How to Transfer Money from India Abroad and Vice Versa

Money transfers to and from India are a common practice that has become even more popular in recent years. In today's article, we will take a look at the various ways to send money from and to India and share the most convenient method.

Ways to Transfer Money

The Reserve Bank of India's (RBI) regulations permit Indian nationals to use international money transfer services to move money from India to any other country. Let's examine the primary money transfer options available in India.

• Bank transfer: This is the most common way with popular banks like ICICI or Bank of India (BoI). This option involves the electronic transfer of funds from one bank to another via the SWIFT network, which is an exchange protocol between two banks. Bank transfers often do not cause any difficulties with the sending procedure, as users are often already familiar with banking apps. However, major disadvantages are long money transfers and the high fees, which have a negative impact on the final cost of the transfer.

• Online money transfer services: These are apps that allow you to send money abroad, almost like sending a regular message. Excellent examples are Wise, Remitly, and Western Union. Using them, you can see the total amount that the recipient will receive and track your transfer’s status. However, it is important to understand that each service has its own rates and speeds, which depend on the sender's country, payment method (bank/card), and day of the week. Always check the total amount “to be received” before confirming.

• Cryptocurrency: This is digital money on open blockchains. Payments with them are sent not through a bank but over the network: the transfer is confirmed, and a record of it remains permanently within that network. Thus, the transaction can be easily tracked, which guarantees the transparency of this method. The most convenient option for transfers are stablecoins (USDT/USDC), as their exchange rate is pegged to the dollar. This means you can send any amount of money without worrying about exchange rate fluctuations.

Once you have familiarized yourself with the main transfer options in India, you can choose the one that is most convenient for you.

Comparison of Transfer Methods

This table provides a clear comparison of the speed and fees of the available options for transferring money to India:

How to Transfer Money with ICICI?

ICICI Bank is one of India’s leading financial institutions, offering a wide range of domestic and international money transfer services through its online banking, mobile app, and branch network.

Below you can read and learn how to send money with ICICI.

1. Log in to your ICICI Bank Internet Banking account or open the iMobile Pay app.

2. Go to the ‘Funds Transfer’ section and choose the type of transfer.

3. Add the beneficiary’s details, including name, bank account number, and SWIFT code (for international transfers).

4. Enter the transfer amount and review all information carefully before confirming.

5. Authorize the transaction using OTP or your transaction password.

How to Transfer Money with Wise?

Wise is a popular service for sending money to and from India. You can see exactly how much the recipient will get because it uses the actual mid-market exchange rate and offers clear fees.

Here’s a simple guide on how to make a transfer:

1. Sign up for your Wise account (you can use the desktop or mobile version).

2. Choose the amount and select the currencies—for example, from USD to INR.

3. Enter the recipient’s Indian bank details.

4. Review the exchange rate, fee, and estimated delivery time.

5. Confirm the transfer. Wait for your funds; most payments to India arrive within a few minutes to several hours.

How to Transfer Money with Remitly?

Remitly is an American online remittance service that offers international money transfers to over 170 countries.

Here’s how to send money with Remitly.

1. Create a new account on Remitly's website or mobile app.

2. Decide whether the receiver will receive the funds by cash pickup or bank deposit after selecting India as the recipient's country.

3. Choose your payment option (bank account or card), enter the recipient's details, and then complete the transfer.

4. The transfer often arrives within minutes or up to one business day, depending on the delivery speed that was chosen.

Best Way to Transfer Money from India

Today, cryptocurrency is becoming one of the most practical ways to send money from India abroad and vice versa. This is because transactions are carried out directly on the blockchain and without intermediaries, which has a positive effect on commission costs. In terms of time, cryptocurrency also wins out over traditional methods, as crypto transfers reach the recipient in a matter of seconds (this may increase depending on network load). Thus, users avoid currency restrictions, high fees, and long transfer times.

To make a crypto transfer, you need a wallet and a crypto platform , where you can buy or sell cryptocurrency with minimal fees before sending or withdrawing it. Cryptomus P2P exchange can be an excellent choice of crypto platform. It offers more than 40 coins for replenishing your wallet and more than 120 for trading; you are sure to find the option you like best. Another great convenience is the 560 payment methods and low fees of 0.1%, which will save you a lot of money.

Step-by-step Guide on How to Buy Cryptocurrency via P2P Exchange

Let's take a step-by-step look at how to buy cryptocurrency on the Cryptomus P2P exchange):

Step 1. Register on Cryptomus P2P Exchange

The registration process will take no more than a few minutes, as you can log in using any method convenient for you: Telegram, Google, Facebook, and more.

Step 2. Strengthen Your Account Security Measures

After registering, take a moment to set up security measures: enable 2FA. You can do this in the settings, under the “Security” tab.

Step 3. Complete the KYC Verification

To unlock access to fund management, complete KYC verification. To do this, go to the “Settings” section and select the appropriate line. Follow the screenshot below to do everything correctly.

Step 4. Open the P2P Exchange

Go to Cryptomus P2P Exchange via the dashboard.

Step 5. Set up Filters

Go to the “Buy” tab and select the cryptocurrency you want to purchase, for example, USDT; specify the amount. Next, select the fiat currency you will use to pay for the purchase and select the payment method.

Step 6. Select the Most Suitable Offer from the Seller

Browse available offers from verified sellers. You can filter them by payment method and choose the option with the best rate and limit. If you cannot find a suitable option, you can create your own ad.

Step 7. Confirm the Transaction

Discuss the details of the transaction with the seller in the chat, if any. If both parties are satisfied with the terms, confirm the transaction. Wait until the funds are credited to your Cryptomus Wallet.

How to Transfer Money to Another Person?

Once you have purchased cryptocurrency on P2P, you can send it to another person. To do this, follow these steps:

• Get your wallet's "Send" section open.

• Enter the recipient’s wallet address.

• Choose the network that corresponds to the wallet of the recipient.

• Enter the desired amount to be sent.

• Verify everything one last time, then click "Send".

• Confirm the transaction by entering the 2FA code.

Once verified on the blockchain, which often happens in a matter of seconds or minutes, the transfer will show up in the recipient's wallet.

The recipient of cryptocurrency can also withdraw money using a P2P platform. Here's how to do it:

• Navigate to the P2P platform's "Sell" section.

• Decide which coin you wish to sell and how much.

• Choose a payment option, such as a bank in your area.

• Select a buyer from the available offers; review their terms and limitations.

• Confirm the trade and wait for the buyer to send the payment.

• Verify the payment as soon as you receive it, and the buyer will automatically receive the cryptocurrency.

Thus, transferring money to India has become easier than it used to be. This is due to the wide variety of transfer methods available, from traditional banking to innovative crypto payments. Understanding how each method works will help you choose the most efficient and secure way to transfer funds abroad.

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