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Top ways to send money to India

Compare 10+ companies that send money to India from Australia.

Whether you're sending money to India for personal or business reasons, avoiding the banks is a good first step. Research by the ACCC verifies that the big four banks normally charge higher fees compared to specialized money transfer providers, which tend to provide more favorable INR exchange rates.

Based on the companies we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Instarem can get money to your recipient in India within minutes.

Best ways to send money to India from Australia

The best way to transfer money depends on your payment method, how you want your money to be received and how fast you need it to arrive.

  • Online money transfer provider. When buying Australian dollars or Indian rupees, money transfer specialists normally offer better rates and cheaper fees than a local bank. Providers add a markup ranging from 1% to 4% onto the INR mid-market rate.
  • Bank transfer. Bank transfers are an easy way to send money to India but charge extra for the convenience and are often slower. Based on our research, ANZ adds a markup of 3.40% when exchanging AUD to INR. In comparison, CBA adds a markup of around 4.80% to the mid-market rate.
  • Cash pickup. If you need your money to arrive quickly, doing a cash pickup with Western Union gives your recipient instant access to the money sent when they collect it from their agent location in India.
  • PayPal. PayPal is more known for digital payments but also allows users to transfer money overseas. They charge relatively expensive fees, making them only suitable for small transfers.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.

Compare the best money transfer companies

1 - 17 of 17
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe Large Transfers
24 hours
Xe has fast transfers with low fees and a range of foreign currency tools.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Within minutes
Sign up and get a AUD$15 top-up. For new customers only. T&Cs apply.
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Within minutes
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Qantas Business Money
Within minutes
Earn up to 100,000 bonus Qantas Points on your first currency conversion by 31 July 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
OFX Business Transfers
24 hours
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Send business
24 hours

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.

Cheapest way to send money to India

Bank transfers are typically the cheapest way to get your money to India. Revolut and TorFX have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways, it's more important to look at the overall cost of your transfer. This has a couple of elements:

  • Transfer fees. While still cheaper than your Australian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/INR exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have low fees but apply a markup on the exchange rate. Also, make sure to use a provider registered with AUSTRAC. Every provider we compare comply with the relevant laws in Australia and India.

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Did you know
Inward foreign remittances to India grew by 26% to $112.5 billion in the latest financial year as reported by Goldman Sachs. According to the Australian Bureau of Statistics, 11.5% of Australia's outbound remittance flows to India.

Fastest way to send money to India

Actual transfer times from Australia to India can depend on several different factors including transfer amount, payment method and currency.

Here are some of the fastest average transfer speeds to India:

  • Revolut — within minutes
  • Instarem — within minutes
  • Wise (TransferWise) — within minutes

Large money transfers to India

If you're making a sizable money transfer to India, consider using a provider such as TorFX or OFX to secure a better INR exchange rate and benefit from its expertise handling larger transactions.

Using a large transfer specialist can have the following advantages:

  • Tax guidance. Large transfers to India may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
  • Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in a more desirable INR exchange rate.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, companies like TorFX and OFX can provide support over the phone.

How to send money to India from Australia

To send money to India, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to India. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Indian bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Indian rupees your recipient gets.
  5. Complete your transfer.
    Send your money transfer to India. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Top picks for sending money to India

Revolut - Best for small transfers

Revolut is our favourite app, providing great rates on smaller transfers and the UX is as user-friendly as they come. You can transfer up to $2,000 per month fee-free on the standard plan, so it's suited for small, regular transfers. Also, Revolut doesn't apply a transfer limit on most major currency pairs. Outside of money transfers, Revolut supports extra services such as travel money cards, crypto and share trading.

Why we picked Revolut for small transfers:

  • Get the real rate during market hours
  • Easy sign-up process and user-friendly app
  • Among cheapest providers when we reviewed rates for converting AUD $1,000
  • Trusted by 35+ million people globally

OFX - Best for large transfers

If you're sending more than $5,000 in a single transaction, we advise using a reputable provider with low exchange rate markups, good coverage and no transfer limits. OFX is just the type of service as they offer fee-free transfers above $10,000 and have been in business since 1998.

