Find the best way to send money from India

Sending ₹1 lakh abroad from India cost between ₹1,450 and ₹4,700 on our 22 October 2026 price check, depending on the bank and the currency. Most of that gap was not the bank's fee. It was the exchange rate the bank set for itself.

Indians sent close to $30 billion abroad under the Liberalised Remittance Scheme in 2024 to 2025, for travel, tuition, family support and investments. Every rupee of it went through a bank or an RBI-authorised channel, and every transfer above ₹10 lakh a year now carries tax collected at source.

This guide prices the real options for an international money transfer from India: SBI, HDFC, ICICI and Axis, and Wise. It covers what each one costs across the main currencies, how long transfers take, the LRS limit, the TCS rates that apply from 1 April 2026, and the paperwork you need before you start.

Who Sends Money Abroad From India

Indian residents sent $29.56 billion abroad under the Liberalised Remittance Scheme in 2024 to 2025, according to RBI data reported by Business Standard. International travel took the largest share at $16.96 billion, followed by maintenance of close relatives at $3.72 billion, studies abroad at $2.92 billion and gifts at $2.9 billion.

Those categories matter more in India than almost anywhere else, because the purpose of a transfer decides the paperwork, the purpose code and the tax collected at source. A parent paying a university in Toronto, a son supporting his parents in Dubai and an investor buying US shares all send under the same scheme, but they do not pay the same TCS and they do not tick the same box on Form A2.

Students and parents paying fees abroad

Education is the transfer most Indian families plan around. Tuition is usually paid in large instalments to a university account in the US, UK, Canada, Australia, Germany or Ireland, and living costs follow every month or every term. The amounts are big enough that a 2 percent difference in the exchange rate can cost more than a month's rent abroad.

Education also has its own tax treatment. When the fees are paid from an education loan taken from a financial institution, no TCS is collected at all. When parents pay from their own savings, TCS of 2 percent applies on the part of the year's total above ₹10 lakh. Students setting up abroad should also open a local account early, and our guides to the best UK bank for international students and opening a bank account in Canada as a non-resident cover the two most common destinations.

Families supporting relatives abroad

Maintenance of close relatives is the second biggest category after travel. It covers parents sending money to children who have moved abroad, residents supporting family members living overseas and regular help with rent or medical bills. These transfers tend to be smaller and more frequent, from ₹25,000 to ₹2 lakh at a time.

For this group the fixed fees bite hardest. A bank that charges ₹1,000 plus GST on every transfer takes about 1.2 percent of a ₹1 lakh payment before the exchange rate is counted. Sent monthly, that is ₹14,000 a year in fees alone.

Investors, property buyers and travellers

Residents can also use the scheme to buy shares or bonds abroad, put money into a foreign bank deposit or buy property overseas. These are usually the largest single transfers, often ₹10 lakh or more, so the exchange rate margin and the 20 percent TCS on non-education purposes above ₹10 lakh are the two numbers to plan for. Our guide to moving large sums abroad covers how to split a big payment safely.

What Indian Banks Charge to Send Money Abroad

Indian banks charge ₹500 to ₹1,000 plus GST per outward remittance, or 0.125 percent at SBI, with GST on the currency conversion on top. The larger cost is the exchange rate: on 22 October 2026 the card rates we checked sat 0.5 to 3.4 percent above the mid-market rate, depending on the bank and the currency.

Every bank works the same way. You pay in rupees, the bank sells you foreign currency at its own TT selling rate, adds its commission and GST, and sends the money by SWIFT. The TT selling rate is published daily as a card rate, so unlike many countries you can check the margin yourself before you send. The table shows what four of the biggest banks charge on their online channels.

Fees from each bank's published charges, checked October 2026; SBI's commission and SWIFT charge as reported by moneyHOP in March 2026. Margins measured from SBI's and ICICI's TT selling card rates on 22 October 2026 against the mid-market rate in Wise's data.

SBI

State Bank of India charges a commission of 0.125 percent on an outward remittance, with a minimum of ₹125 and a maximum of ₹2,500, plus a SWIFT charge of about ₹500 and GST on both. On a ₹1 lakh transfer that is roughly ₹740 in charges, plus ₹180 of GST on the conversion.

