read the payment fee schedule. The transfer fee you pay can vary widely depending on how you structure the payment.

• Speed - international wires commonly take 3 to 5 days to arrive in the destination account when sent with a  bank. Check the delivery times when you arrange your payment.

• Exchange rates - compare the exchange rate your bank offers against the mid-market rate you’ll find on Google. It’s common for banks to add extra fees here, so doing a bit of homework and looking at a few alternatives can save you money.

• Convenience - check out the options for sending your payment - while many banks let you set things up online or in an app, some still require you to head into a branch in person.

If you’re looking to receive money from abroad, this guide might help: Best ways to receive money from abroad in India

Conclusion: What is the best bank to transfer money overseas?

Using banks for international wire transfers can be convenient and secure but is also often expensive thanks to complicated fees and poor exchange rates. It’s also not often the fastest option, with bank wires commonly taking several days to arrive, depending on the destination.

Specialist services like Wise are a good option for a faster payment which can be cheaper too. Compare a few alternatives to see which works best for you.

Key takeaways: Best banks for international wire transfers in India

Looking for more detail? Let’s walk through the pros and cons, as well as a more thorough look at the telegraphic transfer fees, from the following banks - plus Wise as a specialist alternative provider:

FAQs on best banks to transfer money internationally

What is the best way to transfer money internationally?

There’s no single best way to send money internationally - but specialist digital providers like Wise can often offer a lower overall cost compared to your  bank when sending money abroad from India. If you’re sending a payment to India, there are many popular remittance services - including Wise, WorldRemit and OFX - which may be able to help, depending on your location.

Which bank does not charge wire transfer fees?

All of the Indian banks we looked at charge international telegraphic transfer fees. Sending money overseas does cost money - so you’ll usually find a fee to pay somewhere.

Some operators may hide some of the charges you pay in the exchange rate applied - so if a service states there’s no commission to pay it’s worth bearing in mind that this is unlikely to mean it’s actually completely free to use.

What is the cheapest way to wire money internationally?

Sending a payment with a specialist online service may work out cheaper than using your banks. Compare a few options - you can often get an instant, no obligation quote, so it’s easy to see which works best for you.

Which Indian banks accept international bank transfers?

All of the Indian banks we looked at offer one or more ways to send international bank transfers. Usually you’ll be able to set up your payment online or in a branch - although branch fees may be higher than online services. Learn more How to send money internationally from India.