Sending money to India has never been easier, thanks to a wide range of financial technology (fintech) companies and traditional banks offering international transfer services. Whether you’re supporting family, paying for education, or making business transactions, choosing the right service can save you time, money, and stress.
In this guide, we’ll explore the various ways to send money to India, including the pros and cons of using fintech platforms versus traditional banks, popular companies you can trust, transfer times, and essential tips to make the most of your transfers.
Fintech Companies vs. Banks: What’s the Difference?
Fintech Companies
Fintech companies specialize in digital-first financial services, often with a focus on international money transfers. They typically operate through websites or mobile apps, making the process fast, transparent, and cost-effective.
Popular fintech companies to send money to India:
- Wise (formerly TransferWise)
- Remitly
- Xoom (a PayPal service)
- Revolut
- WorldRemit
- Instarem
- TransferGo
Banks
Traditional banks also allow international wire transfers, either online or in person. While they’re often perceived as more secure due to their long-standing reputation, bank transfers usually come with higher fees and slower processing times.
Pros and Cons
Fintech Companies
Advantages:
- Lower fees: Fintech firms usually offer better exchange rates and fewer hidden charges.
- Faster transfers: Many deliver money within minutes to a few hours.
- Ease of use: Simple mobile apps and real-time tracking.
- Transparency: Clear breakdown of fees and currency conversion rates upfront.
Disadvantages:
- Transfer limits: Some platforms limit the amount you can send.
- Less support for large transactions: High-value transfers may require extra verification or may not be supported.
- Not all services are available in every country.
Banks
Advantages:
- High trust level: Strong regulatory frameworks and brand reputation.
- Support for large transfers: More suitable for big transactions like real estate or business deals.
- Integrated accounts: Directly send from your bank account without third-party platforms.
Disadvantages:
- Higher costs: Marked-up exchange rates and multiple fees.
- Longer processing times: Typically 2–5 business days.
- Less transparency: Hidden charges may apply.
Transfer Time: How Long Does It Take?
Transfer speed varies by provider and payment method. Here’s a rough guide:
| Service Type | Typical Transfer Time |
|---|---|
| Fintech (e.g., Wise, Remitly) | Minutes to 1 day |
| Banks | 2–5 business days |
| Cash pickup (Xoom, WorldRemit) | Minutes to a few hours |
Factors affecting speed include:
- Country of origin
- Chosen delivery method (bank account vs. cash pickup)
- Time of day and local holidays
- Verification or compliance checks
Things to Keep in Mind
Before choosing a provider, consider the following:
1. Exchange Rates
A slight difference in exchange rates can significantly impact how much money is received in India. Always compare the real-time mid-market rate with the one being offered.
2. Fees
Some services advertise “zero-fee transfers” but make up for it with poor exchange rates. Look at the total cost: fees + exchange rate margin.
3. Delivery Options
Does your recipient prefer a bank deposit, UPI, mobile wallet, or cash pickup? Choose a service that supports their preferred method.
4. Security and Licensing
Ensure the company is regulated by financial authorities in your country and uses secure encryption to protect your data.
5. Customer Support
Check if the service offers 24/7 support and multilingual help, especially if your recipient needs assistance on the Indian side.
Tips for Sending Money to India
🧮 Compare Before Every Transfer
Use comparison sites like Monito or Finder to check real-time fees and rates from multiple providers.
📲 Verify Recipient Information
Double-check account numbers, IFSC codes, and UPI IDs to avoid delays or failed transfers.
🗓️ Plan Ahead for Large Amounts
If you’re sending a large amount (e.g., for tuition or investment), start the process a few days early in case of documentation or compliance delays.
📤 Choose UPI for Speed
Many fintech platforms now support UPI-based transfers directly to Indian bank accounts—these are often the fastest and cheapest.
🔐 Enable Two-Factor Authentication (2FA)
Add an extra layer of security to your account, especially if you’re sending money regularly.
Best Use Cases for Each Option
| Use Case | Recommended Option |
|---|---|
| Small, frequent transfers | Wise, Revolut, Remitly |
| Emergency fund transfers | Xoom, WorldRemit |
| Tuition payments | Wise, banks |
| Property/business transfers | Traditional banks |
| Fast UPI payments | Instarem, Remitly |
Final Thoughts
Whether you choose a fintech service or a traditional bank, the best option depends on your needs, urgency, and the amount being sent. For most everyday users, fintech companies offer unbeatable convenience, better rates, and faster delivery. But for larger or complex transactions, banks still have a place.
By staying informed and comparing your options before each transfer, you can ensure your money reaches India safely, quickly, and cost-effectively.