SBI's exchange rate is where it stands out. Its TT selling rate for US dollars on 22 October 2026 was ₹95.25 against a mid-market rate of about ₹94.74, a margin of just over half a percent. On other currencies the margin was wider: about 1.2 percent on Canadian dollars, 1.3 percent on pounds, 1.5 percent on euros, 1.7 percent on Australian dollars and 2.6 percent on UAE dirhams. The catch is the SWIFT route. Correspondent banks between SBI and the recipient can deduct $15 to $30 before the money lands, which can turn the cheapest dollar transfer in India into an average one.

HDFC Bank

HDFC Bank's RemitNow service charges ₹500 plus GST on transfers up to USD 500 and ₹1,000 plus GST above that. It takes a minimum of USD 100 and a maximum of USD 25,000 per transaction, and USD 25,000 per day, so a large tuition payment may need to be split over several days or sent through a branch.

HDFC's terms are frank about the extras. Correspondent banks may deduct their charges from the amount sent, HDFC has no control over those deductions, and if a foreign bank later claims a charge from HDFC, the bank can debit it from your account. HDFC publishes its card rates daily, but we could not retrieve them on the day of our check, so compare its quoted rate with the mid-market rate before you confirm.

ICICI Bank

ICICI Bank's Money2World charges ₹1,000 plus GST for transfers in US dollars, pounds, euros, Australian dollars and Canadian dollars to those regions, and ₹750 plus GST for other currencies. For those five currencies ICICI offers full-value credit, which means the recipient gets the whole amount without correspondent deductions. Online transfers can go up to USD 100,000 per transaction.

The convenience is priced into the rate. ICICI's TT selling rate on 22 October 2026 was ₹96.10 per US dollar, about 1.4 percent above mid-market, and the margin widened to about 2.4 percent on euros, 2.5 percent on Canadian dollars and dirhams, 2.6 percent on pounds and 3.4 percent on Australian dollars. On a ₹1 lakh transfer to Australia that margin alone was worth about ₹3,300.

Axis Bank

Axis Bank charges a flat commission of ₹1,000 plus GST on retail outward remittances, whether you send online or in a branch. If you want the recipient to get the full amount, you can choose the OUR option and pay the correspondent charges yourself: USD 18 on a transfer of USD 501 to 1,000, USD 30 on USD 5,001 to 10,000, and a flat ₹1,200 for pounds, Australian and Canadian dollars, dirhams and several other currencies, all plus GST.

Axis also publishes the clearest summary of the GST and TCS rules of the four banks, which is worth reading before a large transfer whichever bank you use. Its card rate was not part of our check.

The exchange rate margin you can check yourself

The mid-market rate is the midpoint between the buying and selling price of a currency, the rate you see on Google or Reuters. A bank's TT selling rate is that rate plus the bank's margin. To see the margin, divide the bank's rate by the mid-market exchange rate at the same time. A result of 1.025 means the bank is keeping 2.5 percent of your money in the conversion.

The margin differs sharply by currency, and that is the most useful thing to know when you send money abroad from India. Dollar rates are tightly competed, so the big banks keep relatively little on them. Pounds, euros, Australian dollars and dirhams carry wider spreads, and those are exactly the currencies students and families send most. On those routes the rate, not the fee, decides the price.

GST and correspondent charges on top

GST applies twice on a bank transfer. There is 18 percent GST on the bank's commission and SWIFT charges, and a separate GST on the currency conversion itself, set by a slab: 0.18 percent of the amount up to ₹1 lakh with a minimum of ₹45, ₹180 plus 0.09 percent of the amount above ₹1 lakh for transfers up to ₹10 lakh, and ₹990 plus 0.018 percent of the amount above ₹10 lakh, capped at ₹10,800. On a ₹1 lakh transfer that conversion GST is ₹180.

Correspondent charges are the other extra. Under the default SHA option the fee is shared, so banks along the SWIFT chain can take $15 to $50 out of the payment before it arrives. That is a problem for tuition, where a university expects an exact amount. Choosing OUR, or using a bank or provider that guarantees full-value credit, avoids a short payment. Our guide to international wire transfer fees explains the three options in detail.

