How to Wire Money to India from USA| North Loop Official Blog
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North Loop
14 Apr 2020

How to Wire Money to India from USA

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Transfer money to India

Are you an Indian immigrant living in the US? Or do you have some business needs in India that you need to pay? Over $12 billion is sent in remittances to India from US every year - the 2nd largest source of remittances in India (after the UAE).
So, if you’re looking for a quick, easy and cheap way to transfer money to India - how to wire money to India? We’ll look at how to transfer funds from Chase to India banks, as well as finding a faster and cheaper alternative.

How to wire money to India

To wire money to India from US, you will need a bank account in the US. You will also need the recipient’s (also known as a beneficiary) account information. This includes:
  • Account Holder’s Name
  • Account Number
  • Bank Name and IFSC Code (what’s IFSC Code?)
  • Address of Account Holder
  • Reason for Transfer (e.g. personal expenses)

This is the information you will need if you are sending a wire transfer, also known as a SWIFT transfer. SWIFT transfers can cost up to $40 for some banks. Find bank SWIFT codes by area.

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How to transfer money from Chase to India Bank

If you are a Chase account holder, here are the steps for you to know how to transfer money from Chase to India bank. These are the steps for an online wire transfer at Chase:
  1. Login to your account online
  2. Click on ‘Pay & Transfer’
  3. Select ‘Wire Money’
  4. If you haven’t added the recipient, click ‘Add Recipient’ and use the details required above
  5. If you have added the recipient, click on ‘Schedule wire’ in the Recipient’s row
  6. Select which Chase account you will be sending money from
  7. In ‘Wire amount’, enter the US Dollar amount you want to send
  8. If you need to add any additional information or message, add it in the box ‘Message to Recipient Bank’
  9. On the right hand side, you will see the fees Chase will charge
  10. Click ‘Next’ to review the Transfer and then click ‘Schedule’ to send the wire transfer

    Note - did you notice there’s no exchange rate given? That’s because banks hide it and make huge profits by not being transparent.
    Always be on the lookout for your bank’s exchange rate. Banks tend to have extremely high and non-transparent exchange rates, costing you hundreds of dollars every year. So when you’re sending money abroad from Chase, check the Chase bank wire transfer exchange rate carefully. And compare it (using a tool like this one). 2 minutes of comparison of Chase bank wire transfer exchange rate vs. a provider (such as North Loop) could save you over $50 in a single transfer!
    Sign up in 2 minutes and send money to India for free using North Loop. Instant delivery of funds - the money will reach super fast! And transparent exchange rates and no fees - this is how remittances should be. Sign up here.

Save money when sending money abroad - Use North Loop

North Loop provides you with a no ssn bank account - and you can apply online in 5 minutes. If you’re an international student with no ssn, you can get a bank account no ssn from North Loop quickly - and before you come to the US! The account is completely free - no fees, no minimums. Sign up here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.