You'll get access to an account manager and forex tools to hedge your currency risk. In 2022, OFX won Finder's customer satisfaction award, 100% of users said they would recommend the company to a friend. Despite the positives, OFX can't compete with Revolut or Wise for transfers under $2,000 and only support bank transfers.

Why we picked OFX for large transfers:

  • Great rates on transfers above $5,000
  • Won Finder's customer satisfaction award in 2022
  • Forex tools such as forwards contracts and spot transfers
  • Australian owned and listed on the ASX

Instarem - Best for fast transfers

It was neck and neck in the transfer speed race but Instarem narrowly beat Wise to take top spot. As the name suggests - it specialises in making fast transfers.

With Instarem you can expect your money to arrive at your destination within minutes or on the same day. The delivery time varies depending on the currencies involved. But if you want to ensure an early arrival, pay with your debit or credit card for an almost instantaneous transfer.

Why we picked Instarem for fast transfers:

  • Enjoy zero fees on your first transfer to India (has to be above $200)
  • Transfers typically arrive instantly or on the same day
  • Easy sign-up process and supports multiple payment methods
  • Earn loyalty points on every transfer

Western Union - Best for cash pickup

Established in 1851, Western Union is a brand synonymous with international money transfers. With over 500,000 locations around the world, they've built a massive network to serve their customers. Western Union provides a convenient way to transfer money, have flexible transfer options and support a large number of countries. If you need to send cash to someone without a bank account, Western Union is among our top choices.

Why we picked Western Union for cash pickup:

  • Over 3,600 agent locations in Australia
  • Make repeat transfers quickly to friends and family
  • They transfer around $80 billion every year

Qantas Business Money - Best for business transfers

If you're doing business overseas, a service with fair exchange rates and perks like loyalty points could be an appealing option. Qantas is also powered by Airwallex and claims to be up to 70% cheaper than big banks.

Where they stand out is their Business Rewards program, you can earn 1 Qantas Point every $10 AUD equivalent on FX conversions. These points can be later redeemed to save money on hotels, flights, and other purchases. Should only take 1-3 business days to open an account if you have everything in order.

Why we picked Qantas for business transfers:

  • Competitive exchange rates on business transfers
  • Setup global accounts in 11 different currencies
  • Virtual company card with 0% transaction fees
  • Attractive business rewards program

Is now a good time to send money?

The Australian dollar has been on the decline against major currencies for most of 2023. After beginning the year at 56.40 INR, it climbed to a high of 58.40 INR in late February and is now hovering around the 55 - 57 INR mark. The Indian Rupee had a tough year in 2022 and was one of the worst performing currencies in Asia.

Market analyst, Bartosz Sawicki believes the INR is undervalued and has more potential in the long-term. Similarly, Capital Economics stated on that the Indian Rupee could recover in 2024 if the RBA lowers interest rates as the economy slows down.

Why you can trust Finder's money transfer experts

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We've done the work
We've researched and reviewed over 30 money transfer providers to make our guides as helpful as possible. Our experts regularly appear on SBS News, Sunrise and 7News.
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We're reliable
Our product database is updated weekly with the latest deals in Australia. Our guides are regularly reviewed and fact-checked.
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We're here to help
In 2022, we helped over 68,000 people find the right provider to transfer money overseas. We're here to help you save money on exchange rates!

Frequently asked questions

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Written by

Associate editor

Helen Champion was an associate editor at Finder. She has worked in communications for over 16 years and currently writes on a range of topics including insurance and money transfers in the hope of empowering people to make better financial decisions. During her broadcast career, she helped to produce hundreds of news and breaking news reports for Associated Press TV and ITV News. And in public relations, she managed several high-profile public relations campaigns for Macmillan Cancer Support, the General Medical Council and overseas for Qatar Foundation on behalf of BLJ Worldwide. Helen has a Bachelor of Arts in Journalism from the University of Lincoln, a passion for practising karate in the dojo and a deep love of making mischief with her sons. See full bio

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