Compare the best ways to send money to Australia with low fees and fast delivery. Learn about BSB codes, receiving bank details, and top providers like Wise and OFX.
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India is one of the most popular destinations for international money transfers. Whether you’re supporting family, paying freelancers, or investing from abroad, this guide helps you choose the best providers and explains how Indian banks receive foreign funds.
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• Currency: Indian Rupee (INR)
• Regulator: Reserve Bank of India (RBI)
• Banking Format: IFSC code + Account number
• Fees: Typically 0.5% to 3% depending on provider
• Speed: Ranges from minutes to 2 days
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| Provider | Speed | Typical Fee | Exchange Rate Margin | Notes |
|---|---|---|---|---|
| Wise | 0–1 days | Low fixed + % | ~0.5% | Deposits INR locally into Indian bank account |
| OFX | 1–2 days | No fee | ~0.6%–1.0% | Good for large amounts, RBI-compliant |
| Remitly | Minutes to 1 day | Low for economy, higher for express | ~1.0%–2.5% | Popular for fast family remittances |
| Western Union | Minutes–1 day | Higher fees | Higher margins | Cash pickup at major Indian banks |
✅ Tip: For fast and affordable personal transfers, Wise and Remitly are top picks. For business or high-value transfers, OFX is more cost-effective.
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• Recipient’s full name
• Indian bank account number
• IFSC code (11-character bank identifier)
• Purpose of the transfer
• Your government-issued ID
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India’s banking system is highly regulated, with strict compliance for foreign exchange inflows:
To transfer INR locally in India, you’ll need:
• IFSC code (Indian Financial System Code) — identifies the branch
• Account number — typically 10–16 digits
✅ Most providers use local deposit rails, so no SWIFT code is needed unless using a traditional international wire.
• Transfers into India must comply with RBI guidelines, especially for large amounts or business purposes.
• You may need to declare the transfer reason (e.g., family maintenance, freelance payment, tuition).
• Indian banks do not charge to receive incoming international transfers via local methods.
• For SWIFT wires, intermediary bank fees may apply (though this is rare with services like Wise or OFX).
• Indian banks are strict about matching names to accounts.
• A mismatch can cause delays or rejected transfers.
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📦 Summary
India is well-connected to global transfer networks. Services like Wise and OFX make it simple to send money with low fees and fast delivery. As long as you have the correct IFSC and account number, funds can arrive in minutes or hours.