The Best Ways to Send Money Internationally From India

The best ways to send money internationally from India are Wise for most currencies and amounts, and your own bank's online remittance service for US dollar transfers where its rate is tight. Remitly and Xe do not offer transfers out of India, so the realistic choice is between an RBI-authorised channel like Wise and a bank.

Every foreign money transfer from India has to go through an authorised dealer under FEMA, which is why the field is narrower than in the US or UK. Wise works inside that framework through Vaho, an RBI-authorised dealer, while the banks are authorised dealers themselves. Each option has a job it does best, set out in the table at the end of this section.

Wise

Wise lets Indian residents send rupees abroad under the LRS to more than 90 currencies, converting at the mid-market rate and charging one fee shown before you pay. On our 22 October 2026 quotes for ₹1 lakh, the fee was ₹1,491 to euros, ₹1,495 to Australian dollars, ₹1,514 to Canadian dollars, ₹1,534 to pounds, ₹1,577 to US dollars and ₹1,690 to dirhams. That fee is the whole cost of the conversion. On ₹10 lakh it fell to between 1.15 and 1.19 percent, and Wise discounts its fee again above USD 25,000.

You can pay by UPI, net banking or bank transfer from your Indian account. Verification uses your PAN and Aadhaar through DigiLocker, followed by a short video KYC call. Wise estimates that transfers to the major currencies arrive within hours to two business days, with the first one taking longer while your account is checked. Our Wise review covers its limits and safeguards in full.

Your bank's online remittance service

SBI, HDFC, ICICI and Axis all let account holders send money abroad through net banking, and for some transfers they are a sensible choice. SBI's dollar rate was the tightest we measured, ICICI guarantees full-value credit on five major currencies, and a bank you already use has your KYC on file, so there is nothing new to set up.

The drawbacks are the rate on non-dollar currencies, the per-transfer fees and the limits on online channels. HDFC's RemitNow caps transfers at USD 25,000 a day, and some banks only allow online LRS remittances from accounts that are at least a year old. If you send pounds or Australian dollars regularly, the bank's margin will usually cost more than a specialist's fee.

Why Remitly and Xe are not options from India

Remitly and Xe are two of the biggest names in money transfers, but both only send money into India, not out of it. Xe lists the countries it accepts senders from, mostly in Europe, North America and Oceania, and India is not among them. Remitly works with SBI to pay out remittances arriving from abroad, but does not offer outward transfers to Indian residents.

The reason is regulation. Every outward remittance under the LRS has to be reported by an authorised dealer, with the remitter's PAN and purpose, so foreign apps cannot simply accept rupees and send them abroad. If an app offers to move money out of India without asking for your PAN and a purpose, treat that as a warning sign rather than a convenience.

Which option for which transfer

The right choice depends on the currency, the amount and whether the recipient needs the exact figure to arrive. This is how the options line up on the transfers Indian residents make most.

How Much Does It Cost to Send Money Abroad From India?

Sending ₹1 lakh abroad from India cost ₹1,491 to ₹1,690 with Wise across six major currencies on our 22 October 2026 quotes, against ₹1,453 to ₹3,470 at SBI and ₹2,775 to ₹4,676 at ICICI once the exchange rate margin was counted. The fee you see is rarely the biggest part of the cost.

The table below prices the same ₹1 lakh into six currencies, so you can see how much the cost moves by route as well as by provider. Bank totals add the commission, the SWIFT charge, GST on both and GST on the conversion to the margin in the bank's card rate. Wise's figure is the single fee it quoted.

Total cost of sending ₹1,00,000, measured against the mid-market rate. Wise quotes and SBI and ICICI card rates collected 22 October 2026. SBI transfers by SWIFT can lose a further $15 to $30 to correspondent banks.

A ₹1 lakh transfer across the main currencies

Two patterns stand out. Wise's cost barely moved by currency, between 1.49 and 1.69 percent, because it converts at the mid-market rate and only the fee changes. The banks' costs moved a lot, because their margins differ by currency: SBI ranged from 1.5 percent on dollars to 3.5 percent on dirhams, and ICICI from 2.8 percent on dollars to 4.7 percent on Australian dollars.

