Remittance to India: A step by step guide| North Loop Official Blog
North Loop Logo
North Loop
21 Apr 2020

Remittance to India: A step by step guide

thumbnail for Remittance to India: A step by step guide
Credit: North Loop

Remittance to India: A step by step guide

Millions of Indians living abroad (NRIs) remit nearly $80 billion every year to India, making India one of the largest remittance recipients in the world. If you’ve never sent money to India, or even if you have, here is an easy step by step guide for remittance to India.

Reasons for remitting

When you’re considering foreign remittance to India, it is important to know the reason. This reason will help you determine which service, which payment method and how you want to send money to India. Here are some common reasons for foreing remittance to India:
  • Savings
  • Money for family
  • Investing
  • Paying for Expenses

As we’ll see below, you have to give the reason when sending money. But also, if you’re trying to remit to India for Savings or Investing, why don’t you just do a simple domestic transfer to an integrated NRE NRO Account rather than incur remittance costs (such as the service provided by North Loop).

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

How to remit to India

Once you know the reason you want to remit to India, the next step is finding a remittance provider. Consider the following when you’re choosing a provider (read morehere ):
  • Upfront Fees
  • Exchange Rate
  • Hidden Fees
  • Customer Service
  • Delivery Time

Once you’ve selected a money transfer service, you will need to decide how to send the money (online or visiting a branch). Doing money transfer online saves you the hassle, as well as the fact that it is usually much cheaper than brick-n-mortar branches. The next steps are fairly easy:
  1. Go to the provider’s website
  2. Sign up for an account
  3. Enter your personal details, as well as provide some KYC identity verification information e.g. ID verification.
  4. Once your account is approved, add a beneficiary (you will need account name, account number, bank name, branch, IFSC code, and the person’s address)
  5. After adding the beneficiary, enter how much you want to send or how much the person should receive
  6. Confirm how the person will receive the money (some providers let you send cash to local agents instead of money going straight to the bank account)
  7. Review the exchange rate, and the fees for the service (fees differ depending on the payout method)
  8. Choose how you will pay (some providers will charge different fees and exchange rates for different payment methods). For example, a debit card will have more fees than a bank transfer, but it usually has a faster delivery time. If you choose bank transfer, make sure your bank doesn’t charge you anything.
  9. Review all the charges and the final amount you will pay, as well as the estimated delivery date
  10. Confirm and pay

Or you can get a bank account and integrated remittance service with North Loop .

Compare remit rates to India

It is crucial you compare remit rates to India when you’re sending money to India. There are a variety of money transfer companies, and they all have their different fees and exchange rates. When looking for the best remittance rate to India, consider both the upfront service fee, the exchange rate and any hidden fees. Check out our guide to finding the best remittance rate to India Instant rupee accounts are multi-currency accounts for NRIs so that they don’t need to remit to their NRE NRO accounts before they travel to India. You can simply open a US checking account with North Loop , and get a rupee account that you can top up whenever, and use the same US debit card whenever you’re traveling in India.

North Loop NRI Banking Services

North Loop simplifies NRI account opening, letting you get an account in minutes! Zero balance, zero fees. Low interest loans for NRIs. Get access to the very best in NRI banking - sign up here.

Save money with

No-fee banking, investments, remittances & insurance for the global Indian

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.