Sending money home: getting a good deal

How to compare transfers so more of your money arrives.

The real cost of a transfer is the fee plus the exchange-rate markup.

HOW TO COMPARE

• Look up the mid-market rate (the one you see on Google).
• Compare it with the rate the bank or service gives you. The difference is a hidden fee.
• Add the fixed fee. Compare the amount that arrives in rupees, not the fee alone.

GOOD HABITS

• Compare a bank transfer with online money-transfer services; the cheapest option often changes.
• Sending to an NRE account keeps the money repatriable (you can move it back abroad).
• Keep records of your transfers; they help with taxes and loans later.
• Never use informal channels (hawala). They are illegal and risky.

General information only.

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More guides

• Your first weeks abroad: a checklist
• Renewing your Indian passport abroad
• OCI card: the basics
• NRE, NRO and FCNR accounts explained
• Taxes in India when you live abroad
• Sending money home: getting a good deal
• Parents visiting you abroad
• Help from the Indian embassy or consulate
• PAN, Aadhaar and voting as an NRI
• Finding Indian groceries, food and festivals near you

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