That makes the currency the first question to ask. On a dollar transfer, SBI's tight rate made it the cheapest option we measured, provided no correspondent bank took a cut. On every other currency, Wise was cheaper than both banks, by ₹600 to ₹1,800 against SBI and by ₹1,850 to ₹3,200 against ICICI on the same ₹1 lakh.

Larger transfers: ₹10 lakh

On bigger amounts the margin does almost all the damage, because fixed fees shrink as a share of the total. Sending ₹10 lakh, Wise cost ₹11,463 to ₹11,942 across dollars, pounds, euros, Australian and Canadian dollars, or 1.15 to 1.19 percent. SBI cost about ₹8,400 on dollars but ₹15,100 to ₹20,200 on the other four. ICICI cost ₹16,300 on dollars and ₹25,400 to ₹35,300 on the rest.

For a semester of fees or a property deposit, that gap is real money. On ₹10 lakh to Australia, the difference between Wise and ICICI was close to ₹24,000, enough to cover several weeks of living costs for a student.

TCS: the cost that is not a fee

TCS is not a charge by your bank or provider. It is income tax collected in advance, credited to your PAN and claimable against your tax bill when you file your return. But it is collected upfront, so it ties up cash until you get it back, and it applies the same way whichever provider you use.

Take ₹15 lakh sent in one financial year. Paid as self-funded tuition, TCS is 2 percent of the ₹5 lakh above the threshold, ₹10,000. Paid from an education loan, it is nil. Sent as a gift or family support, it is 20 percent of the ₹5 lakh, or ₹1 lakh collected upfront. The purpose you declare changes the cash you need far more than the provider does.

What the gap adds up to over a year

Take ₹1 lakh a month sent to a child studying abroad. Through Wise that cost about ₹17,900 to ₹20,300 a year on our quotes, depending on the currency. Through SBI it was ₹17,400 to ₹41,600, and through ICICI ₹33,300 to ₹56,100. On anything other than dollars, switching from a bank to a specialist saves ₹7,000 to ₹38,000 a year on one regular transfer.

How Long Does an Overseas Money Transfer From India Take?

An overseas money transfer from India usually takes one to three business days through a bank, and from a few hours to two business days through Wise on the major currencies. ICICI processes online requests the same day if you submit them before 2 PM IST, and HDFC's RemitNow can take until the end of the next working day.

Provider times are the providers' own estimates; the SWIFT range is the usual time for a bank wire.

How long each option takes

A bank transfer from India travels by SWIFT: your bank debits the rupees, converts them, and sends a message to the recipient's bank, sometimes through one or more correspondent banks. Each hop adds time, and an instruction sent after the cut-off or on a Friday afternoon may not move until the next working day in India and abroad. Our guide on how long a wire transfer takes breaks down each stage.

Wise works differently. You pay rupees into its Indian account, the transfer is checked and reported under the LRS, and the recipient is paid from Wise's local account in the destination country. Because the money does not travel along a SWIFT chain on the main routes, it often arrives the same day once your account is verified.

What slows a transfer from India down

Most delays come from paperwork rather than the payment itself. A missing or mismatched PAN, a purpose code that does not fit the transfer or a recipient name that does not match the account will hold a remittance until it is fixed. Indian bank holidays and holidays in the destination country stop processing, and the first transfer with any provider takes longer while your identity is verified.

Large transfers can also trigger checks on the source of funds, especially for gifts and investments. If a payment has a deadline, such as a tuition due date, send it a week early, keep your Form A2 and supporting documents ready, and confirm the bank details you need for a money transfer with the recipient before you start.

How to Send Money Abroad From India, Step by Step

To send money abroad from India, choose an RBI-authorised channel, complete KYC with your PAN, enter the amount and the recipient's bank details, declare the purpose of the transfer, then pay in rupees by UPI, net banking or a debit from your account. The bank or provider reports the remittance under the LRS for you.

What you need before you start

You need a valid PAN, which is mandatory for every LRS remittance, and an Indian bank account in your own name. Banks ask you to fill in Form A2, the LRS application and declaration, either online or on paper, and to choose a purpose code: S0305 for education, S1301 for family maintenance and savings, S1302 for personal gifts, S0304 for medical treatment and S0306 for other travel. Wise also verifies your Aadhaar through DigiLocker and holds a short video call.

For the recipient you need their full name as it appears on the account, their bank's name and SWIFT or BIC code, and the account number or IBAN. For tuition, use the exact reference on the university's invoice. For large gifts or investments, keep proof of where the money came from, such as bank statements or a sale deed, because the bank may ask for it.

With Wise

1. Create an account and verify your identity with your PAN, Aadhaar and a video KYC call.
2. Enter the amount in rupees and check exactly what your recipient will get.
3. Add the recipient's bank details and choose the purpose of the transfer.
4. Pay by UPI, net banking or bank transfer from your own Indian account.
5. Track the transfer in the app and share the receipt with your recipient.

Pay from an account in your own name, because a payment from someone else's account will be rejected. If TCS applies, it is shown and collected with the payment. Our guide to the safest way to send money internationally covers the checks worth doing on any new recipient.

From your bank's online banking

In net banking, look for outward remittance, foreign remittance or the bank's branded service, such as HDFC's RemitNow or ICICI's Money2World. Add the beneficiary with their bank's SWIFT code and account number, select the purpose code, complete the online Form A2 declaration, and confirm the rate and charges. Some banks only allow online LRS transfers from accounts held for a year or more, so check before a deadline.

Before you confirm, note the TT selling rate on the screen and compare it with the mid-market rate. Choose OUR if the recipient must receive the full amount. If something goes wrong, our guide to what happens when you have sent money to the wrong account explains how recalls work.

Paying university fees abroad

Many universities send an invoice with their own bank details and a student reference, and some partner with payment platforms that show a rupee price upfront. Whichever route you use, pay to the account on the official invoice, use purpose code S0305, and keep the receipt for the university and for your tax return, because the TCS you paid will be credited against your PAN.

If the fees are funded by an education loan, tell the bank or provider and provide the loan sanction letter, because loan-funded education transfers carry no TCS. Paying the full year at once can push the total above ₹10 lakh, so it is worth planning which instalments fall in which financial year.

The Rules for Sending Money Abroad From India: LRS, TCS and Form A2

The main rules for sending money abroad from India are the LRS limit of USD 250,000 per person per financial year, a mandatory PAN, a Form A2 declaration with a purpose code, and TCS on the part of your annual total above ₹10 lakh. From 1 April 2026, TCS on education and medical transfers is 2 percent.

The LRS limit: USD 250,000 a year

Under the Liberalised Remittance Scheme, each resident individual can send up to USD 250,000 abroad in a financial year, which runs from April to March. The limit covers all permitted purposes together, including travel, education, gifts, family maintenance and investments, and it applies across every bank and provider you use, not to each one separately. A family can combine the limits of its members, provided each person sends from their own funds.

Some purposes are not allowed under the scheme at all. You cannot use it for trading in foreign exchange abroad, margin payments to overseas exchanges, lottery tickets, betting or sweepstakes. Anything above USD 250,000 needs prior approval from the RBI.

The new TCS rates from 1 April 2026

TCS applies only once your total LRS remittances in the financial year cross ₹10 lakh, and then only on the amount above that threshold. From 1 April 2026, the rate is nil for education funded by a loan from a financial institution, 2 percent for self-funded education and medical treatment, and 20 percent for every other purpose, including gifts, family maintenance and investments. Overseas tour packages carry 2 percent regardless of amount.

The 2026 Budget cut the education and medical rate from 5 percent and removed the 20 percent slab on tour packages. Without a valid PAN, higher rates apply, and Axis Bank's schedule shows 5 percent for education and medical transfers in that case. Because TCS is collected upfront, it is worth timing large transfers and planning which family member sends which payment.

Form A2, purpose codes and reporting

Form A2 is the declaration that you are sending under the LRS, for a permitted purpose, within your annual limit. Banks collect it online or on paper, and Wise collects the same details in its app. The purpose code tells the RBI what the money is for, and it decides which TCS rate applies, so choose it carefully: a tuition payment declared as a gift will be taxed as a gift.

Forms 15CA and 15CB, which often come up in searches, mainly apply to payments to non-residents that are taxable in India, such as business payments. Most personal LRS transfers for education, family support and gifts do not need them, but your bank will tell you if yours does.

Getting your TCS back

TCS is credited to your PAN and appears in Form 26AS and your Annual Information Statement. When you file your income tax return, it is adjusted against your tax for the year, and any excess is refunded. Salaried taxpayers can also ask their employer to take TCS into account when calculating TDS, which can bring the cash back sooner than waiting for a refund.

Is It Safe to Send Money Abroad From India?

Sending money abroad from India is safe through a bank or an RBI-authorised channel. Every outward remittance is handled by an authorised dealer under FEMA and reported with your PAN, so the money is traceable and regulated. The real risks are scams and unauthorised apps that offer to move money out of India outside the system.

Who regulates outward remittances

The Reserve Bank of India sets the rules for outward remittances under the Foreign Exchange Management Act, and only authorised dealers, mainly banks, can carry them out. Wise's outward transfers from India are facilitated by Vaho, an RBI-authorised dealer, with banking and settlement through JPMorgan Chase Bank in Mumbai. That structure is why every provider asks for your PAN, a purpose and a declaration.

If something goes wrong with a bank transfer, raise it with the bank first and then with the RBI's banking ombudsman if it is not resolved. With any provider, keep the transaction reference, the receipt and the Form A2 declaration until the money has arrived and your tax return is filed.

Scams that target senders in India

The most damaging scams aimed at Indian senders are fake forex and crypto trading apps that promise high returns, impostors posing as relatives abroad who need urgent help, fake university or visa agents asking for fees, and online romance scams. The RBI publishes an Alert List of unauthorised forex trading platforms, and money sent to them is almost impossible to recover.

The Routes People Send on Most From India

The US, UK, Canada and Australia take most of India's education and family transfers, and the Gulf takes much of its family support. Each route has its own currency margin and bank details, from routing numbers in the US to IBANs in Europe, which decide how cheaply and quickly money arrives.

India to the US

The US is the biggest destination for Indian students and a common one for family support. Dollar margins were the tightest we measured at the banks, so compare SBI's rate with Wise on the day, and watch for correspondent deductions on SWIFT. See today's prices on our India to US page.

India to the UK

Pounds carried margins of about 1.3 percent at SBI and 2.6 percent at ICICI on our check, against about 1.5 percent all-in with Wise. UK recipients need a sort code and account number. Compare live rates on our India to UK page.

India to Canada

Canada is one of the largest study destinations, and many students need a GIC deposit as well as tuition. Canadian dollar margins were about 1.2 percent at SBI and 2.5 percent at ICICI. Check current prices on the India to Canada page.

India to Australia

The Australian dollar carried the widest bank margin we measured, about 3.4 percent at ICICI, which made it the route where a specialist saved the most. Australian recipients need a BSB and account number. See live rates on the India to Australia page.

India to the UAE and the Gulf

Residents send to family working in the UAE and the wider Gulf, and to pay for property and travel there. Dirham margins were about 2.5 percent at both banks we checked. Compare today's prices on the India to UAE page.

Bottom Line

The cheapest way to send money abroad from India depends first on the currency. On US dollars, SBI's tight card rate made it competitive with Wise before any SWIFT deductions. On pounds, euros, Australian and Canadian dollars and dirhams, Wise cost about 1.5 percent on ₹1 lakh while the banks cost 2 to 4.7 percent. Whichever you use, declare the right purpose, keep your PAN and Form A2 in order, and plan for TCS once your year's total passes ₹10 lakh.

Sources

• Wise price data, INR to USD, GBP, EUR, AUD, CAD and AED, ₹1 lakh and ₹10 lakh, collected 22 to 23 October 2026
• Wise India: send money abroad under the LRS, facilitated by Vaho
• Wise India: how Wise works in India (September 2026)
• SBI forex card rates, 22 October 2026
• ICICI Bank forex card rates, 22 October 2026
• ICICI Bank outward remittance FAQs and charges
• HDFC Bank RemitNow terms and charges
• Axis Bank retail outward remittance charges, GST and TCS
• moneyHOP: SBI charges for international transactions (March 2026)
• Outlook Money: Budget 2026 cuts TCS on overseas education and travel
• BookMyForex: TCS rules on LRS remittances
• BookMyForex: purpose codes for outward remittances
• Business Standard: LRS outward remittances in FY25
• Xe: countries you can register to send money from
• SBI: remittances to India through Remitly